27 April 2021
THE PROPERTY FRANCHISE GROUP PLC
(the "Company" or the "Group")
New Long-Term Incentive Plan
The Property Franchise Group PLC, the UK's largest property franchisor, today announces that it has granted options over ordinary shares in the Company to its Chief Executive Officer and Chief Financial Officer under the TPFG Share Option Plan. These awards recognise each of their roles in developing and implementing the Company's strategic plans and are designed to continue to incentivise them appropriately. A further grant to certain PDMRs will be made in due course.
The awards will be subject to two performance conditions; adjusted basic earnings per share adjusted for exceptional income/costs, amortisation arising on consolidation and share-based payment charges ("adjusted EPS") and total shareholder return ("TSR") over the 3 years to 31 December 2023. Each performance condition will apply to 50% of the award being made.
In respect of both performance conditions, growth of 60% in adjusted EPS and 80% in TSR over the three-year period will be required for threshold vesting of the awards, with growth of 65% or higher in adjusted EPS and 90% or higher in TSR required for all of the awards to vest. At threshold vesting, 75% of the shares subject to each performance condition, will vest.
The maximum number of shares subject to the awards are 700,000 for Gareth Samples as CEO and 400,000 for David Raggett as CFO.
Prior to these awards the Company had outstanding awards granted under prior incentive schemes of 868,550 Ordinary Shares of which 568,550 had vested but not been exercised.
The grant of the awards constitutes a related party transaction for the purposes of AIM Rule 13. The independent directors consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
Further detail is provided below in accordance with Article 19.3 of the EU Market Abuse Regulation.
| 1 | Details of the person discharging managerial responsibilities/person closely associated. | ||||||||
| a) | Name: |
| | | Gareth Samples | | | David Raggett | |
| 2 | Reason for notification. | | | | |
| | ||
| a) | Position/Status: | | | Chief Executive | | Chief Financial Officer | |||
| b) | Initial Notification/Amendment: | | Initial Notification | | Initial Notification | ||||
| 3 | Details of the issuer, emission allowance market participation, auction platform, | ||||||||
| | auctioneer or auction monitor. | | | | | | | ||
| a) | Name: |
|
| | The Property Franchise Group PLC |
| The Property Franchise Group PLC | ||
| b) | LEI: |
|
| | 2138008J5PTJ8C77I535
|
|
| 2138008J5PTJ8C77I535
|
|
| 4 | Details of transaction(s);section to berepeated 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 |
| Ordinary Shares of | |||||
| |
|
|
|
| 1p each |
| 1peach | ||
| | Identification code: |
|
| ISIN: GB00BH0WFH67 |
| ISIN: GB00BH0WFH67 | |||
| b) | Nature of transaction: |
|
| Grant of nil cost options |
| Grant of nil cost options | |||
| | | | | | over Company's shares | | over Company's shares | ||
| c) | Price(s) and volume(s) |
| Price(s) | Volume(s) | | Price(s) | Volume(s) | ||
| | | | | | 1p each | 700,000 | | 1p each | 400,000 |
| d) | Aggregatted volume: | | | n/a | | | n/a | | |
| | Price: | | | | n/a | | | n/a | |
| e) | Date of Transaction: |
|
| 27 April 2021 |
| 27 April 2021 | |||
| f) | Place of the Transaction |
| Outside a trading venue |
| Outside a trading venue | ||||
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information, please contact:
| The Property Franchise Group PLC Gareth Samples, Chief Executive Officer David Raggett, Chief Financial Officer | 01202 405549
| |
| Cenkos Securities plc (Nominated Adviser and Broker) Max Hartley, Callum Davidson Julian Morse, Alex Pollen, Dale Bellis (Sales) | 0207 397 8900
| |
| Alma PR Susie Hudson Justine James Harriet Jackson
| 0203 405 0209 | |
About The Property Franchise Group PLC:
The Property Franchise Group PLC (AIM: TPFG) is the largest property franchisor in the UK and manages the second largest estate agency network and portfolio of lettings properties in the UK.
The Company was founded in 1986 and has since grown to a diverse portfolio of nine brands operating throughout the UK, comprising longstanding high-street focused brands and a hybrid, no sale no fee agency.
The Property Franchise Group's brands are Martin & Co, EweMove, Hunters, CJ Hole, Ellis & Co, Parkers, Whitegates, Mullucks & Country Properties.
Headquartered in Bournemouth, UK, the Company was listed on AIM on the London Stock Exchange in 2013. More information is available at www.propertyfranchise.co.uk
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