30 June 2021
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
SpaceandPeople PLC
("SpaceandPeople" or the "Company")
Grant and Surrender of Options
1. Grant of New Options
SpaceandPeople (AIM: SAL) the retail, promotional and brand experience specialist, announces that it has today granted options (the "New Options") over a total of 855,000 ordinary shares of 1 pence each in the Company ("Ordinary Shares") under its existing share option scheme (the "Scheme").
The New Options are exercisable at a price of 12.5 pence per share, being the closing share price on the day immediately preceding the date of grant of the New Options and will vest no earlier than 30 June 2024. The New Options expire on the tenth anniversary of the date of grant.
The New Options become exercisable on the third anniversary of grant, subject to continued employment and, to the extent specified in the table below, the satisfaction of certain performance conditions. These performance conditions (which have been set by the Remuneration Committee of the Company) relate to the achievement of specified financial targets that will be assessed over the year to 31 December 2021.
Details of the above grants (including confirmation of the New Options granted to the Company's executive directors) are as follows:
|
|
| No. of Ordinary Shares over which New Options granted | ||
| Name | Role | Subject to performance conditions | Not subject to performance conditions | Total |
| Nancy Cullen | Chief Executive Officer | 12,500 | 12,500 | 25,000 |
| Gregor Dunlay | Chief Financial Director & Company Secretary | 68,750 | 68,750 | 137,500 |
| Andrew Keiller | Chief Operating Officer | 68,750 | 68,750 | 137,500 |
| Various other employees | 135,000 | 420,000 | 555,000 | |
| Total |
| 285,000 | 570,000 | 855,000 |
2. Surrender of Existing Options
SpaceandPeople also announces that, today, Nancy Cullen, Gregor Dunlay and Andrew Keiller have surrendered, for no consideration, the following options over Ordinary Shares (the "Surrendered Options") that were previously granted to them pursuant to the terms of the Scheme.
| Name | Role | Number of Ordinary Shares over which Surrendered Option subsisted | Date of grant of Surrendered Option | Exercise price payable per Ordinary Share |
| Nancy Cullen | Chief Executive Officer | 300,000 | 1 July 2019 | £0.12 |
| Gregor Dunlay | Chief Financial Director & Company Secretary | 300,000 | 1 July 2019 | £0.12 |
| Andrew Keiller | Chief Operating Officer | 50,000 | 1 July 2019 | £0.12 |
| 100,000 | 1 October 2019 | £0.135 |
The above surrenders have been made in recognition of the fact that the performance conditions that needed to be satisfied in order for the relevant entitlements to vest are highly unlikely to be met. As a consequence, the relevant directors have elected to give up their rights in order to create additional "headroom" under the Scheme's dilution limits, thereby enabling options to be granted to a broader selection of the Company's employees. For the avoidance of doubt, the New Options detailed above have not been granted in consideration of this surrender.
3. Details of resultant holdings
Details of the directors' resultant holdings of Ordinary Shares and options over Ordinary Shares are as follows:
| Name | Role | Total No. Ordinary Shares under Option | Total No. Ordinary Shares held |
| Nancy Cullen | Chief Executive Officer | 125,000 | 1,333,000 |
| Gregor Dunlay | Chief Financial Director & Company Secretary | 237,500 | 10,000 |
| Andrew Keiller | Chief Operating Officer | 162,500 | - |
The total number of Ordinary Shares over which options have been granted is 1,405,818 representing 7.2% per cent. of the Company's existing issued share capital.
Enquiries
SpaceandPeople plc
Gregor Dunlay, Chief Financial Officer 0845 241 8215
Zeus Capital Limited (Nominated Adviser and Broker)
David Foreman, Jamie Peel, Rishi Majithia 020 3829 5000
The following notifications are intended to satisfy the Company's obligations under Article 19(3) of EU Regulation No 596/2014 (the Market Abuse Regulation).
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||||||
| a) | Name | 1. Nancy Cullen 2. Gregor Dunlay 3. Andrew Keiller | ||||||||||||
| 2 | Reason for the notification | |||||||||||||
| a) | Position/status | 1. Chief Executive Officer 2. Chief Financial Officer & Company Secretary 3. Chief Operating Officer | ||||||||||||
| b) | Initial notification/ Amendment | Initial Notification | ||||||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||
| a) | Name | SpaceandPeople PLC | ||||||||||||
| b) | LEI | 21380026UDE3LKFSDP68 | ||||||||||||
| 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 1 pence each ("Shares") | ||||||||||||
| Identification code | ISIN: GB00B058DS79 | |||||||||||||
| b) | Nature of the transaction | Grant of options over Ordinary Shares pursuant to the SpaceandPeople plc 2012 Enterprise Management Incentive Scheme | ||||||||||||
| c) | Price(s) and volume(s) |
| ||||||||||||
| d) | Aggregated information - Aggregated volume - Price |
1. N/A single transaction 2. N/A single transaction 3. N/A single transaction | ||||||||||||
| e) | Date of the transaction | 2021-06-30 | ||||||||||||
| f) | Place of the transaction | Off market | ||||||||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||||||
| a) | Name | 1. Nancy Cullen 2. Gregor Dunlay 3. Andrew Keiller | ||||||||||||
| 2 | Reason for the notification | |||||||||||||
| a) | Position/status | 1. Chief Executive Officer 2. Chief Financial Officer & Company Secretary 3. Chief Operating Officer | ||||||||||||
| b) | Initial notification/ Amendment | Initial Notification | ||||||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||
| a) | Name | SpaceandPeople PLC | ||||||||||||
| b) | LEI | 21380026UDE3LKFSDP68 | ||||||||||||
| 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 1 pence each ("Shares") | ||||||||||||
| Identification code | ISIN: GB00B058DS79 | |||||||||||||
| b) | Nature of the transaction | Surrender of options over Ordinary Shares granted pursuant to the SpaceandPeople plc 2012 Enterprise Management Incentive Scheme | ||||||||||||
| c) | Price(s) and volume(s) |
| ||||||||||||
| d) | Aggregated information - Aggregated volume - Price |
1. N/A single transaction 2. N/A single transaction 3. N/A single transaction | ||||||||||||
| e) | Date of the transaction | 2021-06-30 | ||||||||||||
| f) | Place of the transaction | Off market | ||||||||||||
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