3 May 2023
Portmeirion Group PLC
("Portmeirion" or the "Company")
Grant of Options
The Portmeirion Group 2022 Approved Share Option Plan and The Portmeirion Group 2022 Unapproved Share Option Plan (the "Option Plans") and The Portmeirion Group 2018 Deferred Incentive Share Option Plan (the "Deferred Plan")
As part of its long-term employee remuneration and retention incentives, the Company announces that, on 2 May 2023, the following transactions occurred for the persons discharging managerial responsibilities ("PDMRs") as shown below:
| | | Option Plans number of options granted at an exercise price of £4.69 per Ordinary Share (A) | Deferred Plan number of options granted at an exercise price of £1.00 (B) |
| Company directors/officers: | | | |
| Michael Raybould | Chief Executive | 50,000 | 5,275 |
| Michael Knapper | Group Operations Director | 35,000 | 2,686 |
| William Robedee | Global Sales Director | 35,000 | 3,864 |
| David Sproston | Group Finance Director | 35,000 | 2,087 |
| Moira MacDonald | Group Company Secretary | 15,000 | - |
| | Total: | 170,000 | 13,912 |
Note:
(A) Grant of options under Option Plans.
(B) Grant of new options under Deferred Plan against 2022 performance and incentive arrangements (further detail below).
The Company granted 170,000 options over Ordinary Shares to the PDMRs shown above and a further 153,000 options over Ordinary Shares to other senior managers pursuant to the Option Plans. The options are subject to the achievement of performance targets as determined by the Remuneration Committee, and as required under the Option Plans. The options granted on 2 May 2023 are normally only exercisable if the increase in the average of the Company's basic adjusted (for changes in accounting standards and exceptional items) earnings per share for each of the three years ending 31 December 2023, 31 December 2024 and 31 December 2025 is at least 10% higher than that for the year ended 31 December 2022. The calculation of basic adjusted earnings per share shall take account of the number of shares in issue and effective tax rates at the date of grant.
In addition, the Company granted 13,912 options to Executive Directors shown above over Ordinary Shares pursuant to the Deferred Plan. In accordance with the rules of the Deferred Plan, the number of options granted is based on the gross incentive payment earned by the relevant Director in respect of the year ended 31 December 2022.
PDMR Shareholdings
The total number of Ordinary Shares over which each PDMR holds options and the total number of Ordinary Shares with voting rights held following this Admission is:
| | Total number of options over Ordinary Shares | Total number of Ordinary Shares with voting rights | Ordinary Shares percentage of Company's Ordinary Shares with voting rights
|
| Michael Raybould | 156,088 | 11,886 | 0.08% |
| Michael Knapper | 98,192 | 8,191 | 0.06% |
| William Robedee | 100,915 | - | - |
| David Sproston | 96,366 | 3,815 | 0.03% |
| Moira MacDonald | 38,500 | 2,693 | 0.02% |
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
_____________________________________________
Notification and public disclosure of transactions by persons discharging managerial responsibilities / person closely associated with them.
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||||
| a) | Name
|
| ||||||||
| 2. | Reason for the notification | |||||||||
| a) | Position/status | Chief Executive | ||||||||
| b) | Initial notification/Amendment | Initial Notification | ||||||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
| a) | Name | Portmeirion Group PLC | ||||||||
| b) | LEI | 2138003QC9J6TLZJHO70 | ||||||||
| 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 | Ordinary Shares of 5 pence each | ||||||||
| b) | Identification code | GB0006957293 | ||||||||
| c) | Nature of the transactions | (A) Performance related, Grant of options under Option Plans. Exercise period 3 May 2026 - 1 May 2033. (B) Grant of new options under The Portmeirion Group 2018 Deferred Incentive Share Option Plan (the "Deferred Plan"). | ||||||||
| d) | Price(s) and volume(s)
| In respect of (A) Grant of options under Option Plans Price at grant: Nil
Exercise Price: £4.69 per Ordinary Share
Volume(s)
In respect of (B) Grant of options under Deferred Plan Price at grant: Nil Exercise Price (per PDMR in respect of all options granted): £1
| ||||||||
| e) | Aggregated information - Aggregated volume - Price | In respect of (A) Grant of options under Option Plans Nil, grant of options only In respect of (B) Grant of options under Deferred Plan Nil, grant of options only | ||||||||
| f) | Date of the transactions |
In respect of (A) Grant of options under Option Plans - 2 May 2023
In respect of (B) Grant of options under Deferred Plan 2 May 2023
| ||||||||
| g) | Place of the transactions | In respect of (A) Grant of options under Option Plans - - Off-market In respect of (B) Grant of options under Deferred Plan - Off-market | ||||||||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||||
| a) | Name
|
| ||||||||
| 2. | Reason for the notification | |||||||||
| a) | Position/status | Group Operations Director | ||||||||
| b) | Initial notification/Amendment | Initial Notification | ||||||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
| a) | Name | Portmeirion Group PLC | ||||||||
| b) | LEI | 2138003QC9J6TLZJHO70 | ||||||||
| 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 | Ordinary Shares of 5 pence each | ||||||||
| b) | Identification code | GB0006957293 | ||||||||
| c) | Nature of the transactions | (A) Performance related, Grant of options under Option Plans. Exercise period 3 May 2026 - 1 May 2033. (B) Grant of new options under The Portmeirion Group 2018 Deferred Incentive Share Option Plan (the "Deferred Plan"). | ||||||||
| d) | Price(s) and volume(s)
| In respect of (A) Grant of options under Option Plans Price at grant: Nil
Exercise Price: £4.69 per Ordinary Share
Volume(s)
In respect of (B) Grant of options under Deferred Plan Price at grant: Nil Exercise Price (per PDMR in respect of all options granted): £1
| ||||||||
| e) | Aggregated information - Aggregated volume - Price | In respect of (A) Grant of options under Option Plans Nil, grant of options only In respect of (B) Grant of options under Deferred Plan Nil, grant of options only | ||||||||
| f) | Date of the transactions |
In respect of (A) Grant of options under Option Plans - 2 May 2023
In respect of (B) Grant of options under Deferred Plan 2 May 2023
| ||||||||
| g) | Place of the transactions | In respect of (A) Grant of options under Option Plans - - Off-market In respect of (B) Grant of options under Deferred Plan - Off-market | ||||||||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||||
| a) | Name
|
| ||||||||
| 2. | Reason for the notification | |||||||||
| a) | Position/status | Global Sales Director | ||||||||
| b) | Initial notification/Amendment | Initial Notification | ||||||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
| a) | Name | Portmeirion Group PLC | ||||||||
| b) | LEI | 2138003QC9J6TLZJHO70 | ||||||||
| 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 | Ordinary Shares of 5 pence each | ||||||||
| b) | Identification code | GB0006957293 | ||||||||
| c) | Nature of the transactions | (A) Performance related, Grant of options under Option Plans. Exercise period 3 May 2026 - 1 May 2033. (B) Grant of new options under The Portmeirion Group 2018 Deferred Incentive Share Option Plan (the "Deferred Plan"). | ||||||||
| d) | Price(s) and volume(s)
| In respect of (A) Grant of options under Option Plans Price at grant: Nil
Exercise Price: £4.69 per Ordinary Share
Volume(s)
In respect of (B) Grant of options under Deferred Plan Price at grant: Nil Exercise Price (per PDMR in respect of all options granted): £1
| ||||||||
| e) | Aggregated information - Aggregated volume - Price | In respect of (A) Grant of options under Option Plans Nil, grant of options only In respect of (B) Grant of options under Deferred Plan Nil, grant of options only | ||||||||
| f) | Date of the transactions |
In respect of (A) Grant of options under Option Plans - 2 May 2023
In respect of (B) Grant of options under Deferred Plan 2 May 2023
| ||||||||
| g) | Place of the transactions | In respect of (A) Grant of options under Option Plans - - Off-market In respect of (B) Grant of options under Deferred Plan - Off-market | ||||||||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||||
| a) | Name
|
| ||||||||
| 2. | Reason for the notification | |||||||||
| a) | Position/status | Group Finance Director | ||||||||
| b) | Initial notification/Amendment | Initial Notification | ||||||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
| a) | Name | Portmeirion Group PLC | ||||||||
| b) | LEI | 2138003QC9J6TLZJHO70 | ||||||||
| 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 | Ordinary Shares of 5 pence each | ||||||||
| b) | Identification code | GB0006957293 | ||||||||
| c) | Nature of the transactions | (A) Performance related, Grant of options under Option Plans. Exercise period 3 May 2026 - 1 May 2033. (B) Grant of new options under The Portmeirion Group 2018 Deferred Incentive Share Option Plan (the "Deferred Plan"). | ||||||||
| d) | Price(s) and volume(s)
| In respect of (A) Grant of options under Option Plans Price at grant: Nil
Exercise Price: £4.69 per Ordinary Share
Volume(s)
In respect of (B) Grant of options under Deferred Plan Price at grant: Nil Exercise Price (per PDMR in respect of all options granted): £1
| ||||||||
| e) | Aggregated information - Aggregated volume - Price | In respect of (A) Grant of options under Option Plans Nil, grant of options only In respect of (B) Grant of options under Deferred Plan Nil, grant of options only | ||||||||
| f) | Date of the transactions |
In respect of (A) Grant of options under Option Plans - 2 May 2023
In respect of (B) Grant of options under Deferred Plan 2 May 2023
| ||||||||
| g) | Place of the transactions | In respect of (A) Grant of options under Option Plans - - Off-market In respect of (B) Grant of options under Deferred Plan - Off-market | ||||||||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name
|
| ||||
| 2. | Reason for the notification | |||||
| a) | Position/status | Group Company Secretary | ||||
| b) | Initial notification/Amendment | Initial Notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Portmeirion Group PLC | ||||
| b) | LEI | 2138003QC9J6TLZJHO70 | ||||
| 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 | Ordinary Shares of 5 pence each | ||||
| b) | Identification code | GB0006957293 | ||||
| c) | Nature of the transactions | (A) Performance related, Grant of options under Option Plans. Exercise period 3 May 2026 - 1 May 2033.
| ||||
| d) | Price(s) and volume(s)
| In respect of (A) Grant of options under Option Plans Price at grant: Nil
Exercise Price: £4.69 per Ordinary Share
Volume(s)
| ||||
| e) | Aggregated information - Aggregated volume - Price | In respect of (A) Grant of options under Option Plans Nil, grant of options only
| ||||
| f) | Date of the transactions |
In respect of (A) Grant of options under Option Plans - 2 May 2023
| ||||
| g) | Place of the transactions | In respect of (A) Grant of options under Option Plans - - Off-market
| ||||
Name of authorised official of issuer responsible for making notification:
Moira MacDonald
Company Secretary to Portmeirion Group PLC
ENQUIRIES:
| Portmeirion Group PLC: |
|
|
| Mike Raybould, Chief Executive | +44 (0) 1782 743 443 | mraybould@portmeiriongroup.com |
| David Sproston, Group Finance
| +44 (0) 1782 743 443 | dsproston@portmeiriongroup.com |
| Hudson Sandler: |
|
|
| Dan de Belder | +44 (0) 207 796 4133 | portmeirion@hudsonsandler.com |
| Nick Moore Emily Brooker
| | |
| Shore Capital: (Nominated Adviser and Joint Broker): | +44 (0) 207 408 4090 | |
| Patrick Castle Lucy Bowden | Corporate Advisory | |
| Malachy McEntyre
| Corporate Broking | |
| Singer Capital Markets (Joint Broker): |
+44 (0) 207 496 3000 | |
| Peter Steel | Investment Banking | |
| Asha Chotai | | |
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.
