REG - Manx Financial Group - Grant of Restricted Share Units

Manx FinancialAnnouncement

07/07/2022 07:17

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RNS Number : 5993R  Manx Financial Group PLC  07 July 2022

  7 July 2022

 

Manx Financial Group PLC (the 'Group')

 

Grant of Restricted Share Units

 

 

 

Manx Financial Group PLC announces that on 5 July 2022, the Group granted
Restricted Share Units ("RSUs") under its 2022 Restricted Share Unit Plan.
This plan was considered and approved by shareholders at the Group's 2022
Annual General Meeting.

 

The Group has issued, in total, RSUs over 2,120,000 ordinary shares
representing 1.8% of the issued share capital of the Group with 1,100,000 to
certain directors and 1,020,000 to certain employees. The RSUs will have a
2-year term and are subject to certain vesting conditions based upon an
overall growth in profitability, both at the Group and Company level, the
satisfaction of individual performance targets and other metrics, including
the achievement of additional sources of liquidity for increased lending
requirements. Any RSUs granted will fall away should the recipient leave
employment before the 2-year term expires. Should the individual vesting
conditions be satisfied at the end of the term, the stock will be granted at
nil cost.

The directors who received RSUs are as follows:

 

·   Douglas Grant, Group Chief Executive Officer, who currently owns
533,951 ordinary shares in the Company representing a holding of 0.46% was
issued 925,000 RSUs. Including 700,000 Share Options issued 24 June 2014, he
would hold a total of 2,158,951 ordinary shares, being 1.8% of the issued
share capital of the Company on a fully diluted basis.

 

·   James Smeed, Group Finance Director, was issued 175,000 RSUs. On the
same basis, he would hold 0.15% of the new issued share capital of the
Company.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS
SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

 

For further information, please contact:

 

 Manx Financial Group PLC  Beaumont Cornish Limited      Greentarget Limited

 Denham Eke,               Roland Cornish/James Biddle   Dafina Grapci-Penney

 Executive Vice Chairman   Tel +44 (0) 20 7628 3396      Tel +44 (0) 203 963 1887

 Tel +44 (0)1624 694694

 

 

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