REG - Midwich Group PLC - Grant of options

MidwichAnnouncement

16/08/2023 15:15

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RNS Number : 5440J  Midwich Group PLC  16 August 2023

16 August 2023

 

Midwich Group plc

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

 

Grant of options

 

Midwich (AIM: MIDW), a global specialist audio visual distributor to the
trade market, announces that, on 16 August 2023, it granted 128,889 nominal
cost options over ordinary shares of £0.01 each in the Company 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 earnings per share and will ordinarily
vest in 2026. The award is exercisable for up to 10 years from the date of
grant and part of the award subject to a two-year holding period from the date
of vesting.

 

 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                        Grant of options
 (d)  Price(s) and volume(s)                           Price(s)                    Volume(s)
                                                       1p                          128,889

 (e)  Aggregated information

      -  Aggregated volume                             n/a

      -   Price
 (f)  Date of the transaction                          16 August 2023
 (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

                                                         Tel: +44 (0) 20 3727 1000

 FTI Consulting

 Alex Beagley

 Tom Hufton

 Rafaella de Freitas

 

About Midwich Group

 

Midwich is a specialist AV distributor to the trade market, with operations
in EMEA, the UK and Ireland, 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.

 

Initially a UK only distributor, the Group now has around 1,800 employees
across the UK and Ireland, EMEA, Asia Pacific and North America. A core
component of the Group's growth strategy is further expansion of its
international operations and footprint into strategically targeted
jurisdictions.

 

For further information, please visit www.midwichgroupplc.com
(http://www.midwichgroupplc.com/)

 

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