REG - Manolete Partners - Grant of Share Options

Manolete PartnersAnnouncement

20/07/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230720:nRST5734Ga&default-theme=true

RNS Number : 5734G  Manolete Partners PLC  20 July 2023

20 July 2023

 

Manolete Partners Plc

 

("Manolete" or the "Company")

 

Grant of Share Options

 

Manolete (AIM:MANO), the leading UK-listed insolvency litigation financing
company, announces that on 18 July 2023, it granted nominal cost share options
over ordinary shares of 0.4p each in the Company to its executive directors as
set out in the table below.

 

 Director          Award type               Number of shares subject to option
 Steven Cooklin    Performance share award  223,657
 Mark Tavener      Performance share award  87,709
 Philomena Halton  Performance share award  164,221

 

The options were granted under the Company's share option plan.

 

The performance share awards will ordinarily vest on the third anniversary of
their grant subject to the grantee's continued service and the satisfaction of
performance conditions based on (with equal weighting) (i) earnings per share
for the Company's financial year ending 31 March 2026; (ii) average share
price over the three months preceding the third anniversary of the grant of
the options; and (iii) the Company's strategic objectives for the period of
three financial years ending 31 March 2026. Sliding scale performance targets
apply in respect of the earnings per share and average share price elements,
with 25% of the relevant portion of each option vesting for threshold
performance, rising on a straight-line basis for full vesting of the relevant
portion of each option for stretch performance or better. The extent of
vesting of the strategic element will be dependent on the Remuneration
Committee of the Board's assessment of related performance.

 

Each option has a per share exercise price equal to the nominal value of a
share.

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them. The
announcement, including the notification(s) below, is made in accordance with
the requirements of the Market Abuse Regulation.

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Steven Cooklin
 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 participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Manolete Partners plc
 b)  LEI                                                          213800R2X9V3KWCC4H47
 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  Ordinary shares of 0.4p
     Identification code                                          GB00BYWQCY12
 b)  Nature of the transaction                                    Award of options over ordinary shares with an exercise price per ordinary
                                                                  share equal to the nominal value of an ordinary share
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  Nil       223,657
 d)  Aggregated information:                                      See 4 (c) above

     -     Aggregated volume

     -     Price
 e)  Date of the transaction                                      18 July 2023

 f)  Place of the transaction                                     Outside of a trading venue

d)

Aggregated information:

-     Aggregated volume

-     Price

See 4 (c) above

e)

Date of the transaction

18 July 2023

 

f)

Place of the transaction

Outside of a trading venue

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Mark Tavener
 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 participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Manolete Partners plc
 b)  LEI                                                          213800R2X9V3KWCC4H47
 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  Ordinary shares of 0.4p
     Identification code                                          GB00BYWQCY12
 b)  Nature of the transaction                                    Award of options over ordinary shares with an exercise price per ordinary
                                                                  share equal to the nominal value of an ordinary share
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  Nil       87,709
 d)  Aggregated information:                                      See 4 (c) above

     -     Aggregated volume

     -     Price
 e)  Date of the transaction                                      18 July 2023

 f)  Place of the transaction                                     Outside of a trading venue

d)

Aggregated information:

-     Aggregated volume

-     Price

See 4 (c) above

 

e)

Date of the transaction

18 July 2023

 

f)

Place of the transaction

Outside of a trading venue

 

 

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Philomena Halton
 2.  Reason for the Notification
 a)  Position/status                                              Managing Director
 b)  Initial notification/Amendment                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Manolete Partners plc
 b)  LEI                                                          213800R2X9V3KWCC4H47
 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  Ordinary shares of 0.4p
     Identification code                                          GB00BYWQCY12
 b)  Nature of the transaction                                    Award of options over ordinary shares with an exercise price per ordinary
                                                                  share equal to the nominal value of an ordinary share
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  Nil       164,221
 d)  Aggregated information:                                      See 4 (c) above

     -     Aggregated volume

     -     Price
 e)  Date of the transaction                                      18 July 2023

 f)  Place of the transaction                                     Outside of a trading venue

d)

Aggregated information:

-     Aggregated volume

-     Price

See 4 (c) above

e)

Date of the transaction

18 July 2023

 

f)

Place of the transaction

Outside of a trading venue

For further information, please contact:

 Manolete Partners                          via Instinctif Partners

Steven Cooklin (Chief Executive Officer)

 Peel Hunt (NOMAD and Broker)               +44 (0)20 7418 8900

Paul Shackleton

 Instinctif Partners (Financial PR)         +44 (0)7949 939237

Tim Linacre

Victoria Hayns

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DSHRLMFTMTIBBPJ