Ten Lifestyle logo

TENG - Ten Lifestyle News Story

109p 0.5  0.5%

Last Trade - 3:55pm

Sector
Consumer Cyclicals
Size
Small Cap
Market Cap £88.5m
Enterprise Value £84.8m
Revenue £38.3m
Position in Universe 1097th / 1824

Ten Lifestyle Group - Share Option Grants / PDMR Dealing

Thu 25th March, 2021 7:00am
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

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DSHSELEELEFSEDD
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.