Issue of Options
17 July 2026
Malvern International PLC
("Malvern" or the "Company")
Issue of Options
Malvern International plc (AIM: MLVN), the global learning and skills development partner, announces that it has restructured its share option awards to provide better aligned management incentives with shareholder returns.
As at 1 October 2025 the Company had outstanding options awards for 11 management personnel over 2,152,000 shares, representing 8.8% of the Company's issued share capital at that date. These options had exercise prices of between 10p and 24p and were subject to tiered vesting conditions on the attainment of share prices between 50p and 150p. Some of these options have subsequently lapsed. The Remuneration Committee believes the remaining were not providing a meaningful retention incentive for management and were not aligning their potential financial benefits with those of shareholders. Therefore all existing options are being cancelled.
New options are being granted to 12 members of the management team, including two executive directors and another person discharging managerial responsibility ("PDMR"). In aggregate, 2,635,000 options are being granted, which will represent approximately 7.9% of the Company's current issued share capital.
The options will have a ten year life and an exercise price of 21 pence per share, being the closing price of the Company's shares on 15 July 2026. All the awards vest in tranches after two or three years, subject to the attainment of certain tiered share prices. Of the options being awarded:
· 854,000 will vest at 45p;
· 734,000 will vest at 80p;
· 598,000 will vest at 120p; and
· 449,000 will vest at 150p.
The table below shows the awards being made to Richard Mace and Daniel Chaffer (executive directors) and Stephen Harvey (PDMR).
Director, PDMR
Position
Options
Richard Mace
Executive director -CEO
520,000
Daniel Chaffer
Executive Director - CFO Designate
380,000
Stephen Harvey
PDMR - Chief Development Officer
100,000
For further information, please contact:
Malvern International Plc
Richard Mace - Chief Executive Officer
Via Zeus
Zeus - Nominated Adviser and Broker
Mike Coe / James Bavister
https://zeuscapital.co.uk/
0203 829 5000
Notes to Editors:
Malvern International is a learning and language skills development partner, offering international students essential academic and English language skills, cultural experiences and the support they need to thrive in their academic studies, daily life and career development.
University Pathways provides on- and off-campus in-sessional and pre-sessional programmes to support international students in progressing to a wide range of universities and undergraduate courses. Malvern assists its university partners with international student recruitment and conversion, admissions, fee collection, and course delivery, including teaching, orientation, and student support.
English Language Teaching is provided to young learners through fully immersive residential English language centres and customised language programmes at high-quality locations.
For further investor information go to www.malverninternational.com.
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
(a) Richard Mace
(b) Daniel Chaffer
(c) Stephen Harvey
2
Reason for the notification
a)
Position/status
(a) Director
(b) Director
(c) Director
b)
Initial notification /Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
MALVERN INTERNATIONAL PLC
b)
LEI
213800VWAV2HXY1OUT29
4
Details of the 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, type of instrument
Identification code
Options over Ordinary Shares
ISIN: GB00BNBVJZ07
b)
Nature of the transaction
Issue of options
c)
Price(s) and volume(s)
Name
Exercise Price
Volume
Richard Mace
21p
520,000
Daniel Chaffer
21p
380,000
Stephen Harvey
21p
100,000
d)
Aggregated information
- Aggregated volume
- Price
1,000,000
21p
e)
Date of the transaction
15 July 2026
f)
Place of the transaction
Outside a trading venue
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