2 March 2022
On the Beach Group plc
("On the Beach", the "Company" or the "Group")
PDMR LTIP AWARDS
The notifications below are all in accordance with the requirements of Article 19 (3) of the EU Market Abuse Regulation 596/2014 and the dealings were in respect of ordinary shares of 1 pence each in the share capital of On the Beach Group plc.
On 25 February 2022, awards over shares (the "Awards") were made under the On the Beach Group plc Long Term Incentive Plan (the "Plan"), consequently, the share interests of the under-noted directors and persons discharging managerial responsibility have changed following the making of the Awards. The Awards have been granted in accordance with the remuneration policy adopted by the Company's shareholders at the Annual General Meeting held on Friday 25 February 2022.
The Awards, made for nil consideration, are nil-cost options established in accordance with the rules of the Plan. Vesting is subject to total shareholder return ("TSR") targets measured over the three year period commencing on the date of grant, and Total Transaction Value ("TTV") targets measured over the final financial year of the performance period ending 30 September 2024.
| Director/PDMR | Role | Number of shares over which Awards made |
| Simon Cooper | Chief Executive Officer | 84,343 |
| Shaun Morton | Chief Financial Officer | 214,961
|
| Adam Hansen | Director of Corporate Development | 74,044
|
| Bill Allen | Chief Supply Officer | 83,112
|
| Kirsteen Vickerstaff | General Counsel and Company Secretary | 66,638
|
| Oliver Garner | Chief Executive Officer, Classic Collection Holidays and Classic Package Holidays | 103,572
|
| Stefan Nordin | Chief Technology and Product Officer | 110,666
|
| Zoe Harris | Chief Marketing Officer | 118,111
|
These awards are subject to the following performance targets:
| Measure | Description | Weighting | Threshold | Target | Maximum |
| Absolute TSR | Annualised absolute TSR | 25 per cent | 5% | N/A | 15% |
| Relative TSR | Ranking of the Company's TSR relative to the constituents of the FTSE All Share Travel & Leisure Index | 25 per cent | Median | N/A | Upper quartile |
| Group TTV
| Total transaction value of confirmed orders across all brands in the Group | 25 per cent | £798.9m | £876.8m | £958.3m |
| Classic TTV
| Total transaction value of confirmed orders made via Classic Collection Holidays and Classic Package Holidays businesses | 12.5 per cent | £101.4m | £117.0m | £133.7m |
| Long Haul TTV | Total transaction value of confirmed orders for long haul bookings across all brands in the Group | 12.5 per cent | £48.5m | £59.9m | £72.5m |
25 per cent of the Awards will vest for threshold performance, increasing on a straight line basis to 62.5 per cent for target performance (where applicable) and to 100 per cent for maximum performance. Further details relating to the operation of the LTIP can be found within the 2021 Annual Report and Accounts which is available on the Company's website.
There were 165,883,705 shares in issue at the time of this notification.
| 1. | Details of PDMR / person closely associated with them ("PCA") | |||||||||||||||||||
| a) | Name | SIMON COOPER
SHAUN MORTON
ADAM HANSEN
BILL ALLEN
KIRSTEEN VICKERSTAFF
OLIVER GARNER
STEFAN NORDIN
ZOE HARRIS | ||||||||||||||||||
| 2. | Reason for the notification | |||||||||||||||||||
| a) | Position / status | SIMON COOPER - CHIEF EXECUTIVE OFFICER SHAUN MORTON - CHIEF FINANCIAL OFFICER ADAM HANSEN - DIRECTOR OF CORPORATE DEVELOPMENT BILL ALLEN - CHIEF SUPPLY OFFICER KIRSTEEN VICKERSTAFF - GENERAL COUNSEL AND COMPANY SECRETARY OLIVER GARNER - CHIEF EXECUTIVE OFFICER, CLASSIC COLLECTION HOLIDAYS AND CLASSIC PACKAGE HOLIDAYS STEFAN NORDIN - CHIEF TECHNOLOGY AND PRODUCT OFFICER ZOE HARRIS - CHIEF MARKETING OFFICER | ||||||||||||||||||
| b) | Initial notification / amendment | Initial Notification | ||||||||||||||||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||||||
| a) | Name | On the Beach Group plc | ||||||||||||||||||
| b) | LEI | 213800K51Y9BZY7F9R69 | ||||||||||||||||||
| 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 Identification code | Ordinary shares of 1 pence GB00BYM1K758 | ||||||||||||||||||
| b) | Nature of the transaction | Awards made pursuant to the On the Beach Group plc Long Term Incentive Plan ("LTIP") | ||||||||||||||||||
| c) | Price(s) and volume(s) |
| ||||||||||||||||||
| d) | Aggregated information - Aggregated volume - Price | N/A | ||||||||||||||||||
| e) | Date of the transaction | 25 February 2022 | ||||||||||||||||||
| f) | Place of the transaction | Outside a trading venue | ||||||||||||||||||
For further information:
| On the Beach Group plc Kirsteen Vickerstaff, Company Secretary
| via FTI Consulting |
| FTI Consulting Alex Beagley Fiona Walker Sam Macpherson Rafaella de Freitas | Tel: +44 (0)20 3727 1000 |
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