REG - Ten Lifestyle Group - Grant of Options and Salary Sacrifice Extension
14/10/2022 07:00
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RNS Number : 8709C Ten Lifestyle Group PLC 14 October 2022
14 October 2022
Ten Lifestyle Group plc
("Ten" or the "Group")
Grant of Options and Salary Sacrifice Scheme Extension
Ten Lifestyle Group plc (AIM: TENG), the platform driving customer loyalty for
global financial institutions and other premium brands, announces that it has
granted options over Ordinary Shares to certain 'persons discharging
managerial responsibilities' of the Group ("PDMRs") and is extending the
exercise period of share options granted as part of a voluntary salary
sacrifice scheme.
Grant of Options
The Group has granted options to the following PDMRs over Ordinary Shares,
pursuant to the Ten Lifestyle Group Plc Management Non-Qualifying Company
Share Option Plan dated 24 August 2017 (the "CSOP Options").
PDMR Position Number of new CSOP Options granted Resulting total options held over Ordinary Shares
Alex Cheatle CEO 62,500 1,444,374
Andrew Long Group COO and CEO (Asia) 62,500 984,044
Sarah Hornbuckle Client Services Director 62,500 380,235
Alan Donald CFO 62,500 614,608
CSOP Options become exercisable after three years, subject to certain
conditions, including appropriate bad leaver conditions. The Remuneration
Committee believes that granting CSOP Options is aligned with the Company's
strategic goals and the long-term interests of shareholders as any gain from
the exercise of CSOP options is subject to the relative increase in the share
price over the three-year period.
The notification below, made in accordance with the Market Abuse Regulation,
provides further details in relation to the granting of these CSOP Options.
Salary Sacrifice Scheme Extension
During the 12 month period from March 2020, as part of cost saving
initiatives, the Group established four salary sacrifice schemes whereby over
100 employees and contractors opted to forgo a percentage of their salary over
a three month period in return for options over Ordinary Shares of 0.1p each,
exercisable for up to two or three years from grant.
The schemes generated a total cost saving of £2.2m and the exercise of these
options to date has generated cash receipts of £1.2m.
Further details can be found in the Remuneration Committee Report at pages 52
& 53 of the 2021 Annual Report & Accounts
(https://tenlifestylegroup.com/wp-content/uploads/2021/12/ten-lifestyle-group-annual-report-and-accounts-2021.pdf)
.
Due to the prolonged impact of COVID-19 on business trading and the effects of
macroeconomic factors on global markets, the Board has determined to extend
the exercise period of those remaining options granted under the salary
sacrifice schemes held by current employees and contractors to four years from
the respective date of grant. The Board believes this will enhance employee
engagement and alignment with our shareholders' interests. All other terms of
the options remain the same.
The notification below, made in accordance with the Market Abuse Regulation,
provides further details in relation to these PDMR dealings.
Grant of Options
1 Details of the person discharging managerial responsibilities / person closely
associated
a. Name 1. Alex Cheatle
2. Andrew Long
3. Sarah Hornbuckle
4. Alan Donald
2. Reason for the notification
a. Position/status 1. Chief Executive Officer
2. Group COO and CEO (Asia)
3. Client Services Director
4. CFO
b. Initial notification Initial notification
/Amendment
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name Ten Lifestyle Group plc
b. LEI 213800YK94ZUOJUMN686
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 Options over Ordinary Shares of 0.1 pence
Financial instrument, type
of instrument GB00BF188X60
Identification code
b. Nature of the transaction Non-Qualifying Company Share Option Plan
c. Price(s) and volume(s)
Price(s) Volume(s)
1. Exercise price of £0.48 62,500
2. Exercise price of £0.48 62,500
3. Exercise price of £0.48 62,500
4. Exercise price of £0.48 62,500
d. Aggregated information
Price(s) Volume(s)
· Aggregated volume
· Price
1. Exercise price of £0.48 62,500
2. Exercise price of £0.48 62,500
3. Exercise price of £0.48 62,500
4. Exercise price of £0.48 62,500
e. Date of the transaction 13 October 2022
f. Place of the transaction Outside a trading venue
d.
Aggregated information
· Aggregated volume
· Price
Price(s) Volume(s)
1. Exercise price of £0.48 62,500
2. Exercise price of £0.48 62,500
3. Exercise price of £0.48 62,500
4. Exercise price of £0.48 62,500
e.
Date of the transaction
13 October 2022
f.
Place of the transaction
Outside a trading venue
Salary Sacrifice Scheme Extension
1 Details of the person discharging managerial responsibilities / person closely
associated
a. Name 1. Alex Cheatle
2. Andrew Long
3. Sarah Hornbuckle
4. Alan Donald
2. Reason for the notification
a. Position/status 1. Chief Executive Officer
2. Group COO and CEO (Asia)
3. Client Services Director
4. CFO
b. Initial notification Initial notification
/Amendment
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name Ten Lifestyle Group plc
b. LEI 213800YK94ZUOJUMN686
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 Options over Ordinary Shares of 0.1 pence
Financial instrument, type
of instrument GB00BF188X60
Identification code
b. Nature of the transaction Extension of exercise period of options granted under the Salary Sacrifice
Initiatives
a. Extension from 27 March 2023 to 27 March 2024
b. Extension from 9 July 2023 to 9 July 2024
c. Extension from 2 December 2022 to 2 December 2024
d. Extension from 24 March 2023 to 24 March 2025
c. Price(s) and volume(s)
Price(s) Volume(s)
1. a. Exercise price of £0.70 0
b. Exercise price of £1.20 149,500
c. Exercise price of £1.03 199,333
d. Exercise price of £1.10 199,333
2. a. Exercise price of £0.70 0
b. Exercise price of £1.20 135,796
c. Exercise price of £1.03 178,660
d. Exercise price of £1.10 173,380
3. a. Exercise price of £0.70 10,008
b. Exercise price of £1.20 36,005
c. Exercise price of £1.03 48,007
d. Exercise price of £1.10 48,007
4. a. Exercise price of £0.70 0
b. Exercise price of £1.20 58,200
c. Exercise price of £1.03 77,600
d. Exercise price of £1.10 77,600
d. Aggregated information Price(s) Volume(s)
· Aggregated volume
· Price 1. a. Exercise price of £0.70 0
b. Exercise price of £1.20 149,500
c. Exercise price of £1.03 199,333
d. Exercise price of £1.10 199,333
2. a. Exercise price of £0.70 0
b. Exercise price of £1.20 135,796
c. Exercise price of £1.03 178,660
d. Exercise price of £1.10 173,380
3. a. Exercise price of £0.70 10,008
b. Exercise price of £1.20 36,005
c. Exercise price of £1.03 48,007
d. Exercise price of £1.10 48,007
4. a. Exercise price of £0.70 0
b. Exercise price of £1.20 58,200
c. Exercise price of £1.03 77,600
d. Exercise price of £1.10 77,600
e. Date of the transaction 13 October 2022
f. Place of the transaction Outside a trading venue
d.
Aggregated information
· Aggregated volume
· Price
Price(s) Volume(s)
1. a. Exercise price of £0.70 0
b. Exercise price of £1.20 149,500
c. Exercise price of £1.03 199,333
d. Exercise price of £1.10 199,333
2. a. Exercise price of £0.70 0
b. Exercise price of £1.20 135,796
c. Exercise price of £1.03 178,660
d. Exercise price of £1.10 173,380
3. a. Exercise price of £0.70 10,008
b. Exercise price of £1.20 36,005
c. Exercise price of £1.03 48,007
d. Exercise price of £1.10 48,007
4. a. Exercise price of £0.70 0
b. Exercise price of £1.20 58,200
c. Exercise price of £1.03 77,600
d. Exercise price of £1.10 77,600
e.
Date of the transaction
13 October 2022
f.
Place of the transaction
Outside a trading venue
- End -
For further information please visit www.tenlifestylegroup.com
(http://www.tenlifestylegroup.com) or call:
Ten Lifestyle Group plc +44 (0)20 7850 2796
Alex Cheatle, Chief Executive Officer
Alan Donald, Chief Financial Officer
Peel Hunt LLP, Nominated Advisor and Broker +44 (0) 20 7418 8900
Paul Gillam
James Smith
Notes to Editors:
About Ten Lifestyle Group Plc
Ten Lifestyle Group plc (http://www.tenlifestylegroup.com) ('Ten') partners
with global financial institutions and other premium brands to attract and
retain wealthy and mass affluent customers.
Millions of members have access to Ten's services across lifestyle, travel,
dining, entertainment and retail benefits on behalf of over fifty clients
including HSBC, Coutts, Morgan Stanley and Royal Bank of Canada. Ten's
partnerships are based on multi-year contracts generating revenue through
platform-as-a-service and technology fees.
Ten's operations are underpinned by an increasingly sophisticated
personalisation platform comprising industry-first, proprietary technology,
thousands of supplier relationships and 25 years of proprietary expertise
delivered from 22 global offices.
Ten is on a mission to become the most trusted service platform in the
world.
For further information please go to: www.tenlifestylegroup.com
(http://www.tenlifestylegroup.com/) .
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