REG - Ten Lifestyle Group - Share Option Grants / PDMR Dealing

Ten LifestyleAnnouncement

25/03/2021 07:05

RNS Number : 4166T
  
Ten Lifestyle Group PLC
  
25 March 2021
  
 

25 March 2021
Ten Lifestyle Group plc
(the "Group" or the "Company")
 
Share Option Grants / PDMR Dealing
 
Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled global concierge platform for the world's wealthy and mass affluent, announces a fourth initiative whereby the Group has granted share options in exchange for voluntary salary sacrifice.
 
The Group's performance continues to be adversely affected by the COVID-19 pandemic, as most recently described in the Group's trading update on 19 March 2021. Continued prudent cost-saving measures, alongside improvements to efficiency, are therefore being taken to effectively manage cash. 
 
As such, the Group has offered a fourth salary sacrifice initiative to its employees and contractors, following the Group's three previous initiatives that ran concurrently from March 2020 to February 2021. 
 
Pursuant to this fourth salary sacrifice initiative, the Group has granted options over a total of 1,770,471 Ordinary Shares of 0.1p each to certain employees and contractors of the Group. For every £1 of salary participating employees and contractors forego over a 4-month period they will receive four options. Over 60 individuals have chosen to participate in the fourth salary sacrifice initiative. The total cash saving to the Group over the 4-month period will be £0.5m.
 
The fourth salary sacrifice initiative includes grants of options to 'persons discharging managerial responsibilities' ("PDMRs"), as listed below. These have an exercise price of £1.10, exercisable for up to two years from the date of grant (the "Options"). The value of an Option has been determined to be £0.19 using the Black Scholes model for option pricing. 
 




PDMR


Position


Value of gross salary foregone (£)


Number of new Options granted


Resulting total options held over Ordinary Shares




Alex Cheatle


CEO


49,833.33


199,333


1,431,041




Andrew Long


Group COO and  CEO (Asia)


43,344.91


173,380


1,062,469




Sarah Hornbuckle


Client Services Director


12,001.65


48,007


327,735




Alan Donald


CFO


19,400.00


77,600


547,108




 
The Board considers the benefits achieved by the salary sacrifice initiatives, including cost savings and enhanced employee engagement, are aligned with shareholders' interests. As the participants have waived entitlement to salary in lieu of payment for the share options, with expected net dilution only once the proceeds exceed the value of the salary sacrificed, the Board has considered it appropriate to exclude these options from general headroom limits pursuant to the Company's Share Plans.
 
The notification below, made in accordance with the Market Abuse Regulation, provides further details in relation to these PDMR dealings.
 
For further information, please visit https://www.tengroup.com/ or contact:
 




Ten Lifestyle Group Plc
Alex Cheatle, Chief Executive Officer
Alan Donald, Chief Financial Officer
 


 
+44 (0)20 7850 2796 




Peel Hunt LLP, Nominated Advisor and Broker
Edward Knight
Paul Gillam
Nick Prowting
 


+44 (0) 20 7418 8900




 


 




 




1
 


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Alex Cheatle




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


 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 financial instrument, type of instrument


Options over Ordinary shares of 0.1p each, exercisable at a price of £1.10 per new Ordinary share, for up to 2 years from the date of grant




 


 




Identification code


ISIN: GB00BF188X60




 


 




b)


Nature of the transaction


Issue of Options 




c)


 


Price(s) and volume(s)


 


 Price(s)


 Volume(s)


 




 


 


 


 


£0.19 per Option


199,333


 




 


 


 


 


 


 


 




d)
 


Aggregated information


 




 


 




- Aggregated volume


199,333




 


 




- Price


£49,833.33




 


 




e)


Date of the transaction


25 March 2021




f)


Place of the transaction


Outside a trading venue




 
 




1
 


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Andrew Long




2


Reason for the notification




a)


Position/status


 Group Chief Operational Officer and Chief Executive Officer (Asia)




b)


Initial notification /Amendment


 Initial Notification




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 financial instrument, type of instrument


Options over Ordinary shares of 0.1p each, exercisable at a price of £1.10 per new Ordinary share, for up to 2 years from the date of grant




 


 




Identification code


ISIN: GB00BF188X60




 


 




b)


Nature of the transaction


Issue of Options 




c)


 


Price(s) and volume(s)


 


 Price(s)


 Volume(s)


 




 


 


 


 


£0.19 per Option


173,380


 




 


 


 


 


 


 


 




d)
 


Aggregated information


 




 


 




- Aggregated volume


173,380




 


 




- Price


£43,344.91




 


 




e)


Date of the transaction


25 March 2021




f)


Place of the transaction


Outside a trading venue




 
 




1
 


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Sarah Hornbuckle




2


Reason for the notification




a)


Position/status


 Client Services Director




b)


Initial notification /Amendment


 Initial Notification




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 financial instrument, type of instrument


Options over Ordinary shares of 0.1p each, exercisable at a price of £1.10  per new Ordinary share, for up to 2 years from the date of grant




 


 




Identification code


ISIN: GB00BF188X60




 


 




b)


Nature of the transaction


Issue of Options 




c)


 


Price(s) and volume(s)


 


 Price(s)


 Volume(s)


 




 


 


 


 


£0.19 per Option


48,007


 




 


 


 


 


 


 


 




d)
 


Aggregated information


 




 


 




- Aggregated volume


48,007




 


 




- Price


£12,001.54




 


 




e)


Date of the transaction


25 March 2021




f)


Place of the transaction


Outside a trading venue




 
 




1
 


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Alan Donald




2


Reason for the notification




a)


Position/status


 Chief Finance Officer




b)


Initial notification /Amendment


 Initial Notification




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 financial instrument, type of instrument


Options over Ordinary shares of 0.1p each, exercisable at a price of £1.10 per new Ordinary share, for up to 2 years from the date of grant




 


 




Identification code


ISIN: GB00BF188X60




 


 




b)


Nature of the transaction


Issue of Options 




c)


 


Price(s) and volume(s)


 


 Price(s)


 Volume(s)


 




 


 


 


 


£0.19 per Option


77,600


 




 


 


 


 


 


 


 




d)
 


Aggregated information


 




 


 




- Aggregated volume


77,600




 


 




- Price


£19,400.00




 


 




e)


Date of the transaction


25 March 2021




f)


Place of the transaction


Outside a trading venue




 
 
 
 

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