REG - Midwich Group PLC - Grant of options and deferred bonus share awards

MidwichAnnouncement

22/06/2022 09:30

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RNS Number : 7749P  Midwich Group PLC  22 June 2022

22 June 2022

 

Midwich Group plc

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

 

Grant of options and deferred bonus share awards

 

Midwich (AIM: MIDW), a global specialist audio visual distributor to the
trade market, announces that, on 21 June 2022, it granted 52,652 nominal cost
options over ordinary shares of £0.01 each in the Company ("Ordinary
Shares") under the Midwich Group plc 2016 Long Term Incentive Plan (the
"LTIP Award") to Stephen Lamb, Group Finance Director.

 

Performance conditions and vesting

The LTIP Award is subject to challenging performance conditions linked to
growth in the Group's profitability and will ordinarily vest in 2025. The
award is exercisable for up to 10 years from the date of grant and is subject
to a two-year holding period from the date of vesting.

 

Deferred bonus share awards

 

The Company also announces that on 21 June 2022 the Executive Directors were
granted nominal cost options over Ordinary Shares  under the terms of the
Midwich Group plc 2021 Deferred Bonus Plan.

 Director       Number of deferred bonus share awards granted over Ordinary Shares
 Stephen Fenby  31,226
 Stephen Lamb   25,020

 

Vesting conditions

These nominal cost options reflect the deferred element of the bonuses earned
for the year ended 31 December 2021 and will, ordinarily, vest on 1 January
2024.

 

The information set out below is provided in accordance with the requirements
of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

 

 1.   Details of the person discharging managerial responsibilities/person closely
      associated
 (a)  Name                                             Stephen Fenby
 2.   Reason for the notification
 (a)  Position/status                                  Group Managing Director
 (b)  Initial notification/ Amendment                  Initial notification
 3.   Details of the issuer
 (a)  Name                                             Midwich Group Plc
 (b)  LEI                                              213800TUH2ZU68PZZN12
 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 £0.01 each
 (b)  Identification code of the Financial Instrument  GB00BYSXWW41
 (c)  Nature of the transaction                        Grant of options under Midwich Group plc 2021 Deferred Bonus Plan

 (d)  Price(s) and volume(s)                           Price(s)                           Volume(s)
                                                       1 pence                            31,226

 (e)  Aggregated information                           N/A

      - Aggregated volume

      - Price
 (f)  Date of the transaction                          21 June 2022
 (g)  Place of the transaction                         London Stock Exchange

 

 1.    Details of the person discharging managerial responsibilities/person closely
       associated
 (a)   Name                                             Stephen Lamb
 2.    Reason for the notification
 (a)   Position/status                                  Group Finance Director
 (b)   Initial notification/ Amendment                  Initial notification
 3.    Details of the issuer
 (a)   Name                                             Midwich Group Plc
 (b)   LEI                                              213800TUH2ZU68PZZN12
 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 £0.01 each
 (b)   Identification code of the Financial Instrument  GB00BYSXWW41
 (c)   Nature of the transaction                        a)    Grant of options under Midwich Group plc 2021 Deferred Bonus Plan

                                                        b)    Grant of options under Midwich Group plc 2016 Long Term Incentive
                                                        Plan

 d)    Price(s) and volume(s)

  Price(s)  Volume(s)
                                                        a)  1 pence   25,020
                                                        b)  1 pence   52,652
 (e)   Aggregated information

       - Aggregated volume                              N/A

       - Price
 (f)   Date of the transaction                          21 June 2022
 (g)   Place of the transaction                         London Stock Exchange

(e)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

N/A

 

(f)

Date of the transaction

21 June 2022

(g)

Place of the transaction

London Stock Exchange

 

 

For further information:

 

 Midwich Group plc                                       Tel: +44 (0) 13 7964 9200

 Stephen Fenby, Managing Director

 Stephen Lamb, Finance Director

 Investec Bank plc (NOMAD and Joint Broker to Midwich)   Tel: +44 (0) 20 7597 5970

 Carlton Nelson

 Ben Griffiths

 Berenberg (Joint Broker to Midwich)                     Tel: +44 (0) 20 3207 7800

 Ben Wright

 Richard Andrews

 Alix Mecklenberg-Solodkoff

 FTI Consulting                                          Tel: +44 (0) 20 3727 1000

 Alex Beagley                                            midwich@fticonsulting.com (mailto:midwich@fticonsulting.com)

 Tom Hufton

 Rafaella de Freitas

 

About Midwich Group

Midwich is a specialist AV distributor to the trade market, with operations in
the UK and Ireland, EMEA, Asia Pacific and North America. The Group's
long-standing relationships with over 600 vendors, including blue-chip
organisations, support a comprehensive product portfolio across major audio
visual categories such as large format displays, projectors, digital signage
and professional audio. The Group operates as the sole or largest in-country
distributor for a number of its vendors in their respective product sets.

 

The Directors attribute this position to the Group's technical expertise,
extensive product knowledge and strong customer service offering built up over
a number of years. The Group has a large and diverse base of over 20,000
customers, most of which are professional AV integrators and IT resellers
serving sectors such as corporate, education, retail, residential and
hospitality. Although the Group does not sell directly to end users, it
believes that the majority of its products are used by commercial and
educational establishments rather than consumers.

 

 

 

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