REG - Ten Lifestyle Group - Salary Sacrifice Options Extension

Ten LifestyleAnnouncement

09/07/2024 07:00

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RNS Number : 5847V  Ten Lifestyle Group PLC  09 July 2024

9 July 2024

Ten Lifestyle Group plc

("Ten" or the "Group")

Salary Sacrifice Options Extension

 

Ten Lifestyle Group plc (AIM: TENG), the global concierge platform driving
customer loyalty for global financial institutions and other premium brands,
announces the extension of the exercise period of the share options granted
under its voluntary salary sacrifice scheme (the "Extension").

 

In response to COVID-19, in 2020 the Group established four consecutive
3-month salary sacrifice schemes as part of the Group's cost-saving
initiatives. Over 100 employees, including certain Directors of the Company,
and contractors agreed to forgo a percentage of their salary during this time
in return for options over Ordinary Shares of 0.1p each ("Options").
 Initially, the share options were exercisable for or up to two or three
years from the date of grant at the prevailing share price at the time of
their grant.

 

Due to the prolonged impact of COVID-19 on business trading and the effects of
macroeconomic factors on global markets, the exercise period of all the
Options under the four tranches of the salary sacrifice scheme were extended
to four years from the respective date of grant on 14 October 2023. The
Options pursuant to the first tranche of the salary sacrifice scheme lapsed in
March 2024, following the previous one-year extension and, therefore, three of
the salary sacrifice scheme tranches remain outstanding.

 

Due to the continuation of macroeconomic factors on global markets, and given
that the current price of the Group's Ordinary Shares is below the exercise
prices of the Options, the Board has decided to extend the exercise period for
Options granted under the remaining three salary sacrifice schemes to 24 March
2026. The Board believes this will enhance employee retention, engagement and
alignment of interests with shareholders. All other terms of the Options
remain the same including the exercise prices which range from £1.00 to
£1.20.

 

The salary sacrifice schemes generated a total cost saving of £2.2m and the
exercise of the options to date has generated cash receipts of £2.5m.

 

Related Party Transaction

 

Alex Cheatle, CEO, Andrew Long, Group COO, Victoria Carvalho, Chief
Proposition Officer and Alan Donald, CFO are Executive Directors of the Group
and accordingly, the Extension is classified as a related party transaction
pursuant to the AIM Rules for Companies. The Directors of the Group who are
independent of the Extension, having consulted Singer Capital Markets, the
Company's Nominated Adviser, consider that the terms of the Extension are fair
and reasonable insofar as the Group's shareholders are concerned.

 

Salary Sacrifice Options Extension

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                     1.    Alex Cheatle

                                              2.    Andrew Long

                                              3.    Victoria Carvalho

                                              4.    Alan Donald
 2.  Reason for the notification
 a.  Position/status                          1.    CEO

                                              2.    Group COO

                                              3.    Chief Proposition Officer

                                              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
                                              Schemes

                                              a. Extension from 9 July 2024 to 24 March 2026

                                              b. Extension from 24 Nov 2024 to 24 March 2026

                                              c. Extension from 24 March 2025 to 24 March 2026
 c.  Price(s) and volume(s)

    Price(s)                      Volume(s)

                                              1.  a. Exercise price of £1.20    149,500

                                                b. Exercise price of £1.00    199,333

                                                c. Exercise price of £1.10    199,333
                                              2.  a. Exercise price of £1.20    135,796

                                                b. Exercise price of £1.00    178,660

                                                c. Exercise price of £1.10    173,380
                                              3.  a. Exercise price of £1.20    32,000

                                                b. Exercise price of £1.00    42,667

                                                c. Exercise price of £1.10    42,667
                                              4.  a. Exercise price of £1.20    58,200

                                                b. Exercise price of £1.00    77,600

                                                c. Exercise price of £1.10    77,600
 d.  Aggregated information                       Price(s)                      Volume(s)

·       Aggregated volume

     ·       Price                            1.  a. Exercise price of £1.20    149,500

 

                                                b. Exercise price of £1.00    199,333

                                                c. Exercise price of £1.10    199,333
                                              2.  a. Exercise price of £1.20    135,796

                                                b. Exercise price of £1.00    178,660

                                                c. Exercise price of £1.10    173,380
                                              3.  a. Exercise price of £1.20    32,000

                                                b. Exercise price of £1.00    42,667

                                                c. Exercise price of £1.10    42,667
                                              4.  a. Exercise price of £1.20    58,200

                                                b. Exercise price of £1.00    77,600

                                                c. Exercise price of £1.10    77,600

 

 e.  Date of the transaction                  9 July 2024
 f.  Place of the transaction                 Outside a trading venue

d.

Aggregated information

·       Aggregated volume

·       Price

 

     Price(s)                      Volume(s)

 1.  a. Exercise price of £1.20    149,500

     b. Exercise price of £1.00    199,333

     c. Exercise price of £1.10    199,333
 2.  a. Exercise price of £1.20    135,796

     b. Exercise price of £1.00    178,660

     c. Exercise price of £1.10    173,380
 3.  a. Exercise price of £1.20    32,000

     b. Exercise price of £1.00    42,667

     c. Exercise price of £1.10    42,667
 4.  a. Exercise price of £1.20    58,200

     b. Exercise price of £1.00    77,600

     c. Exercise price of £1.10    77,600

 

 

e.

Date of the transaction

9 July 2024

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

 Singer Capital Markets Advisory LLP, Nominated Advisor and Broker   +44 (0) 20 7496 3000

 Corporate Finance: James Moat / Oliver Platts

 Corporate Broking: Tom Salvesen / Charles Leigh-Pemberton

 

Notes to Editors:

About Ten Lifestyle Group Plc

Ten Lifestyle Group plc (http://www.tenlifestylegroup.com)  partners with
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 and entertainment on behalf of over fifty clients including HSBC,
Swisscard 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 over 20 global offices. Ten was also the first B Corp-certified
company on the AIM market, demonstrating its commitment to sustainability,
social responsibility and ethical business practices.

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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