For release Monday 2 October 2023
NWF Group plc
NWF Group plc: Award of Options under Company Performance Share Plan
NWF Group plc ('NWF' or the 'Company'), the specialist distributor of fuel, food and feed across the UK, announces the following award has been approved under the terms of the established NWF Company Performance Share Plan (the 'Plan').
Katie Shortland, Chief Financial Officer of NWF, will receive an award of an option over a maximum of 92,760 ordinary shares of 25 pence each of the Company ('Shares') at a price of 221 pence per Share, being the mid-market price at the close of business on 29 September 2023. This award is subject to the following performance targets:
1. if the reported headline basic earnings per share for the three financial years ending 31 May 2026 increases by RPI plus 2% per annum then 27,828 Shares will be issued under the Plan; and
2. the maximum of 92,760 Shares will be issued if the reported headline basic earnings per share increases by RPI plus 8% per annum for the three financial years ending 31 May 2026.
Following the award, Katie Shortland will be interested in 92,760 options over Shares.
The Plan was established for the purpose of incentivising and retaining the Company's eligible executive management. Shares awarded under the Plan are subject to a performance criteria that requires NWF to meet a minimum reported basic earnings per share target over a three year period. The Remuneration Committee has responsibility for determining the award of Shares and the performance targets under the Plan. In the event of a recipient leaving during the period to 31 May 2026, the circumstances surrounding the recipient leaving the Company would be assessed, and any award which subsequently vests would be pro-rated to reflect the recipient's actual period of employment.
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The information below (set out in accordance with the requirements of EU Market Abuse Regulation) provides further detail:
| 1. | Details of the person discharging managerial responsibilities / person closely associated | ||||
| a. | Name | Katie Shortland | |||
| 2. | Reason for the notification | ||||
| a. | Position/status | Chief Financial Officer | |||
| b. | Initial notification /Amendment | Initial | |||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
| a. | Name | NW F Group plc | |||
| b. | LEI | 213800ARRZNN1W VZ9M70 | |||
| 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 Identification code |
Ordinary shares of 25p in the Company
GB0006523608 | |||
| b. | Nature of the transaction |
Award of options under the Company's Share Option Plan | |||
| c. | Price(s) and volume(s) | | |||
| | Price(s) | Volume(s) | | ||
| 0p | 92,760 | ||||
| d. | Aggregated information • Aggregated volume • Price |
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| e. | Date of the transaction | 2 October 2023 | |||
| f. | Place of the transaction |
Outside a trading venue | |||
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