REG - Norman Broadbent PLC - Grant of Options

Norman BroadbentAnnouncement

28/07/2023 07:00

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RNS Number : 4772H  Norman Broadbent PLC  28 July 2023

Norman Broadbent plc

("Norman Broadbent or the "Company")

Grant of Options

and

Director/PDMR Shareholding

 

Norman Broadbent (AIM: NBB), a leading London quoted Executive Search and
Interim Management firm offering a diversified portfolio of integrated
Leadership Acquisition & Advisory Services, announces that, on 28 July
2023 (the "Date of Grant"), it granted options over, in aggregate, 4,148,148
ordinary shares of £0.01 each ("Ordinary Shares") in the Company ("Options")
to both Executive Directors and certain employees (the "Grant") under its
Enterprise Management Incentive Option Scheme 2022 (the "Scheme"). The Options
are exercisable at nil pence per Ordinary Share.

The Options granted under the Scheme vest over a 3-year period (25 per cent.
of the Grant are deemed to have vested on 18 March 2023*).  Once vested, the
Options can be exercised within 7 years of the Date of Grant date subject to
the following two sets of performance criteria:

·      50 per cent. of the vested Options are exercisable on a scaled
basis following the price of an Ordinary Share achieving an average of between
10p and 19p over any three-month period prior to 30 June 2026 ("Share Price
Vesting Options"); and

 

·      The remaining 50 per cent. of the vested Options are exercisable
on a scaled basis following the achievement by the Company of audited EBITDA
in the range of greater than £500,000 to £1,250,000 in any financial year
from the Date of Grant to 31 December 2025 ("EBITDA Vesting Options").

The following table sets out details of the Options that have been granted to
the Executive Directors and one person discharging managerial responsibilities
("PDMR"):

                                                                                                                                                                                                                    Percentage of the Company's Existing Issued Shares Under Option held  Percentage of the Company's Fully Diluted Share Capital held**

                                      Number of Share Price Vesting Options granted   Number of EBITDA Vesting Options granted   Total Number of Options granted   Total Number of Options held following Grant

 Name of Individual

                      Director/PDMR
 Kevin Davidson       CEO             299,076                                         299,072                                    598,148                           2,548,148                                        4.1%                                                                  3.4%
 Mehr Malik           CFO             850,000                                         850,000                                    1,700,000                         1,700,000                                        2.8%                                                                  2.3%
 Sean Bergin          COO and PDMR    125,000                                         125,000                                    250,000                           1,700,000                                        2.8%                                                                  2.3%
 Total                                1,274,076                                       1,274,072                                  2,548,148                         5,948,148                                        9.7%                                                                  8.0%

 

*anniversary of original grant of options

**assuming that no further Ordinary Shares are issued between the date of this
announcement and the exercise of the Options.

In addition, a further 1,600,000 options over Ordinary Shares have been
granted to certain of the Company's employees.

Following the Grant, there are 12,148,148 options over Ordinary Shares
outstanding representing 19.7 per cent. of the Company's issued share capital.
At the date of this announcement, the Company has 61,817,543 Ordinary Shares
in issue.

The FCA notification, made in accordance with the requirements of the UK
Market Abuse Regulation is appended further below.

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them.

  1   Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name

Kevin Davidson  CEO
                                                                   Mehr Malik      CFO
                                                                   Sean Bergin     COO

 
 2    Reason for the notification
 a)   Position/status                                              See 1a) above
 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Norman Broadbent Plc
 b)   LEI                                                          213800E5YN5TA934XA23
 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  Options over ordinary shares of £0.01 each in Norman Broadbent Plc

      Identification code                                          Identification code (ISIN) for Norman Broadbent Plc ordinary shares:
                                                                   GB00B3VF4Y66
 b)   Nature of the transaction                                    Grant of options
 c)   Price(s) and volume(s)                                       Name            Price(s)  Volume(s)
                                                                   Kevin Davidson  nil       598,148
                                                                   Mehr Malik      nil       1,700,000
                                                                   Sean Bergin     nil       250,000

 
 d)   Aggregated information                                       N/A

      - Aggregated volume

      - Price
 e)   Date of the transactions                                     Options put in place as of 28 July 2023
 f)   Place of the transaction                                     Outside a trading venue

 

2

Reason for the notification

a)

Position/status

See 1a) above

b)

 

Initial notification /Amendment

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor

a)

Name

Norman Broadbent Plc

b)

LEI

213800E5YN5TA934XA23

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

Identification code

Options over ordinary shares of £0.01 each in Norman Broadbent Plc

Identification code (ISIN) for Norman Broadbent Plc ordinary shares:
GB00B3VF4Y66

b)

Nature of the transaction

Grant of options

c)

Price(s) and volume(s)

 Name            Price(s)  Volume(s)
 Kevin Davidson  nil       598,148
 Mehr Malik      nil       1,700,000
 Sean Bergin     nil       250,000

 

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transactions

Options put in place as of 28 July 2023

f)

Place of the transaction

Outside a trading venue

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

For further information, please contact:

Norman Broadbent plc                           +44
(0) 20 7484 0000

Kevin Davidson, CEO

Mehr Malik, CFO

Shore Capital (Nominated Adviser and Broker)
                020 7408 4090

Tom Griffiths / Tom Knibbs (Corporate Advisory)

Henry Willcocks (Corporate Broking)

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