Michelmersh Brick - Implementation of Long Term Incentive Plan
12/10/2022 07:00
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RNS Number : 5483C Michelmersh Brick Holdings PLC 12 October 2022
12 October 2022
Michelmersh Brick Holdings Plc
("MBH", the "Company" or the "Group")
Implementation of Long Term Incentive Plan, Grant of Option and PDMR dealings
Michelmersh Brick Holdings PLC (AIM: MBH), the specialist brick manufacturer,
announces the implementation of a new Long Term Incentive Plan ("LTIP"),
together with an initial grant under the LTIP to executive directors.
The LTIP has been designed to incentivise management to deliver long term
value for shareholders and therefore ensure alignment with shareholders'
interests. All new grants will be made under the LTIP, and as such, no
further grants will be made under the Company's existing long term incentive
plan.
The LTIP will be based on market standard annual awards, with vesting subject
to three-year performance targets linked to the delivery of shareholder
value. Also included are two-year post vesting hold conditions (save for
those shares sold to settle tax liabilities arising on exercise), as well as
good leaver, malus and claw back provisions. The Remuneration Committee has
discretion to amend these terms to ensure that any performance targets remain
appropriate. Any awards made under the LTIP will be in the form of nil-cost
options established in accordance with the rules of the LTIP.
This year's grant (the "2022 Grant") will include three-year performance
targets linked to the delivery of EPS growth and total shareholder return
performance when benchmarked against a UK based industry peer group. The
2022 Grant will equate to a value of 125% of the basic salary of each
executive director.
On 11 October 2022, options over 1,080,533 shares in aggregate were granted
under the 2022 Grant to executive directors as set out below:
Director Role Number of options granted
Frank Hanna Joint Chief Executive Officer 388,681
Peter Sharp Joint Chief Executive Officer 388,681
Ryan Mahoney Chief Financial Officer 303,171
The number of shares in respect of the 2022 Grant that may be issued following
the three-year performance period shall depend upon the extent to which the
growth performance conditions are achieved over that period.
For further information, please contact:
Michelmersh Brick Holdings plc Tel: +44 (0)1825 430412
Frank Hanna, Joint CEO
Ryan Mahoney, CFO
Canaccord Genuity Limited (NOMAD and Joint Broker) Tel: +44 (0)20 7523 8000
Max Hartley
Bobbie Hilliam
Georgina McCooke
Berenberg (Joint Broker) Tel: +44 (0) 203 207 7800
Richard Bootle
Detlir Elizi
Tom Graham
Yellow Jersey PR Tel: +44 (0)7747 788 221
Charles Goodwin Tel: +44 (0)7775 194 357
Annabelle Wills
About Michelmersh Brick Holdings PLC:
Michelmersh Brick Holdings PLC is a business with seven market leading brands:
Blockleys, Carlton, Charnwood, Freshfield Lane, Michelmersh, Floren and
Hathern Terra Cotta. These divisions operate within a fully integrated
business combining the manufacture of clay bricks and pavers. The Group also
includes a landfill operator, New Acres Limited, and seeks to develop future
landfill and development opportunities on ancillary land assets.
Established in 1997, the Company has grown through acquisition and organic
growth into a profitable and asset rich business, producing over 125 million
clay bricks and pavers per annum. Michelmersh currently owns most of the UK's
premium manufacturing brick brands and is a leading specification brick and
clay paving manufacturer.
Michelmersh strives to be a well invested, long term, sustainable,
environmentally responsible business. Opportunity, training and security for
all employees, whilst meeting the needs of stakeholders are at the forefront
of everything we do. We aim to lead the way in producing some of Britain's
premium clay products and enhancing our environment by adding value to the
architectural landscape for generations to come.
We are Michelmersh Brick Holdings PLC: we are "Britain's Brick Specialist".
Please visit the Group's websites at: www.mbhplc.co.uk
(http://www.mbhplc.co.uk/) and www.bimbricks.com (http://www.bimbricks.com)
1 Details of PDMR / person closely associated with them ('PCA')
a) Full Name Frank Hanna
2 Reason for the notification
a) Position / status Joint CEO
b) Initial notification / amendment Initial Notification
3 Details of the issuer, emission allowance market participation, auction
platform, auctioneer or auction monitor
a) Name Michelmersh Brick Holdings plc
b) LEI 213800CIFQFPAHIQE695
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 Ordinary shares of 20 pence each in the capital of the Company
Identification code ISIN: GB00B013H060
b) Nature of the transaction Grant of Nil-Cost Options under the Long Term Incentive Plan 2022
c) Price(s) and volume(s) Price: Nil
Volume: 388,681
d) Aggregated information N/A - single transaction
Aggregated volume and Price
e) Date of the transaction 11 October 2022
f) Place of the transaction Outside a trading venue
1 Details of PDMR / person closely associated with them ('PCA')
a) Full Name Peter Sharp
2 Reason for the notification
a) Position / status Joint CEO
b) Initial notification / amendment Initial Notification
3 Details of the issuer, emission allowance market participation, auction
platform, auctioneer or auction monitor
a) Name Michelmersh Brick Holdings plc
b) LEI 213800CIFQFPAHIQE695
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 Ordinary shares of 20 pence each in the capital of the Company
Identification code ISIN: GB00B013H060
b) Nature of the transaction Grant of Nil-Cost Options under the Long Term Incentive Plan 2022
c) Price(s) and volume(s) Price: Nil
Volume: 388,681
d) Aggregated information N/A - single transaction
Aggregated volume and Price
e) Date of the transaction 11 October 2022
f) Place of the transaction Outside a trading venue
1 Details of PDMR / person closely associated with them ('PCA')
a) Full Name Ryan Mahoney
2 Reason for the notification
a) Position / status CFO
b) Initial notification / amendment Initial Notification
3 Details of the issuer, emission allowance market participation, auction
platform, auctioneer or auction monitor
a) Name Michelmersh Brick Holdings plc
b) LEI 213800CIFQFPAHIQE695
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 Ordinary shares of 20 pence each in the capital of the Company
Identification code ISIN: GB00B013H060
b) Nature of the transaction Grant of Nil-Cost Options under the Long Term Incentive Plan 2022
c) Price(s) and volume(s) Price: Nil
Volume: 303,171
d) Aggregated information N/A - single transaction
Aggregated volume and Price
e) Date of the transaction 11 October 2022
f) Place of the transaction Outside a trading venue
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