REG - Pennant Int. Group - Share Option Restructuring

Pennant InternationalAnnouncement

09/11/2022 07:00

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RNS Number : 7472F  Pennant International Group PLC  09 November 2022

 

FOR IMMEDIATE RELEASE
 
09 November 2022

 

PENNANT INTERNATIONAL GROUP PLC

 

Director/PDMR Shareholding

Share Option Restructuring

 

 

Pennant International Group plc (AIM: PEN) (the "Company"), announces the
restructuring of the share options held by the executive directors, Philip
Walker and David Clements.

 

Mr Walker has surrendered an EMI option over 297,619 unissued ordinary shares
of 5p each in the capital of the Company ("ordinary shares") exercisable at
84p per share and an unapproved option over 525,969 unissued ordinary shares
exercisable at 55p per share. Mr Clements has surrendered EMI options over
100,000 unissued ordinary shares exercisable at 80.5p and 205,455 unissued
ordinary shares exercisable at 82.5p per share.

 

Following consultation with major shareholders, the Company has granted to Mr
Walker a new EMI option over 500,000 unissued ordinary shares, and Mr Clements
has been granted a new EMI option over 300,000 unissued ordinary shares (the
"New Options"). The New Options are the only options (or other rights to
acquire shares in the Company) held by the executive directors.

The New Options are subject to vesting conditions tied to achieving growth in
the Company's share price, vesting in 20% tranches as and when certain
milestones are achieved and the share price sustained at that level for at
least 30 days, as follows:

 

 Target share price  % of New Options vesting

 57p                 20%
 62p                 20%
 67p                 20%
 72p                 20%
 77p                 20%

 

In order for the New Options to vest, these targets must be achieved during
the three years following the date of grant (the "Performance Period") and to
the extent that the New Options have not vested during the Performance Period,
the rights over the unissued shares will lapse. Any shares that are acquired
pursuant to exercise of the New Options must be held by the relevant executive
director for at least the Performance Period. The exercise price under the New
Options is 33.5p per share.

 

The New Options are subject to further conditions contained in the Company's
EMI scheme document, as approved by shareholder vote in 2019. Each executive
director's New Options lapse should his employment cease.

The tables below provide further details for each PDMR.

 

 

 

 

Enquiries:

 

 Pennant International Group plc                    www.pennantplc.co.uk (http://www.pennantplc.co.uk)
 Philip Walker, CEO                                 +44 (0) 1452 714 914

 David Clements, Commercial & Risk Director

 WH Ireland Limited (Nomad and Broker)               https://www.whirelandplc.com/capital-markets
                                                    (https://www.whirelandplc.com/capital-markets)
 Mike Coe                                           +44 (0) 20 7220 1666

 Sarah Mather

 Walbrook PR (Financial PR)                         paul.vann@walbrookpr.com (mailto:paul.vann@walbrookpr.com)
 Paul Vann                                          +44 (0)20 7933 8780

 Tom Cooper                                         Mob: +44 (0)7768 807631

 

 

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Philip Walker

 2    Reason for the notification

 a)   Position/status                                              Chief Executive Officer

 b)   Initial notification /Amendment                              Initial Notification

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

    platform, auctioneer or auction monitor

 a)   Name                                                         Pennant International Group plc

 b)   LEI                                                          2138005AIIUYSRP5O254

 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 5p each

      Identification code                                          GB0002570660

 b)   Nature of the transaction                                    Option award

 c)   Price(s) and volume(s)

                                                                                     Price(s)          Volume(s)
      Award of shares                                                                £0.335            500,000

 d)   Aggregated information                                                         Award of shares

      - Aggregated volume                                                            500,000

      - Price                                                                        £167,500

 e)   Date of the transaction                                      8 November 2022

 f)   Place of the transaction                                     Outside a trading venue

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         David Clements

 2    Reason for the notification

 a)   Position/status                                              Commercial & Risk Director

 b)   Initial notification /Amendment                              Initial Notification

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

    platform, auctioneer or auction monitor

 a)   Name                                                         Pennant International Group plc

 b)   LEI                                                          2138005AIIUYSRP5O254

 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 5p each

      Identification code                                          GB0002570660

 b)   Nature of the transaction                                    Option award

 c)   Price(s) and volume(s)

                                                                                     Price(s)          Volume(s)
      Award of shares                                                                £0.335            300,000

 d)   Aggregated information                                                         Award of shares

      - Aggregated volume                                                            300,000

      - Price                                                                        £100,500

 e)   Date of the transaction                                      8 November 2022

 f)   Place of the transaction                                     Outside a trading venue

 

 

 

 

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