REG - Portmeirion Group - Grant of Options
08/05/2024 07:00
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RNS Number : 4880N Portmeirion Group PLC 08 May 2024
8 May 2024
Portmeirion Group PLC
("Portmeirion" or the "Company")
Grant of Options
The Portmeirion Group 2022 Approved Share Option Plan, The Portmeirion Group
2022 Unapproved Share Option Plan, The Portmeirion 2012 Approved Share Option
Plan and The Portmeirion 2012 Unapproved Share Option Plan (the "Option
Plans")
The Company announces that the Company's Remuneration Committee and Board,
have approved, as part of its long-term employee remuneration and retention
incentives, the surrender of 482,500 options over ordinary shares of 5 pence
each in the Company ("Ordinary Shares") in issue ("Existing Options") on 3 May
2024 and the grant of 323,000 options over Ordinary Shares ("New Options") on
7 May 2024 to Directors and senior managers pursuant to the Option Plans.
The surrender of Existing Options relates to options over 192,500 Ordinary
Shares and 290,000 Ordinary Shares with an exercise price of 570.0 pence and
469.0 pence granted on 25 April 2022 and 2 May 2023 respectively. The
Existing Options were surrendered for no consideration. Included within the
Existing Options surrendered was a total of 296,000 Existing Options
previously granted to persons discharging managerial responsibilities
("PDMRs") of the Company as set out below. The remaining Existing Options
surrendered were held by senior managers. All Existing Options granted on 23
March 2021 under the Option Plans lapsed without exercise on 26 March 2024.
The grant of New Options comprises options over a total of 175,000 Ordinary
Shares to PDMRs as set out below and a further 148,000 options to other senior
managers pursuant to The Portmeirion Group 2022 Approved Share Option Plan and
The Portmeirion Group 2022 Unapproved Share Option Plan (the "2022 Options
Plans"). The New Options granted have a vesting period of three years, a
total exercise period of seven years between 8 May 2027 and 6 May 2034 and an
exercise price of 257.5 pence per Ordinary Share (being the closing mid-market
price of an Ordinary Share on the dealing day immediately preceding the date
of grant).
The New Options are subject to the achievement of performance targets as
determined by the Remuneration Committee, and as required under the 2022
Option Plans. The New Options granted on 7 May 2024 are only exercisable if
the increase in the average of the Group's basic adjusted (for changes in
accounting standards and exceptional items) earnings per share for the three
years ending 31 December 2024, 31 December 2025 and 31 December 2026 is at
least 65% higher than that calculated for the year ended 31 December 2023. The
calculation of basic adjusted EPS shall take account of the number of shares
and effective tax rates at the date of grant.
Number of Existing Options surrendered at 570.0 pence per Ordinary Share Number of Existing Options surrendered at 469.0 pence per Ordinary Share Number of New Options granted at an exercise price of 257.5 pence per Ordinary
Share
Company directors/officers:
Michael Raybould Chief Executive 40,000 50,000 50,000
Michael Knapper Group Operations Director 25,000 35,000 35,000
William Robedee Global Sales Director 25,000 35,000 35,000
David Sproston Group Finance Director 25,000 35,000 35,000
Moira MacDonald Group Company Secretary 11,000 15,000 20,000
Total: 126,000 170,000 175,000
.
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 the above
transactions are as follows:
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 66,088 11,886 0.08%
Michael Knapper 43,192 8,191 0.06%
William Robedee 45,915 - -
David Sproston 41,366 3,815 0.03%
Moira MacDonald 20,000 2,693 0.02%
*In addition to the New Options, includes options held under The Portmeirion
Group 2018 Deferred Incentive Share Option Plan granted in 2022 and 2023: M.
Raybould: 16,088; M. Knapper: 8,192; W. Robedee: 10,915 and D. Sproston:
6,366.
The notifications below, made in accordance with the requirements of the EU
Market Abuse Regulation, provide 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 Performance related, Grant of options under 2022 Option Plans. Exercise period
8 May 2027 - 6 May 2034.
d) Price(s) and volume(s) In respect of Grant of options under 2022 Option Plans
Price at grant: Nil
Exercise Price: £2.575 per Ordinary Share
Volume(s)
Options over Ordinary Shares
Michael Raybould 50,000
e) Aggregated information In respect of Grant of options under 2022 Option Plans
- Aggregated volume Nil, grant of options only
- Price
f) Date of the transactions In respect of Grant of options under 2022 Option Plans - - Off-market 7 May
2024
g) Place of the transactions In respect of Grant of options under 2022 Option Plans - - 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
Performance related, Grant of options under 2022 Option Plans. Exercise period
8 May 2027 - 6 May 2034.
d)
Price(s) and volume(s)
In respect of Grant of options under 2022 Option Plans
Price at grant: Nil
Exercise Price: £2.575 per Ordinary Share
Volume(s)
Options over Ordinary Shares
Michael Raybould 50,000
e)
Aggregated information
- Aggregated volume
- Price
In respect of Grant of options under 2022 Option Plans
Nil, grant of options only
f)
Date of the transactions
In respect of Grant of options under 2022 Option Plans - - Off-market 7 May
2024
g)
Place of the transactions
In respect of Grant of options under 2022 Option Plans - - 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 Performance related, Grant of options under 2022 Option Plans. Exercise period
8 May 2027 - 6 May 2034.
d) Price(s) and volume(s) In respect of Grant of options under 2022 Option Plans
Price at grant: Nil
Exercise Price: £2.575 per Ordinary Share
Volume(s)
Options over Ordinary Shares
Michael Knapper 35,000
e) Aggregated information In respect of Grant of options under 2022 Option Plans
- Aggregated volume Nil, grant of options only
- Price
f) Date of the transactions
In respect of Grant of options under 2022 Option Plans - - Off-market 7 May
2024
g) Place of the transactions In respect of Grant of options under 2022 Option Plans - - 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
Performance related, Grant of options under 2022 Option Plans. Exercise period
8 May 2027 - 6 May 2034.
d)
Price(s) and volume(s)
In respect of Grant of options under 2022 Option Plans
Price at grant: Nil
Exercise Price: £2.575 per Ordinary Share
Volume(s)
Options over Ordinary Shares
Michael Knapper 35,000
e)
Aggregated information
- Aggregated volume
- Price
In respect of Grant of options under 2022 Option Plans
Nil, grant of options only
f)
Date of the transactions
In respect of Grant of options under 2022 Option Plans - - Off-market 7 May
2024
g)
Place of the transactions
In respect of Grant of options under 2022 Option Plans - - 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 Performance related, Grant of options under 2022 Option Plans. Exercise period
8 May 2027 - 6 May 2034.
d) Price(s) and volume(s) In respect of Grant of options under 2022 Option Plans
Price at grant: Nil
Exercise Price: £2.575 per Ordinary Share
Volume(s)
Options over Ordinary Shares
William Robedee 35,000
e) Aggregated information In respect of Grant of options under 2022 Option Plans
- Aggregated volume Nil, grant of options only
- Price
f) Date of the transactions
In respect of Grant of options under 2022 Option Plans - - Off-market 7 May
2024
g) Place of the transactions In respect of Grant of options under 2022 Option Plans - - 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
Performance related, Grant of options under 2022 Option Plans. Exercise period
8 May 2027 - 6 May 2034.
d)
Price(s) and volume(s)
In respect of Grant of options under 2022 Option Plans
Price at grant: Nil
Exercise Price: £2.575 per Ordinary Share
Volume(s)
Options over Ordinary Shares
William Robedee 35,000
e)
Aggregated information
- Aggregated volume
- Price
In respect of Grant of options under 2022 Option Plans
Nil, grant of options only
f)
Date of the transactions
In respect of Grant of options under 2022 Option Plans - - Off-market 7 May
2024
g)
Place of the transactions
In respect of Grant of options under 2022 Option Plans - - 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 Performance related, Grant of options under 2022 Option Plans. Exercise period
8 May 2027 - 6 May 2034.
d) Price(s) and volume(s) In respect of Grant of options under 2022 Option Plans
Price at grant: Nil
Exercise Price: £2.575 per Ordinary Share
Volume(s)
Options over Ordinary Shares
David Sproston 35,000
e) Aggregated information In respect of Grant of options under 2022 Option Plans
- Aggregated volume Nil, grant of options only
- Price
f) Date of the transactions
In respect of Grant of options under 2022 Option Plans - - Off-market 7 May
2024
g) Place of the transactions In respect of Grant of options under 2022 Option Plans - - 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
Performance related, Grant of options under 2022 Option Plans. Exercise period
8 May 2027 - 6 May 2034.
d)
Price(s) and volume(s)
In respect of Grant of options under 2022 Option Plans
Price at grant: Nil
Exercise Price: £2.575 per Ordinary Share
Volume(s)
Options over Ordinary Shares
David Sproston 35,000
e)
Aggregated information
- Aggregated volume
- Price
In respect of Grant of options under 2022 Option Plans
Nil, grant of options only
f)
Date of the transactions
In respect of Grant of options under 2022 Option Plans - - Off-market 7 May
2024
g)
Place of the transactions
In respect of Grant of options under 2022 Option Plans - - 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 Performance related, Grant of options under 2022 Option Plans. Exercise period
8 May 2027 - 6 May 2034.
d) Price(s) and volume(s) In respect of Grant of options under 2022 Option Plans
Price at grant: Nil
Exercise Price: £2.575 per Ordinary Share
Volume(s)
Options over Ordinary Shares
Moira MacDonald 20,000
e) Aggregated information In respect of Grant of options under 2022 Option Plans
- Aggregated volume Nil, grant of options only
- Price
f) Date of the transactions
In respect of Grant of options under 2022 Option Plans - - Off-market 7 May
2024
g) Place of the transactions In respect of Grant of options under 2022 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
Performance related, Grant of options under 2022 Option Plans. Exercise period
8 May 2027 - 6 May 2034.
d)
Price(s) and volume(s)
In respect of Grant of options under 2022 Option Plans
Price at grant: Nil
Exercise Price: £2.575 per Ordinary Share
Volume(s)
Options over Ordinary Shares
Moira MacDonald 20,000
e)
Aggregated information
- Aggregated volume
- Price
In respect of Grant of options under 2022 Option Plans
Nil, grant of options only
f)
Date of the transactions
In respect of Grant of options under 2022 Option Plans - - Off-market 7 May
2024
g)
Place of the transactions
In respect of Grant of options under 2022 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 nmoore@hudsonsandler.com
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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