REG - Portmeirion Group - Grant of Options
03/05/2023 11:45
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RNS Number : 2876Y Portmeirion Group PLC 03 May 2023
3 May 2023
Portmeirion Group PLC
("Portmeirion" or the "Company")
Grant of Options
The Portmeirion Group 2022 Approved Share Option Plan and The Portmeirion
Group 2022 Unapproved Share Option Plan (the "Option Plans") and The
Portmeirion Group 2018 Deferred Incentive Share Option Plan (the "Deferred
Plan")
As part of its long-term employee remuneration and retention incentives, the
Company announces that, on 2 May 2023, the following transactions occurred for
the persons discharging managerial responsibilities ("PDMRs") as shown below:
Option Plans number of options granted at an exercise price of £4.69 per Deferred Plan number of options granted at an exercise price of £1.00 (B)
Ordinary Share (A)
Company directors/officers:
Michael Raybould Chief Executive 50,000 5,275
Michael Knapper Group Operations Director 35,000 2,686
William Robedee Global Sales Director 35,000 3,864
David Sproston Group Finance Director 35,000 2,087
Moira MacDonald Group Company Secretary 15,000 -
Total: 170,000 13,912
Note:
(A) Grant of options under Option Plans.
(B) Grant of new options under Deferred Plan against 2022 performance
and incentive arrangements (further detail below).
The Company granted 170,000 options over Ordinary Shares to the PDMRs shown
above and a further 153,000 options over Ordinary Shares to other senior
managers pursuant to the Option Plans. The options are subject to the
achievement of performance targets as determined by the Remuneration
Committee, and as required under the Option Plans. The options granted on 2
May 2023 are normally only exercisable if the increase in the average of the
Company's basic adjusted (for changes in accounting standards and exceptional
items) earnings per share for each of the three years ending 31 December 2023,
31 December 2024 and 31 December 2025 is at least 10% higher than that for the
year ended 31 December 2022. The calculation of basic adjusted earnings per
share shall take account of the number of shares in issue and effective tax
rates at the date of grant.
In addition, the Company granted 13,912 options to Executive Directors shown
above over Ordinary Shares pursuant to the Deferred Plan. In accordance with
the rules of the Deferred Plan, the number of options granted is based on the
gross incentive payment earned by the relevant Director in respect of the year
ended 31 December 2022.
PDMR Shareholdings
The total number of Ordinary Shares over which each PDMR holds options and the
total number of Ordinary Shares with voting rights held following this
Admission is:
Total number of options Total number Ordinary Shares percentage of Company's Ordinary Shares with voting rights
over Ordinary Shares of Ordinary Shares with
voting rights
Michael Raybould 156,088 11,886 0.08%
Michael Knapper 98,192 8,191 0.06%
William Robedee 100,915 - -
David Sproston 96,366 3,815 0.03%
Moira MacDonald 38,500 2,693 0.02%
The notification below, made in accordance with the requirements of the EU
Market Abuse Regulation, provides further detail.
_____________________________________________
Notification and public disclosure of transactions by persons discharging
managerial responsibilities / person closely associated with them.
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name Michael Raybould
2. Reason for the notification
a) Position/status Chief Executive
b) Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Portmeirion Group PLC
b) LEI 2138003QC9J6TLZJHO70
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 5 pence each
b) Identification code GB0006957293
c) Nature of the transactions (A) Performance related, Grant of options under Option Plans. Exercise
period 3 May 2026 - 1 May 2033.
(B) Grant of new options under The Portmeirion Group 2018 Deferred
Incentive Share Option Plan (the "Deferred Plan").
d) Price(s) and volume(s) In respect of (A) Grant of options under Option Plans
Price at grant: Nil
Exercise Price: £4.69 per Ordinary Share
Volume(s)
Options over Ordinary Shares
Michael Raybould 50,000
In respect of (B) Grant of options under Deferred Plan
Price at grant: Nil
Exercise Price (per PDMR in respect of all options granted): £1
Options over Ordinary Shares
Michael Raybould 5,275
e) Aggregated information In respect of (A) Grant of options under Option Plans
- Aggregated volume Nil, grant of options only
- Price In respect of (B) Grant of options under Deferred Plan
Nil, grant of options only
f) Date of the transactions
In respect of (A) Grant of options under Option Plans - 2 May 2023
In respect of (B) Grant of options under Deferred Plan 2 May 2023
g) Place of the transactions In respect of (A) Grant of options under Option Plans - - Off-market
In respect of (B) Grant of options under Deferred Plan - Off-market
2.
Reason for the notification
a)
Position/status
Chief Executive
b)
Initial notification/Amendment
Initial Notification
3.
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Portmeirion Group PLC
b)
LEI
2138003QC9J6TLZJHO70
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 5 pence each
b)
Identification code
GB0006957293
c)
Nature of the transactions
(A) Performance related, Grant of options under Option Plans. Exercise
period 3 May 2026 - 1 May 2033.
(B) Grant of new options under The Portmeirion Group 2018 Deferred
Incentive Share Option Plan (the "Deferred Plan").
d)
Price(s) and volume(s)
In respect of (A) Grant of options under Option Plans
Price at grant: Nil
Exercise Price: £4.69 per Ordinary Share
Volume(s)
Options over Ordinary Shares
Michael Raybould 50,000
In respect of (B) Grant of options under Deferred Plan
Price at grant: Nil
Exercise Price (per PDMR in respect of all options granted): £1
Options over Ordinary Shares
Michael Raybould 5,275
e)
Aggregated information
- Aggregated volume
- Price
In respect of (A) Grant of options under Option Plans
Nil, grant of options only
In respect of (B) Grant of options under Deferred Plan
Nil, grant of options only
f)
Date of the transactions
In respect of (A) Grant of options under Option Plans - 2 May 2023
In respect of (B) Grant of options under Deferred Plan 2 May 2023
g)
Place of the transactions
In respect of (A) Grant of options under Option Plans - - Off-market
In respect of (B) Grant of options under Deferred Plan - Off-market
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name Michael Knapper
2. Reason for the notification
a) Position/status Group Operations Director
b) Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Portmeirion Group PLC
b) LEI 2138003QC9J6TLZJHO70
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 5 pence each
b) Identification code GB0006957293
c) Nature of the transactions (A) Performance related, Grant of options under Option Plans. Exercise period
3 May 2026 - 1 May 2033.
(B) Grant of new options under The Portmeirion Group 2018 Deferred
Incentive Share Option Plan (the "Deferred Plan").
d) Price(s) and volume(s) In respect of (A) Grant of options under Option Plans
Price at grant: Nil
Exercise Price: £4.69 per Ordinary Share
Volume(s)
Options over Ordinary Shares
Michael Knapper 35,000
In respect of (B) Grant of options under Deferred Plan
Price at grant: Nil
Exercise Price (per PDMR in respect of all options granted): £1
Options over Ordinary Shares
Michael Knapper 2,686
e) Aggregated information In respect of (A) Grant of options under Option Plans
- Aggregated volume Nil, grant of options only
- Price In respect of (B) Grant of options under Deferred Plan
Nil, grant of options only
f) Date of the transactions
In respect of (A) Grant of options under Option Plans - 2 May 2023
In respect of (B) Grant of options under Deferred Plan 2 May 2023
g) Place of the transactions In respect of (A) Grant of options under Option Plans - - Off-market
In respect of (B) Grant of options under Deferred Plan - Off-market
2.
Reason for the notification
a)
Position/status
Group Operations Director
b)
Initial notification/Amendment
Initial Notification
3.
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Portmeirion Group PLC
b)
LEI
2138003QC9J6TLZJHO70
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 5 pence each
b)
Identification code
GB0006957293
c)
Nature of the transactions
(A) Performance related, Grant of options under Option Plans. Exercise period
3 May 2026 - 1 May 2033.
(B) Grant of new options under The Portmeirion Group 2018 Deferred
Incentive Share Option Plan (the "Deferred Plan").
d)
Price(s) and volume(s)
In respect of (A) Grant of options under Option Plans
Price at grant: Nil
Exercise Price: £4.69 per Ordinary Share
Volume(s)
Options over Ordinary Shares
Michael Knapper 35,000
In respect of (B) Grant of options under Deferred Plan
Price at grant: Nil
Exercise Price (per PDMR in respect of all options granted): £1
Options over Ordinary Shares
Michael Knapper 2,686
e)
Aggregated information
- Aggregated volume
- Price
In respect of (A) Grant of options under Option Plans
Nil, grant of options only
In respect of (B) Grant of options under Deferred Plan
Nil, grant of options only
f)
Date of the transactions
In respect of (A) Grant of options under Option Plans - 2 May 2023
In respect of (B) Grant of options under Deferred Plan 2 May 2023
g)
Place of the transactions
In respect of (A) Grant of options under Option Plans - - Off-market
In respect of (B) Grant of options under Deferred Plan - Off-market
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name William Robedee
2. Reason for the notification
a) Position/status Global Sales Director
b) Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Portmeirion Group PLC
b) LEI 2138003QC9J6TLZJHO70
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 5 pence each
b) Identification code GB0006957293
c) Nature of the transactions (A) Performance related, Grant of options under Option Plans. Exercise period
3 May 2026 - 1 May 2033.
(B) Grant of new options under The Portmeirion Group 2018 Deferred
Incentive Share Option Plan (the "Deferred Plan").
d) Price(s) and volume(s) In respect of (A) Grant of options under Option Plans
Price at grant: Nil
Exercise Price: £4.69 per Ordinary Share
Volume(s)
Options over Ordinary Shares
William Robedee 35,000
In respect of (B) Grant of options under Deferred Plan
Price at grant: Nil
Exercise Price (per PDMR in respect of all options granted): £1
Options over Ordinary Shares
William Robedee 3,864
e) Aggregated information In respect of (A) Grant of options under Option Plans
- Aggregated volume Nil, grant of options only
- Price In respect of (B) Grant of options under Deferred Plan
Nil, grant of options only
f) Date of the transactions
In respect of (A) Grant of options under Option Plans - 2 May 2023
In respect of (B) Grant of options under Deferred Plan 2 May 2023
g) Place of the transactions In respect of (A) Grant of options under Option Plans - - Off-market
In respect of (B) Grant of options under Deferred Plan - Off-market
2.
Reason for the notification
a)
Position/status
Global Sales Director
b)
Initial notification/Amendment
Initial Notification
3.
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Portmeirion Group PLC
b)
LEI
2138003QC9J6TLZJHO70
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 5 pence each
b)
Identification code
GB0006957293
c)
Nature of the transactions
(A) Performance related, Grant of options under Option Plans. Exercise period
3 May 2026 - 1 May 2033.
(B) Grant of new options under The Portmeirion Group 2018 Deferred
Incentive Share Option Plan (the "Deferred Plan").
d)
Price(s) and volume(s)
In respect of (A) Grant of options under Option Plans
Price at grant: Nil
Exercise Price: £4.69 per Ordinary Share
Volume(s)
Options over Ordinary Shares
William Robedee 35,000
In respect of (B) Grant of options under Deferred Plan
Price at grant: Nil
Exercise Price (per PDMR in respect of all options granted): £1
Options over Ordinary Shares
William Robedee 3,864
e)
Aggregated information
- Aggregated volume
- Price
In respect of (A) Grant of options under Option Plans
Nil, grant of options only
In respect of (B) Grant of options under Deferred Plan
Nil, grant of options only
f)
Date of the transactions
In respect of (A) Grant of options under Option Plans - 2 May 2023
In respect of (B) Grant of options under Deferred Plan 2 May 2023
g)
Place of the transactions
In respect of (A) Grant of options under Option Plans - - Off-market
In respect of (B) Grant of options under Deferred Plan - Off-market
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name David Sproston
2. Reason for the notification
a) Position/status Group Finance Director
b) Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Portmeirion Group PLC
b) LEI 2138003QC9J6TLZJHO70
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 5 pence each
b) Identification code GB0006957293
c) Nature of the transactions (A) Performance related, Grant of options under Option Plans. Exercise period
3 May 2026 - 1 May 2033.
(B) Grant of new options under The Portmeirion Group 2018 Deferred
Incentive Share Option Plan (the "Deferred Plan").
d) Price(s) and volume(s) In respect of (A) Grant of options under Option Plans
Price at grant: Nil
Exercise Price: £4.69 per Ordinary Share
Volume(s)
Options over Ordinary Shares
David Sproston 35,000
In respect of (B) Grant of options under Deferred Plan
Price at grant: Nil
Exercise Price (per PDMR in respect of all options granted): £1
Options over Ordinary Shares
David Sproston 2,087
e) Aggregated information In respect of (A) Grant of options under Option Plans
- Aggregated volume Nil, grant of options only
- Price In respect of (B) Grant of options under Deferred Plan
Nil, grant of options only
f) Date of the transactions
In respect of (A) Grant of options under Option Plans - 2 May 2023
In respect of (B) Grant of options under Deferred Plan 2 May 2023
g) Place of the transactions In respect of (A) Grant of options under Option Plans - - Off-market
In respect of (B) Grant of options under Deferred Plan - Off-market
2.
Reason for the notification
a)
Position/status
Group Finance Director
b)
Initial notification/Amendment
Initial Notification
3.
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Portmeirion Group PLC
b)
LEI
2138003QC9J6TLZJHO70
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 5 pence each
b)
Identification code
GB0006957293
c)
Nature of the transactions
(A) Performance related, Grant of options under Option Plans. Exercise period
3 May 2026 - 1 May 2033.
(B) Grant of new options under The Portmeirion Group 2018 Deferred
Incentive Share Option Plan (the "Deferred Plan").
d)
Price(s) and volume(s)
In respect of (A) Grant of options under Option Plans
Price at grant: Nil
Exercise Price: £4.69 per Ordinary Share
Volume(s)
Options over Ordinary Shares
David Sproston 35,000
In respect of (B) Grant of options under Deferred Plan
Price at grant: Nil
Exercise Price (per PDMR in respect of all options granted): £1
Options over Ordinary Shares
David Sproston 2,087
e)
Aggregated information
- Aggregated volume
- Price
In respect of (A) Grant of options under Option Plans
Nil, grant of options only
In respect of (B) Grant of options under Deferred Plan
Nil, grant of options only
f)
Date of the transactions
In respect of (A) Grant of options under Option Plans - 2 May 2023
In respect of (B) Grant of options under Deferred Plan 2 May 2023
g)
Place of the transactions
In respect of (A) Grant of options under Option Plans - - Off-market
In respect of (B) Grant of options under Deferred Plan - Off-market
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name Moira MacDonald
2. Reason for the notification
a) Position/status Group Company Secretary
b) Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Portmeirion Group PLC
b) LEI 2138003QC9J6TLZJHO70
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 5 pence each
b) Identification code GB0006957293
c) Nature of the transactions (A) Performance related, Grant of options under Option Plans. Exercise period
3 May 2026 - 1 May 2033.
d) Price(s) and volume(s) In respect of (A) Grant of options under Option Plans
Price at grant: Nil
Exercise Price: £4.69 per Ordinary Share
Volume(s)
Options over Ordinary Shares
Moira MacDonald 15,000
e) Aggregated information In respect of (A) Grant of options under Option Plans
- Aggregated volume Nil, grant of options only
- Price
f) Date of the transactions
In respect of (A) Grant of options under Option Plans - 2 May 2023
g) Place of the transactions In respect of (A) Grant of options under Option Plans - - Off-market
2.
Reason for the notification
a)
Position/status
Group Company Secretary
b)
Initial notification/Amendment
Initial Notification
3.
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Portmeirion Group PLC
b)
LEI
2138003QC9J6TLZJHO70
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 5 pence each
b)
Identification code
GB0006957293
c)
Nature of the transactions
(A) Performance related, Grant of options under Option Plans. Exercise period
3 May 2026 - 1 May 2033.
d)
Price(s) and volume(s)
In respect of (A) Grant of options under Option Plans
Price at grant: Nil
Exercise Price: £4.69 per Ordinary Share
Volume(s)
Options over Ordinary Shares
Moira MacDonald 15,000
e)
Aggregated information
- Aggregated volume
- Price
In respect of (A) Grant of options under Option Plans
Nil, grant of options only
f)
Date of the transactions
In respect of (A) Grant of options under Option Plans - 2 May 2023
g)
Place of the transactions
In respect of (A) Grant of options under Option Plans - - Off-market
Name of authorised official of issuer responsible for making notification:
Moira MacDonald
Company Secretary to Portmeirion Group PLC
ENQUIRIES:
Portmeirion Group PLC:
Mike Raybould, Chief Executive +44 (0) 1782 743 443 mraybould@portmeiriongroup.com
David Sproston, Group Finance +44 (0) 1782 743 443 dsproston@portmeiriongroup.com
Director
Hudson Sandler:
Dan de Belder +44 (0) 207 796 4133 portmeirion@hudsonsandler.com
Nick Moore
Emily Brooker
Shore Capital: +44 (0) 207 408 4090
(Nominated Adviser and Joint Broker):
Patrick Castle Corporate Advisory
Lucy Bowden
Malachy McEntyre Corporate Broking
Singer Capital Markets
(Joint Broker): +44 (0) 207 496 3000
Peter Steel Investment Banking
Asha Chotai
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