REG - Pebble Group (The) - Grant of performance share awards under LTIP

PebbleAnnouncement

26/03/2024 12:15

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RNS Number : 3623I  Pebble Group PLC (The)  26 March 2024

26 March 2024

 

THE PEBBLE GROUP PLC

(the "Company")

 

Grant of performance share awards under Long Term Incentive Plan

and

Notification of transactions by PDMRs

 

The Pebble Group plc (AIM: PEBB, OTCQX: PEBBF), a leading provider of
technology, services and products to the global promotional products industry,
announces that on 26 March 2024 the Company made awards of 3,009,191 in the
form of nil cost options or conditional share awards (Performance Shares)
under The Pebble Group plc Long Term Incentive Plan (LTIP) to a number of
senior employees across the Group, including to the Persons Discharging
Managerial Responsibilities (PDMR), as detailed below:

 

 PDMR             Number of Performance Shares
 Christopher Lee  465,672
 Claire Thomson   343,284
 Karl Whiteside   202,626

 

The vesting of all the Performance Shares is conditional on meeting
performance conditions measured over a three-year period as described below.

 

Performance conditions

 

1. Adjusted Earnings Per Share ("EPS") Target 1  (#_ftn1)

Up to 70% of the total Performance Shares will vest dependent upon the
achievement of cumulative adjusted EPS targets for the three years ending 31
December 2026, determined as follows:

 

 Cumulative Adjusted EPS for the three year period to 31 December 2026  Portion of Ordinary Shares vesting subject to Adjusted EPS target
 Below 15.5p                                                            No vesting
 15.5p                                                                  25%
 16.4p                                                                  60%
 17.4p or more                                                          100%

 

2. Total Shareholder Return ("TSR") Target

Up to 30% of the total Performance Shares will vest dependent upon the
performance of the Company's Absolute TSR measured over the three year period
ending 31 December 2026.  The share price at the start of this period was
60.2pence, being the average closing price of the Company's shares over the
three trading days ending on the day before the start of the performance
period.

 

 Annualised TSR for the three year period to 31 December 2026  Portion of Ordinary Shares vesting subject to TSR Target
 Below 8.0% per annum                                          No vesting
 8.0% per annum                                                25%
 11.3% per annum                                               60%
 15% per annum                                                 100%

 

A holding period of two years from date of vesting is applicable to the LTIP
awards granted to the Executive Directors of the Company.

The making of these awards at these levels and with these performance
conditions is considered by the Remuneration Committee to be in accordance
with the Company's Remuneration Policy with regard to the Executive
Directors.

The Remuneration Committee has discretion to adjust the level of vesting if in
its opinion such level of vesting resulting from the application of the
performance conditions is considered not to be a fair and accurate reflection
of the performance of the Company or a fair and accurate reflection of the
award holder's performance or where there is any other factor or any other
circumstances which would make the level of vesting inappropriate without
adjustment.

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

 1    Details of the person discharging managerial responsibilities/person closely
      associated
 (a)  Name                                                         1.    Christopher Lee

                                                                   2.    Claire Thomson

                                                                   3.    Karl Whiteside

 2    Reason for the notification
 (a)  Position/status                                              1.    Chief Executive Officer

                                                                   2.    Chief Financial Officer

                                                                   3.    Group MD, Brand Addition
 (b)  Initial notification/Amendment                               Initial notification
 3    Details of the issuer, emission allowance market participant, auction
      platform, auctioneer or auction monitor
 (a)  Name                                                         The Pebble Group plc
 (b)  LEI                                                          213800LZUQAYBHDEQY04
 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 1 pence each

      Identification code                                          ISIN GB00BK71XP16

                                                                   PEBB.L

 (b)  Nature of the transaction                                    Award of nil-cost options or conditional share awards pursuant to The Pebble
                                                                   Group plc Long Term Incentive Plan
 (c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                   1 NIL       465,672

                                                                   2 NIL       343,284

                                                                   3 NIL       202,626

 (d)  Aggregated information                                       N/A

      -         Aggregated volume

      -         Price
 (e)  Date of the transaction                                      26 March 2024
 (f)  Place of the transaction                                     Outside a trading venue

(d)

Aggregated information

-         Aggregated volume

-         Price

N/A

(e)

Date of the transaction

26 March 2024

(f)

Place of the transaction

Outside a trading venue

 

Enquiries:

 The Pebble Group                                       Temple Bar Advisory (Financial PR)

 Chris Lee, Chief Executive Officer                     Alex Child-Villiers

 Claire Thomson, Chief Financial Officer                Sam Livingstone

 +44 (0) 750 012 4121                                   +44 (0) 207 183 1190

                                                        pebble@templebaradvisory.com (mailto:pebble@templebaradvisory.com)

 Grant Thornton UK LLP (Nominated Adviser)              Berenberg (Corporate Broker)

 Samantha Harrison / Harrison Clarke / Ciara Donnelly   Ben Wright / Mark Whitmore / Richard Andrews

 +44 (0) 207 184 4384                                   +44 (0) 203 207 7800

 

About The Pebble Group

The Pebble Group is a provider of digital commerce, products and related
services to the global promotional products industry, comprising two
differentiated businesses, Facilisgroup and Brand Addition, focused on
specific areas of the promotional products market. For further information,
please visit www.thepebblegroup.com (http://www.thepebblegroup.com/) .

 1  (#_ftnref1) Adjusted basic earnings per share represents Adjusted Earnings
meaning profit after tax before amortisation of acquired intangible assets,
share-based payments charge and exceptional items divided by a weighted
average number of shares. It may also include adjustments as the Remuneration
Committee of the Board, in its absolute discretion, may determine.

 

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