REG - Mercia Asset Mgt PLC - Grant and variation of Options

Mercia Asset ManagementAnnouncement

27/03/2024 07:00

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RNS Number : 4148I  Mercia Asset Management PLC  27 March 2024

 RNS  27 March 2024

 

Mercia Asset Management PLC

 

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

 

Grant and variation of Options

 

Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused
specialist asset manager with c.£1.5billion of assets under management,
announces that options (the "CSOP Options") over a total of 1,000,000 new
Ordinary shares ("Ordinary Shares") were awarded to Jocelyne Bath, the new
Chief Operating Officer of the Group and a person discharging managerial
responsibilities ("PDMR") pursuant to the 2014 Mercia Company Share Option
Plan ("2014 CSOP"), at an exercise price of 33.00p per Ordinary Share (being
the closing mid-market price of an Ordinary Share on 26 March 2024). The
Options will, subject to the satisfaction of the performance condition, vest
in three equal tranches on the third, fourth and fifth anniversary of the date
of grant of the Options.

 

The Company further announces that, pursuant to the existing 2021 Performance
Share Plan, the performance period for the existing 8,800,000 nominal cost
options (the "PSP Options") over Ordinary Shares granted on 9 July 2021 to the
Executive Directors and one further PDMR, has been extended.

 

Pursuant to the rules of the Mercia CSOP, the Company's Remuneration Committee
has elected to vary the vesting period in which the performance condition of
the PSP Options has to be satisfied, by an additional year.  The Remuneration
Committee considers that this is the most appropriate way of continuing to
align the interests of the Executive Directors and one further PDMR with the
shareholders of the Company, whilst continuing to provide a strong incentive.
This facilitates the retention of high calibre individuals, who are leading
the delivery of positive investment returns for Mercia's clients and as a
direct consequence, the continuing successful growth of Mercia's Assets under
Management and its profitability.

The PSP Options will, subject to the satisfaction of the performance
condition, now vest on 9 July 2025, being the fourth anniversary of the date
of grant of the options (the "Vesting Date") and will continue to be subject
to a subsequent two-year holding period. The number of PSP Options which will
vest on the Vesting Date will depend on the Company's total shareholder return
("TSR") over a performance period of four financial years, which started on 1
April 2021. The number of PSP Options vesting will be calculated as follows:
50% of the PSP Options will vest based on the achievement of 10.0% TSR per
annum (compounded) over the new four-year performance period. Vesting will
then increase on a straight-line basis to full vesting for the achievement of
20.0% TSR per annum (compounded).

 

Following the grant of the CSOP Options and the amendment to the PSP Options
above, the Company has a total of 35,039,150 options in issue pursuant to the
2014 CSOP, equating to 8.6% of the existing issued share capital of the
Company.

 

Following the grant of the CSOP Options and the amendment to the PSP Options
above, the PDMRs listed below hold the following options and Ordinary Shares:

 

 PDMR                Role                      Grant of CSOP Options or amendment of PSP Options under 2014 CSOP  Total number of options over Ordinary Shares  Interest in existing issued Ordinary Shares
 Mark Payton*        Chief Executive Officer   2,596,430                                                          5,422,932                                     7,184,876
 Martin Glanfield**  Chief Financial Officer   2,113,652                                                          4,536,697                                     1,744,947
 Julian Viggars***   Chief Investment Officer  2,113,652                                                          4,536,697                                     978,640
 Peter Dines         Chief Operating Officer   1,976,266                                                          4,245,813                                     1,078,389
 Jocelyne Bath       Chief Operating Officer   1,000,000                                                          1,000,000                                     -

*     Including 12,793 Ordinary shares held by Katharine Yeo

**   Including 125,784 Ordinary shares held by Bryonie Glanfield

*** Including 84,064 Ordinary shares held by Emma Viggars

 

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities:

 

 1   Details of the persons discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         (i)         Mark Payton, Chief Executive Officer

                                                                  (ii)        Martin Glanfield, Chief Financial Officer

                                                                  (iii)       Julian Viggars, Chief Investment Officer

                                                                  (iv)       Peter Dines, Chief Operating Officer

                                                                  (v)        Jocelyne Bath, Chief Operating Officer
 2   Reason for the notification
 a)  Position/status                                              Executive Directors and PDMRs of the Company
 b)  Initial Notification/ Amendment                              Initial Notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Mercia Asset Management PLC
 b)  Legal Entity Identifier                                      213800A1Q4CF57NECG66
 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 £0.00001 each

     Identification code

                                                                  ISIN - GB00BSL71W47
 b)  Nature of transaction                                        (i) to (iv): variation of performance condition of existing options.

                                                                  (v): grant of options
 c)  Currency                                                     GBP
 d)  Price(s) and volume(s)                                       Exercise Price                       No. of Ordinary Shares
     £0.00001                                                                                          (i)            2,596,430
     £0.00001                                                                                          (ii)           2,113,652
     £0.00001                                                                                          (iii)          2,113,652
     £0.00001                                                                                          (iv)         1,976,266
     £0.3300                                                                                           (v)          1,000,000
 e)  Aggregate information                                        N/A - single transactions

     - Aggregate volume

     - Price

     - Aggregate total
 f)  Date of the transaction                                      26 March 2024
 g)  Place of the transaction                                     Outside a trading venue

 

- Ends -

 

For further information, please contact:

 

 Mercia Asset Management PLC                          +44 (0)330 223 1430

 Mark Payton, Chief Executive Officer

 Martin Glanfield, Chief Financial Officer

 www.mercia.co.uk (http://www.mercia.co.uk/)

 Canaccord Genuity Limited (NOMAD and Joint Broker)   +44 (0)20 7523 8000
 Simon Bridges, Emma Gabriel

 Singer Capital Markets (Joint Broker)                +44 (0)20 7496 3000
 Harry Gooden, James Moat

 FTI Consulting                                        +44 (0)20 3727 1051
 Tom Blackwell, Jenny Boyd
 mercia@fticonsulting.com

 

About Mercia Asset Management PLC

Mercia is a proactive, specialist asset manager focused on supporting regional
SMEs to achieve their growth aspirations. Mercia provides capital across its
four asset classes of venture, private equity, debt and proprietary capital:
the Group's 'Complete Connected Capital'. The Group initially nurtures
businesses via its third-party funds under management, then over time Mercia
can provide further funding to the most promising companies, by deploying
direct investment follow-on capital from its own balance sheet.

 

The Group has a strong UK footprint through its regional offices, university
partnerships and extensive personal networks, providing it with access to
high-quality deal flow.

 

Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".

 

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