14 October 2022
Ten Lifestyle Group plc
("Ten" or the "Group")
Grant of Options and Salary Sacrifice Scheme Extension
Ten Lifestyle Group plc (AIM: TENG), the platform driving customer loyalty for global financial institutions and other premium brands, announces that it has granted options over Ordinary Shares to certain 'persons discharging managerial responsibilities' of the Group ("PDMRs") and is extending the exercise period of share options granted as part of a voluntary salary sacrifice scheme.
Grant of Options
The Group has granted options to the following PDMRs over Ordinary Shares, pursuant to the Ten Lifestyle Group Plc Management Non-Qualifying Company Share Option Plan dated 24 August 2017 (the "CSOP Options").
| PDMR | Position | Number of new CSOP Options granted | Resulting total options held over Ordinary Shares |
| Alex Cheatle | CEO | 62,500 | 1,444,374 |
| Andrew Long | Group COO and CEO (Asia) | 62,500 | 984,044 |
| Sarah Hornbuckle | Client Services Director | 62,500 | 380,235 |
| Alan Donald | CFO | 62,500 | 614,608 |
CSOP Options become exercisable after three years, subject to certain conditions, including appropriate bad leaver conditions. The Remuneration Committee believes that granting CSOP Options is aligned with the Company's strategic goals and the long-term interests of shareholders as any gain from the exercise of CSOP options is subject to the relative increase in the share price over the three-year period.
The notification below, made in accordance with the Market Abuse Regulation, provides further details in relation to the granting of these CSOP Options.
Salary Sacrifice Scheme Extension
During the 12 month period from March 2020, as part of cost saving initiatives, the Group established four salary sacrifice schemes whereby over 100 employees and contractors opted to forgo a percentage of their salary over a three month period in return for options over Ordinary Shares of 0.1p each, exercisable for up to two or three years from grant.
The schemes generated a total cost saving of £2.2m and the exercise of these options to date has generated cash receipts of £1.2m.
Further details can be found in the Remuneration Committee Report at pages 52 & 53 of the 2021 Annual Report & Accounts.
Due to the prolonged impact of COVID-19 on business trading and the effects of macroeconomic factors on global markets, the Board has determined to extend the exercise period of those remaining options granted under the salary sacrifice schemes held by current employees and contractors to four years from the respective date of grant. The Board believes this will enhance employee engagement and alignment with our shareholders' interests. All other terms of the options remain the same.
The notification below, made in accordance with the Market Abuse Regulation, provides further details in relation to these PDMR dealings.
Grant of Options
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||||||||
| a. | Name | 1. Alex Cheatle 2. Andrew Long 3. Sarah Hornbuckle 4. Alan Donald | |||||||||||||||
| 2. | Reason for the notification | ||||||||||||||||
| a. | Position/status | 1. Chief Executive Officer 2. Group COO and CEO (Asia) 3. Client Services Director 4. CFO | |||||||||||||||
| b. | Initial notification /Amendment | Initial notification | |||||||||||||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||
| a. | Name | Ten Lifestyle Group plc | |||||||||||||||
| b. | LEI | 213800YK94ZUOJUMN686 | |||||||||||||||
| 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 | Options over Ordinary Shares of 0.1 pence
GB00BF188X60 | |||||||||||||||
| b. | Nature of the transaction | Non-Qualifying Company Share Option Plan | |||||||||||||||
| c. | Price(s) and volume(s) |
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| d. | Aggregated information · Aggregated volume · Price
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| e. | Date of the transaction | 13 October 2022 | |||||||||||||||
| f. | Place of the transaction | Outside a trading venue | |||||||||||||||
Salary Sacrifice Scheme Extension
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||||||||
| a. | Name | 1. Alex Cheatle 2. Andrew Long 3. Sarah Hornbuckle 4. Alan Donald | |||||||||||||||
| 2. | Reason for the notification | ||||||||||||||||
| a. | Position/status | 1. Chief Executive Officer 2. Group COO and CEO (Asia) 3. Client Services Director 4. CFO | |||||||||||||||
| b. | Initial notification /Amendment | Initial notification | |||||||||||||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||
| a. | Name | Ten Lifestyle Group plc | |||||||||||||||
| b. | LEI | 213800YK94ZUOJUMN686 | |||||||||||||||
| 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 | Options over Ordinary Shares of 0.1 pence
GB00BF188X60 | |||||||||||||||
| b. | Nature of the transaction | Extension of exercise period of options granted under the Salary Sacrifice Initiatives a. Extension from 27 March 2023 to 27 March 2024 b. Extension from 9 July 2023 to 9 July 2024 c. Extension from 2 December 2022 to 2 December 2024 d. Extension from 24 March 2023 to 24 March 2025 | |||||||||||||||
| c. | Price(s) and volume(s) |
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| d. | Aggregated information · Aggregated volume · Price
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| e. | Date of the transaction | 13 October 2022 | |||||||||||||||
| f. | Place of the transaction | Outside a trading venue | |||||||||||||||
- End -
For further information please visit www.tenlifestylegroup.com or call:
| Ten Lifestyle Group plc Alex Cheatle, Chief Executive Officer Alan Donald, Chief Financial Officer
| +44 (0)20 7850 2796
|
|
Peel Hunt LLP, Nominated Advisor and Broker Paul Gillam James Smith
|
+44 (0) 20 7418 8900 |
Notes to Editors:
About Ten Lifestyle Group Plc
Ten Lifestyle Group plc ('Ten') partners with global financial institutions and other premium brands to attract and retain wealthy and mass affluent customers.
Millions of members have access to Ten's services across lifestyle, travel, dining, entertainment and retail benefits on behalf of over fifty clients including HSBC, Coutts, Morgan Stanley and Royal Bank of Canada. Ten's partnerships are based on multi-year contracts generating revenue through platform-as-a-service and technology fees.
Ten's operations are underpinned by an increasingly sophisticated personalisation platform comprising industry-first, proprietary technology, thousands of supplier relationships and 25 years of proprietary expertise delivered from 22 global offices.
Ten is on a mission to become the most trusted service platform in the world.
For further information please go to: www.tenlifestylegroup.com.
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