REG - Kitwave Group PLC - Management Incentive Plan Options Exercised

KitwaveAnnouncement

04/03/2025 07:30

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RNS Number : 2574Z  Kitwave Group PLC  04 March 2025

 

04 March 2025

 

Kitwave Group plc

 

("Kitwave", the "Group" or the "Company")

 

Management Incentive Plan Options Exercised

 

Kitwave Group plc (AIM: KITW), the independent, delivered wholesale business,
is pleased to announce that the Directors named below have exercised their
management incentive plan ("MIP") options.

 

Under the MIP, which was established to retain and incentivise certain
executive directors following the IPO in 2021, the Company granted Growth
Shares in the Company's subsidiary, Kitwave Limited, to David Brind (Chief
Financial Officer) and Ben Maxted (Group Operations Director at IPO and now
Chief Executive Officer). Such Growth Shares could be converted into Ordinary
Shares in the Company, subject to certain performance criteria being met in
the three financial years commencing after the Company's Admission to AIM on
24 May 2021.

 

The performance period for the MIP ended on 31 October 2024. All performance
criteria associated with the MIP have been met.

 

David Brind and Ben Maxted have today exercised their rights under the MIP to
receive Ordinary Shares following the publication of the Company's results for
the financial year ending 31 October 2024. The allotment of Ordinary Shares
following the exercise of the MIP options are set out below:

 

 Director/PDMR  Position                 Number of Ordinary Shares issued to satisfy MIP options  Number of Ordinary Shares held following exercise  Percentage of issued share capital held following exercise
 Ben Maxted     Chief Executive Officer  2,010,974                                                2,081,430                                          2.49%
 David Brind    Chief Financial Officer  1,206,585                                                2,246,818                                          2.69%

 

Each of Mr Maxted and Mr Brind has agreed not to sell any Ordinary Shares
granted under the MIP for a period of 12 months from exercise without the
consent of the Company and Canaccord Genuity Limited.

 

A summary of the MIP and the basis of its operation was set out in the
Company's Admission Document, a copy of which is available on the Company's
website: www.kitwave.co.uk (http://www.kitwave.co.uk) .

 

The Company has today made an application for 3,217,559 Ordinary Shares to be
admitted to trading on AIM ("Admission"). Admission is expected to become
effective on 7 March 2025.

 

Following Admission, the Company will have 83,656,538 Ordinary Shares in
issue, each with voting rights, which figure may be used by shareholders in
the Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change to
their interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules. The Company
does not hold any Ordinary Shares in Treasury.

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name:                                     Ben Maxted
 2   Reason for the notification
 a)  Position/Status:                          Chief Executive Officer
 b)  Initial Notification/Amendment:           Initial Notification
 3   Details of the issuer, emission allowance market participation, auction
     platform, auctioneer or auction monitor
 a)  Name:                                     Kitwave Group plc
 b)  LEI:                                      2138007DLCYPVY95UD40
 4.  Details of transaction(s); section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted.
 a)  Description of the financial instrument:  Ordinary Shares of 1 pence each

     Identification code:                      ISIN: GB00BNYKB709
 b)  Nature of the transaction:                Exercise of share option
 c)  Price(s) and volume(s):                   Price(s)                    Volume(s)
     nil                                                                   2,010,974
 d)  Aggregated volume:                        n/a single transaction

     Price:
 e)  Date of the Transaction:                  4 March 2025

 f)  Place of the Transaction:                 Off Market

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name:                                     David Brind
 2   Reason for the notification
 a)  Position/Status:                          Chief Financial Officer
 b)  Initial Notification/Amendment:           Initial Notification
 3   Details of the issuer, emission allowance market participation, auction
     platform, auctioneer or auction monitor
 a)  Name:                                     Kitwave Group plc
 b)  LEI:                                      2138007DLCYPVY95UD40
 4.  Details of transaction(s); section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted.
 a)  Description of the financial instrument:  Ordinary Shares of 1 pence each

     Identification code:                      ISIN: GB00BNYKB709
 b)  Nature of the transaction:                Exercise of share option
 c)  Price(s) and volume(s):                   Price(s)                    Volume(s)
     nil                                                                   1,206,585
 d)  Aggregated volume:                        n/a single transaction

     Price:
 e)  Date of the Transaction:                  4 March 2025

 f)  Place of the Transaction:                 Off Market

 

- Ends -

 

For further information please contact:

 Kitwave Group plc                                  Tel: +44 (0) 191 259 2277

 Ben Maxted, Chief Executive Officer

 David Brind, Chief Financial Officer

 www.kitwave.co.uk (http://www.kitwave.co.uk/)
 Canaccord Genuity Limited                          Tel: +44 (0) 20 7523 8150

(Nominated Adviser and Sole Broker)

 Bobbie Hilliam

 Elizabeth Halley-Stott
 Yellow Jersey PR                                   Tel: +44 (0) 20 3004 9512

(Financial media and PR)

 Charles Goodwin

 Shivantha Thambirajah

 Bessie Elliot

 

Company Overview

Founded in 1987, following the acquisition of a single-site confectionery
wholesale business based in North Shields, United Kingdom, Kitwave is a
delivered wholesale business, specialising in selling and delivering impulse
products, frozen, chilled and fresh foods, alcohol, groceries and tobacco to
approximately 46,000, mainly independent, customers.

 

With a network of 37 depots, Kitwave is able to support delivery throughout
the UK to a diverse customer base, which includes independent convenience
retailers, leisure outlets, vending machine operators, foodservice providers
and other wholesalers, as well as leading national retailers.

 

The Group's growth to date has been achieved both organically and through a
strategy of acquiring smaller, predominantly family-owned, complementary
businesses in the fragmented UK grocery and foodservice wholesale market.

 

Kitwave Group plc (AIM: KITW) was admitted to trading on AIM of the London
Stock Exchange on 24 May 2021.

 

For further information, please visit: www.kitwave.co.uk
(http://www.kitwave.co.uk) .

This announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication
of this announcement, this information is now considered to be in the public
domain.

 

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