Ultimate Products - Options, PDMR dealings and EBT Shareholding
05/12/2023 07:00
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RNS Number : 6200V Ultimate Products PLC 05 December 2023
5 December 2023
Ultimate Products plc
"Ultimate Products", "Company" or "the Group"
Grant of Options under the Employee Share Scheme
Exercise of Options, PDMR dealing and EBT Shareholding
Ultimate Products, the owner of a number of leading homeware brands including
Salter (the UK's oldest houseware brand, est.1760) and Beldray (est.1872),
announces the following purchase of shares on behalf of a Director, grant of
options, exercise of options and certain PDMR dealings as a consequence of
exercise of options.
Deferred Director Bonus
Following the release of its final results, JTC Employer Solutions Trustee
Limited ("JTC"), in its capacity as trustee of the Ultimate Products
Employee Benefit Trust ("the Trust"), has purchased 14,624 shares of 0.25
pence each ("Ordinary Shares") on behalf of Chris Dent, Chief Financial
Officer. The Ordinary Shares were purchased at 145 pence on 4 December 2023
and represent 30% of Mr Dent's FY23 bonus ("Bonus") as part of the Ultimate
Products' Executive Remuneration Policy (the "Remuneration Policy"). Under the
terms of the Remuneration Policy, 30% of the Bonus is deferred into Ordinary
Shares and will be held by JTC, in a nominee capacity under the Trust, for Mr
Dent, vesting in three equal tranches over three years.
As a result, Mr Dent increased his holding to 88,479 Ordinary Shares,
representing 0.1% of the Company's issued share capital.
Employee Share Scheme
The Company is pleased to announce that it has made a further round of
invitations under its Save As You Earn Scheme (the "SAYE Scheme") to all
eligible employees. Under the SAYE Scheme, employees have been offered the
opportunity to participate in the future growth of the Company through the
granting of share options.
Eligible employees were invited to subscribe for options over Ordinary Shares
with an exercise price of 105 pence per Ordinary Share, representing a 20%
discount to the average closing mid-market price of the Ordinary Shares on 8
November 2023, being the business day prior to opening of the SAYE scheme for
application. The options have a savings contract start date of 1 March
2024 and are exercisable between 1 March 2027 and 30 September 2027.
Out of the 229 eligible employees, 96 elected to participate in the SAYE
Scheme and, pursuant to this, a grant of 553,532 options over Ordinary Shares
has been made on 4 December 2023, equating to 0.6% of the current issued
share capital of 89,312,457 Ordinary Shares. It is currently intended that any
future exercise of these options will be satisfied through the Ordinary Shares
held in trust by the UP Global Sourcing Employee Benefit Trust, with no
dilution to existing shareholders.
As a tax-advantaged share plan compliant with Schedule 3 of the Income Tax
(Earnings and Pensions) Act 2003, eligible employees included all UK-based
employees and full-time directors who have been employed by the Group for
twelve months or more.
Exercise of Options
Further to is announcement on 13 March 2019, on 4 December 2023, under the
Company's UP Global Sourcing Performance Share Plan 2017 (the "Plan"), 264,805
share options were exercised at a price of 0.25 pence per option, 208,366
share options were exercised at a price of 59.17 pence per option, 32,967
share options were exercised at a price of 98.87 pence per option and were
satisfied by the transfer of, in aggregate, 506,138 Ordinary Shares held by
the UP Global Sourcing Employee Benefit Trust (the "EBT"). Of the 506,138
Ordinary Shares allocated from the EBT in satisfying the option exercises,
474,085 Ordinary Shares were subsequently sold in the market at a price of 145
pence per Share.
PDMR dealing
Pursuant to the above, certain persons discharging managerial responsibilities
("PDMR") were granted options over, in aggregate 70,664 Ordinary Shares,
certain PDMRs exercised options over, in aggregate, 337,867 Ordinary Shares
and of those options exercised, certain PDMRs subsequently sold, in aggregate,
321,244 Ordinary Shares in the market as more fully disclosed in the tables
set out further below.
EBT and Issued Share Capital
Following the above transactions, the EBT holds 2,680,132 Ordinary Shares,
representing approximately 3.00% of the Company's issued share capital.
The current issued share capital of the Company remains 89,312,457 Ordinary
Shares. This figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in the Company, under the
Disclosure Guidance and Transparency Rules of the FCA.
For more information, please contact:
Ultimate Products +44 (0) 161 627 1400
Simon Showman, CEO
Andrew Gossage, Managing Director
Chris Dent, Chief Financial Officer
Shore Capital +44 (0) 207 408 4090
Mark Percy
David Coaten
Iain Sexton
Malachy McEntyre
Isobel Jones
Cavendish Capital Markets Limited + 44 (0)20 7220 0500
Carl Holmes
Matt Goode
Abigail Kelly
Powerscourt +44 (0) 207 250 1446
Rob Greening
Sam Austrums
Oliver Banks
Notes to Editors
Ultimate Products is the owner of a number of leading homeware brands
including Salter (the UK's oldest houseware brand, established in 1760) and
Beldray (a laundry, floor care, heating and cooling brand that was established
in 1872). According to its market research, nearly 80% of UK households own at
least one of the Group's products.
Ultimate Products sells to over 300 retailers across more than 40 countries,
and specialises in five product categories: Small Domestic Appliances;
Housewares; Laundry; Audio; and Heating and Cooling. Other brands include
Progress (cookware and bakeware), Kleeneze (laundry and floorcare), Petra
(small domestic appliances) and Intempo (audio).
The Group's products are sold to a broad cross-section of both large national
and international multi-channel retailers as well as smaller national retail
chains, incorporating discount retailers, supermarkets, general retailers and
online retailers.
Founded in 1997, Ultimate Products employs over 370 staff, a significant
number of whom have joined via the Group's graduate development scheme, and is
headquartered in Oldham, Greater Manchester, where it has design, sales,
marketing, buying, quality assurance, support functions and warehouse
facilities across two sites. Manor Mill, the Group's head office, includes a
spectacular 20,000 sq ft showroom that showcases each of its brands. In
addition, the Group has an office and showroom in Guangzhou, China and Paris,
France.
Please note that Ultimate Products is not the owner of Russell Hobbs. The
Company has licence agreements in place granting it an exclusive licence to
use the "Russell Hobbs" trademark for cookware (NB this does not include
Russell Hobbs electrical appliances).
For further information, please visit www.upplc.com
(https://url.avanan.click/v2/___http:/www.upgs.com/___.YXAxZTpzaG9yZWNhcDphOm86NDkwMmVmMjI5YjkwOGUwMjkzYmNkZDBlZTZiYWVlN2I6Njo4NjNkOjgxZWJiNWMwNTgxZjRiMmY3NTNlY2ZlMDFiMTJjN2I0MWFiZjM3MjIzNTM5OThhNTgzOGJkZWE1ODAxMjQ4ZTc6cDpU)
Pursuant to the notification obligations in accordance with Article 19 of the
Market Abuse Regulation (MAR)
1. Details of PDMR / person closely associated with them ('PCA')
a) Name Chris Dent
2. Details of PDMR / person closely associated with them ('PCA')
a) Position / status Chief Financial Officer
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Ultimate Products Plc
b) LEI 213800Q5GWTVIW6KJW33
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
c) Description of the financial instrument Ordinary shares of 0.25p each in the capital of Ultimate Products plc
("Ordinary Shares")
ISIN: GB00BYX7MG58
d) Nature of the transaction Exercise of options over Ordinary Shares pursuant to the Company's UP Global
Sourcing Performance Share Plan 2017
e) Price and volume Price (PENCE) Volume
Purchase of Ordinary Shares 145.00 14,624
Grant of Options 105.00 8,833
f) Aggregated information
Aggregated volume
Purchase of Ordinary Shares: as above
Price
Grant of Options: as above
g) Date of the transaction 4 December 2023
h) Place of the transaction Grant of options off-market and purchase of shares on-market
f)
Aggregated information
Aggregated volume
Price
Purchase of Ordinary Shares: as above
Grant of Options: as above
g)
Date of the transaction
4 December 2023
h)
Place of the transaction
Grant of options off-market and purchase of shares on-market
1. Details of PDMR / person closely associated with them ('PCA')
a) Name Katie Maxwell
2. Details of PDMR / person closely associated with them ('PCA')
a) Position / status Trading Director
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Ultimate Products Plc
b) LEI 213800Q5GWTVIW6KJW33
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
c) Description of the financial instrument Ordinary shares of 0.25p each in the capital of Ultimate Products plc
("Ordinary Shares")
ISIN: GB00BYX7MG58
d) Nature of the transaction Exercise of options over Ordinary Shares pursuant to the Company's UP Global
Sourcing Performance Share Plan 2017
e) Price and volume Price (PENCE) Volume
Exercise of Options 0.25 13,232
Exercise of Options 59.17 17,329
Exercise of Options 98.87 3,759
Sale of Ordinary Shares 145.00 30,417
Grant of Options 105.00 8,833
f) Aggregated information
Aggregated volume
Option Ordinary Shares: 34,320
Price
Option Shares: 40.80 pence
Sale of Ordinary Shares: as above
Grant of Options: as above
g) Date of the transaction 4 December 2023
h) Place of the transaction Grant and exercise of options off-market and sale of shares on-market
f)
Aggregated information
Aggregated volume
Price
Option Ordinary Shares: 34,320
Option Shares: 40.80 pence
Sale of Ordinary Shares: as above
Grant of Options: as above
g)
Date of the transaction
4 December 2023
h)
Place of the transaction
Grant and exercise of options off-market and sale of shares on-market
1. Details of PDMR / person closely associated with them ('PCA')
a) Name David Bloomfield
2. Details of PDMR / person closely associated with them ('PCA')
a) Position / status Supply Chain Director
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Ultimate Products Plc
b) LEI 213800Q5GWTVIW6KJW33
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
c) Description of the financial instrument Ordinary shares of 0.25p each in the capital of Ultimate Products plc
("Ordinary Shares")
ISIN: GB00BYX7MG58
d) Nature of the transaction Exercise of options over Ordinary Shares pursuant to the Company's UP Global
Sourcing Performance Share Plan 2017
Sale of Ordinary Shares
e) Price and volume Price (PENCE) Volume
Exercise of Options 0.25 36,868
Exercise of Options 59.17 10,104
Sale of Ordinary Shares 145.00 46,972
Grant of Options 105.00 8,833
f) Aggregated information
Aggregated volume
Option Shares: 46,972
Price
Option Shares: 12.92 pence
Sale of Ordinary Shares: as above
Grant of Options: as above
g) Date of the transaction 4 December 2023
h) Place of the transaction Grant and exercise of options off-market and sale of shares on-market
f)
Aggregated information
Aggregated volume
Price
Option Shares: 46,972
Option Shares: 12.92 pence
Sale of Ordinary Shares: as above
Grant of Options: as above
g)
Date of the transaction
4 December 2023
h)
Place of the transaction
Grant and exercise of options off-market and sale of shares on-market
1. Details of PDMR / person closely associated with them ('PCA')
a) Name Emma Greenhalgh (Rawley)
2. Details of PDMR / person closely associated with them ('PCA')
a) Position / status Trading Director
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Ultimate Products Plc
b) LEI 213800Q5GWTVIW6KJW33
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
c) Description of the financial instrument Ordinary shares of 0.25p each in the capital of Ultimate Products plc
("Ordinary Shares")
ISIN: GB00BYX7MG58
d) Nature of the transaction Exercise of options over Shares pursuant to the Company's UP Global Sourcing
Performance Share Plan 2017
Sale of Ordinary Shares
e) Price and volume Price (PENCE) Volume
Exercise of Options 0.25 29,865
Exercise of Options 59.17 37,138
Sale of Ordinary Shares 145.00 67,003
Grant of Options 105.00 8,833
f) Aggregated information
Aggregated volume
Option Shares: 67,003
Price
Option Shares:32.91 pence
Sale of Ordinary Shares: as above
Grant of Options: as above
g) Date of the transaction 4 December 2023
h) Place of the transaction Grant and exercise of options off-market and sale of shares on-market
f)
Aggregated information
Aggregated volume
Price
Option Shares: 67,003
Option Shares:32.91 pence
Sale of Ordinary Shares: as above
Grant of Options: as above
g)
Date of the transaction
4 December 2023
h)
Place of the transaction
Grant and exercise of options off-market and sale of shares on-market
1. Details of PDMR / person closely associated with them ('PCA')
a) Name Duncan Singleton
2. Details of PDMR / person closely associated with them ('PCA')
a) Position / status Trading Director
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Ultimate Products Plc
b) LEI 213800Q5GWTVIW6KJW33
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
c) Description of the financial instrument Ordinary shares of 0.25p each in the capital of Ultimate Products plc
("Ordinary Shares")
ISIN: GB00BYX7MG58
d) Nature of the transaction Exercise of options over Ordinary Shares pursuant to the Company's UP Global
Sourcing Performance Share Plan 2017
Sale of Ordinary Shares
e) Price and volume Price (PENCE) Volume
Exercise of Options 0.25 29,865
Exercise of Options 59.17 37,138
Sale of Ordinary Shares 145.00 67,003
Grant of Options 105.00 8,833
f) Aggregated information
Aggregated volume
Option Shares: 67,003
Price
Option Shares:32.91 pence
Sale of Ordinary Shares: as above
Grant of Options: as above
g) Date of the transaction 4 December 2023
h) Place of the transaction Grant and exercise of options off-market and sale of shares on-market
f)
Aggregated information
Aggregated volume
Price
Option Shares: 67,003
Option Shares:32.91 pence
Sale of Ordinary Shares: as above
Grant of Options: as above
g)
Date of the transaction
4 December 2023
h)
Place of the transaction
Grant and exercise of options off-market and sale of shares on-market
1. Details of PDMR / person closely associated with them ('PCA')
a) Name Pete Rawley
2. Details of PDMR / person closely associated with them ('PCA')
a) Position / status Trading Director
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Ultimate Products Plc
b) LEI 213800Q5GWTVIW6KJW33
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
c) Description of the financial instrument Ordinary shares of 0.25p each in the capital of Ultimate Products plc
("Ordinary Shares")
ISIN: GB00BYX7MG58
d) Nature of the transaction Exercise of options over Shares pursuant to the Company's UP Global Sourcing
Performance Share Plan 2017
Sale of Ordinary Shares
e) Price and volume Price (PENCE) Volume
Exercise of Options 0.25 29,865
Exercise of Options 59.17 37,138
Sale of Ordinary Shares 145.00 67,003
Grant of Options 105.00 8,833
f) Aggregated information
Aggregated volume
Option Shares: 67,003
Price
Option Shares:32.91 pence
Sale of Ordinary Shares: as above
Grant of Options: as above
g) Date of the transaction 4 December 2023
h) Place of the transaction Grant and exercise of options off-market and sale of shares on-market
f)
Aggregated information
Aggregated volume
Price
Option Shares: 67,003
Option Shares:32.91 pence
Sale of Ordinary Shares: as above
Grant of Options: as above
g)
Date of the transaction
4 December 2023
h)
Place of the transaction
Grant and exercise of options off-market and sale of shares on-market
1. Details of PDMR / person closely associated with them ('PCA')
a) Name Craig Holden
2. Details of PDMR / person closely associated with them ('PCA')
a) Position / status Operations & HR Director
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Ultimate Products Plc
b) LEI 213800Q5GWTVIW6KJW33
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
c) Description of the financial instrument Ordinary shares of 0.25p each in the capital of Ultimate Products plc
("Ordinary Shares")
ISIN: GB00BYX7MG58
d) Nature of the transaction Exercise of options over Shares pursuant to the Company's UP Global Sourcing
Performance Share Plan 2017
Sale of Ordinary Shares
e) Price and volume Price (PENCE) Volume
Exercise of Options 0.25 18,499
Exercise of Options 59.17 9,284
Sale of Ordinary Shares 145.00 15,063
Grant of Options 105.00 8,833
f) Aggregated information
Aggregated volume
Option Shares: 27,783
Price
Option Shares: 19.94 pence
Sale of Ordinary Shares: as above
Grant of Options: as above
g) Date of the transaction 4 December 2023
h) Place of the transaction Grant and exercise of options off-market and sale of shares on-market
f)
Aggregated information
Aggregated volume
Price
Option Shares: 27,783
Option Shares: 19.94 pence
Sale of Ordinary Shares: as above
Grant of Options: as above
g)
Date of the transaction
4 December 2023
h)
Place of the transaction
Grant and exercise of options off-market and sale of shares on-market
1. Details of PDMR / person closely associated with them ('PCA')
a) Name Jenny Stewart (Scales)
2. Details of PDMR / person closely associated with them ('PCA')
a) Position / status Commercial Director
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Ultimate Products Plc
b) LEI 213800Q5GWTVIW6KJW33
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
c) Description of the financial instrument Ordinary shares of 0.25p each in the capital of Ultimate Products plc
("Ordinary Shares")
ISIN: GB00BYX7MG58
d) Nature of the transaction Exercise of options over Shares pursuant to the Company's UP Global Sourcing
Performance Share Plan 2017
Sale of Ordinary Shares
e) Price and volume Price (PENCE) Volume
Exercise of Options 0.25 18,499
Exercise of Options 59.17 9,284
Sale of Ordinary Shares 145.00 27,783
Grant of Options 105.00 8,833
f) Aggregated information
Aggregated volume
Option Shares: 27,783
Price
Option Shares: 19.94 pence
Sale of Ordinary Shares: as above
Grant of Options: as above
g) Date of the transaction 4 December 2023
h) Place of the transaction Grant and exercise of options off-market and sale of shares on-market
f)
Aggregated information
Aggregated volume
Price
Option Shares: 27,783
Option Shares: 19.94 pence
Sale of Ordinary Shares: as above
Grant of Options: as above
g)
Date of the transaction
4 December 2023
h)
Place of the transaction
Grant and exercise of options off-market and sale of shares on-market
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