20 July 2023
Manolete Partners Plc
("Manolete" or the "Company")
Grant of Share Options
Manolete (AIM:MANO), the leading UK-listed insolvency litigation financing company, announces that on 18 July 2023, it granted nominal cost share options over ordinary shares of 0.4p each in the Company to its executive directors as set out in the table below.
| Director | Award type | Number of shares subject to option |
| Steven Cooklin | Performance share award | 223,657 |
| Mark Tavener | Performance share award | 87,709 |
| Philomena Halton | Performance share award | 164,221 |
The options were granted under the Company's share option plan.
The performance share awards will ordinarily vest on the third anniversary of their grant subject to the grantee's continued service and the satisfaction of performance conditions based on (with equal weighting) (i) earnings per share for the Company's financial year ending 31 March 2026; (ii) average share price over the three months preceding the third anniversary of the grant of the options; and (iii) the Company's strategic objectives for the period of three financial years ending 31 March 2026. Sliding scale performance targets apply in respect of the earnings per share and average share price elements, with 25% of the relevant portion of each option vesting for threshold performance, rising on a straight-line basis for full vesting of the relevant portion of each option for stretch performance or better. The extent of vesting of the strategic element will be dependent on the Remuneration Committee of the Board's assessment of related performance.
Each option has a per share exercise price equal to the nominal value of a share.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them. The announcement, including the notification(s) below, is made in accordance with the requirements of the Market Abuse Regulation.
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Steven Cooklin | ||||
| 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 | Manolete Partners plc | ||||
| b) | LEI | 213800R2X9V3KWCC4H47 | ||||
| 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 | Ordinary shares of 0.4p | ||||
| Identification code | GB00BYWQCY12 | |||||
| b) | Nature of the transaction | Award of options over ordinary shares with an exercise price per ordinary share equal to the nominal value of an ordinary share | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information: - Aggregated volume - Price | See 4 (c) above | ||||
| e) | Date of the transaction | 18 July 2023
| ||||
| f) | Place of the transaction | Outside of a trading venue | ||||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Mark Tavener | ||||
| 2. | Reason for the Notification | |||||
| 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 | Manolete Partners plc | ||||
| b) | LEI | 213800R2X9V3KWCC4H47 | ||||
| 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 | Ordinary shares of 0.4p | ||||
| Identification code | GB00BYWQCY12 | |||||
| b) | Nature of the transaction | Award of options over ordinary shares with an exercise price per ordinary share equal to the nominal value of an ordinary share | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information: - Aggregated volume - Price | See 4 (c) above
| ||||
| e) | Date of the transaction | 18 July 2023
| ||||
| f) | Place of the transaction | Outside of a trading venue | ||||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Philomena Halton | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Managing Director | ||||
| b) | Initial notification/Amendment | Initial notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Manolete Partners plc | ||||
| b) | LEI | 213800R2X9V3KWCC4H47 | ||||
| 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 | Ordinary shares of 0.4p | ||||
| Identification code | GB00BYWQCY12 | |||||
| b) | Nature of the transaction | Award of options over ordinary shares with an exercise price per ordinary share equal to the nominal value of an ordinary share | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information: - Aggregated volume - Price | See 4 (c) above | ||||
| e) | Date of the transaction | 18 July 2023
| ||||
| f) | Place of the transaction | Outside of a trading venue | ||||
For further information, please contact:
| Manolete Partners | via Instinctif Partners |
| | |
| Peel Hunt (NOMAD and Broker) | +44 (0)20 7418 8900 |
| | |
| Instinctif Partners (Financial PR) | +44 (0)7949 939237 |
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