Source - LSE Regulatory
RNS Number : 2876Y
Portmeirion Group PLC
03 May 2023
 

3 May 2023

 

 

Portmeirion Group PLC

("Portmeirion" or the "Company")

 

Grant of Options

 

The Portmeirion Group 2022 Approved Share Option Plan and The Portmeirion Group 2022 Unapproved Share Option Plan (the "Option Plans") and The Portmeirion Group 2018 Deferred Incentive Share Option Plan (the "Deferred Plan")

 

As part of its long-term employee remuneration and retention incentives, the Company announces that, on 2 May 2023, the following transactions occurred for the persons discharging managerial responsibilities ("PDMRs") as shown below:

 



Option Plans number of options granted at an exercise price of £4.69 per Ordinary Share (A)

Deferred Plan number of options granted at an exercise price of £1.00 (B)

Company directors/officers:



Michael Raybould

Chief Executive

50,000

5,275

Michael Knapper

Group Operations Director

35,000

2,686

William Robedee

Global Sales Director

35,000

3,864

David Sproston

Group Finance Director

35,000

2,087

Moira MacDonald

Group Company Secretary

15,000

-


Total:

170,000

13,912

Note:

(A)   Grant of options under Option Plans.

(B)    Grant of new options under Deferred Plan against 2022 performance and incentive arrangements (further detail below).

The Company granted 170,000 options over Ordinary Shares to the PDMRs shown above and a further 153,000 options over Ordinary Shares to other senior managers pursuant to the Option Plans.  The options are subject to the achievement of performance targets as determined by the Remuneration Committee, and as required under the Option Plans.  The options granted on 2 May 2023 are normally only exercisable if the increase in the average of the Company's basic adjusted (for changes in accounting standards and exceptional items) earnings per share for each of the three years ending 31 December 2023, 31 December 2024 and 31 December 2025 is at least 10% higher than that for the year ended 31 December 2022. The calculation of basic adjusted earnings per share shall take account of the number of shares in issue and effective tax rates at the date of grant.

In addition, the Company granted 13,912 options to Executive Directors shown above over Ordinary Shares pursuant to the Deferred Plan.  In accordance with the rules of the Deferred Plan, the number of options granted is based on the gross incentive payment earned by the relevant Director in respect of the year ended 31 December 2022.

PDMR Shareholdings

 

The total number of Ordinary Shares over which each PDMR holds options and the total number of Ordinary Shares with voting rights held following this Admission is:

 


Total number of options

over Ordinary Shares

Total number

 of Ordinary Shares with

voting rights

Ordinary Shares percentage of Company's Ordinary Shares with voting rights

 

Michael Raybould

156,088

11,886

0.08%

Michael Knapper

98,192

8,191

0.06%

William Robedee

100,915

-

-

David Sproston

96,366

3,815

0.03%

Moira MacDonald

38,500

2,693

0.02%

 

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

_____________________________________________

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities / person closely associated with them.

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

 

Michael Raybould

2.

Reason for the notification

a)

Position/status

Chief Executive

b)

Initial notification/Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Portmeirion Group PLC

b)

LEI

2138003QC9J6TLZJHO70

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

Ordinary Shares of 5 pence each

b)

Identification code

GB0006957293

c)

Nature of the transactions

(A)   Performance related, Grant of options under Option Plans. Exercise period 3 May 2026 - 1 May 2033.

(B)   Grant of new options under The Portmeirion Group 2018 Deferred Incentive Share Option Plan (the "Deferred Plan").

d)

Price(s) and volume(s)

 

In respect of (A) Grant of options under Option Plans

Price at grant: Nil

 

Exercise Price:  £4.69 per Ordinary Share

 

Volume(s)

 


Options over Ordinary Shares

Michael Raybould

50,000

In respect of (B) Grant of options under Deferred Plan

Price at grant: Nil

Exercise Price (per PDMR in respect of all options granted): £1


Options over Ordinary Shares

Michael Raybould

5,275

e)

Aggregated information

-     Aggregated volume

-     Price

In respect of (A) Grant of options under Option Plans

Nil, grant of options only

In respect of (B) Grant of options under Deferred Plan

Nil, grant of options only

f)

Date of the transactions

 

In respect of (A) Grant of options under Option Plans - 2 May 2023

 

In respect of (B) Grant of options under Deferred Plan 2 May 2023

 

g)

Place of the transactions

In respect of (A) Grant of options under Option Plans - - Off-market

In respect of (B) Grant of options under Deferred Plan - Off-market

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

 

Michael Knapper

2.

Reason for the notification

a)

Position/status

Group Operations Director

b)

Initial notification/Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Portmeirion Group PLC

b)

LEI

2138003QC9J6TLZJHO70

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

Ordinary Shares of 5 pence each

b)

Identification code

GB0006957293

c)

Nature of the transactions

(A) Performance related, Grant of options under Option Plans. Exercise period 3 May 2026 - 1 May 2033.

(B)   Grant of new options under The Portmeirion Group 2018 Deferred Incentive Share Option Plan (the "Deferred Plan").

d)

Price(s) and volume(s)

 

In respect of (A) Grant of options under Option Plans

Price at grant: Nil

 

Exercise Price:  £4.69 per Ordinary Share

 

Volume(s)

 


Options over Ordinary Shares

Michael Knapper

35,000

In respect of (B) Grant of options under Deferred Plan

Price at grant: Nil

Exercise Price (per PDMR in respect of all options granted): £1


Options over Ordinary Shares

Michael Knapper

2,686

e)

Aggregated information

-     Aggregated volume

-     Price

In respect of (A) Grant of options under Option Plans

Nil, grant of options only

In respect of (B) Grant of options under Deferred Plan

Nil, grant of options only

f)

Date of the transactions

 

In respect of (A) Grant of options under Option Plans - 2 May 2023

 

In respect of (B) Grant of options under Deferred Plan 2 May 2023

 

g)

Place of the transactions

In respect of (A) Grant of options under Option Plans - - Off-market

In respect of (B) Grant of options under Deferred Plan - Off-market

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

 

William Robedee

2.

Reason for the notification

a)

Position/status

Global Sales Director

b)

Initial notification/Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Portmeirion Group PLC

b)

LEI

2138003QC9J6TLZJHO70

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

Ordinary Shares of 5 pence each

b)

Identification code

GB0006957293

c)

Nature of the transactions

(A) Performance related, Grant of options under Option Plans. Exercise period 3 May 2026 - 1 May 2033.

(B)   Grant of new options under The Portmeirion Group 2018 Deferred Incentive Share Option Plan (the "Deferred Plan").

d)

Price(s) and volume(s)

 

In respect of (A) Grant of options under Option Plans

Price at grant: Nil

 

Exercise Price:  £4.69 per Ordinary Share

 

Volume(s)

 


Options over Ordinary Shares

William Robedee

35,000

In respect of (B) Grant of options under Deferred Plan

Price at grant: Nil

Exercise Price (per PDMR in respect of all options granted): £1


Options over Ordinary Shares

William Robedee

3,864

e)

Aggregated information

-     Aggregated volume

-     Price

In respect of (A) Grant of options under Option Plans

Nil, grant of options only

In respect of (B) Grant of options under Deferred Plan

Nil, grant of options only

f)

Date of the transactions

 

In respect of (A) Grant of options under Option Plans - 2 May 2023

 

In respect of (B) Grant of options under Deferred Plan 2 May 2023

 

g)

Place of the transactions

In respect of (A) Grant of options under Option Plans - - Off-market

In respect of (B) Grant of options under Deferred Plan - Off-market

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

 

David Sproston

2.

Reason for the notification

a)

Position/status

Group Finance Director

b)

Initial notification/Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Portmeirion Group PLC

b)

LEI

2138003QC9J6TLZJHO70

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

Ordinary Shares of 5 pence each

b)

Identification code

GB0006957293

c)

Nature of the transactions

(A) Performance related, Grant of options under Option Plans. Exercise period 3 May 2026 - 1 May 2033.

(B)   Grant of new options under The Portmeirion Group 2018 Deferred Incentive Share Option Plan (the "Deferred Plan").

d)

Price(s) and volume(s)

 

In respect of (A) Grant of options under Option Plans

Price at grant: Nil

 

Exercise Price:  £4.69 per Ordinary Share

 

Volume(s)

 


Options over Ordinary Shares

David Sproston

35,000

In respect of (B) Grant of options under Deferred Plan

Price at grant: Nil

Exercise Price (per PDMR in respect of all options granted): £1


Options over Ordinary Shares

David Sproston

2,087

e)

Aggregated information

-     Aggregated volume

-     Price

In respect of (A) Grant of options under Option Plans

Nil, grant of options only

In respect of (B) Grant of options under Deferred Plan

Nil, grant of options only

f)

Date of the transactions

 

In respect of (A) Grant of options under Option Plans - 2 May 2023

 

In respect of (B) Grant of options under Deferred Plan 2 May 2023

 

g)

Place of the transactions

In respect of (A) Grant of options under Option Plans - - Off-market

In respect of (B) Grant of options under Deferred Plan - Off-market

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

 

Moira MacDonald

2.

Reason for the notification

a)

Position/status

Group Company Secretary

b)

Initial notification/Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Portmeirion Group PLC

b)

LEI

2138003QC9J6TLZJHO70

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

Ordinary Shares of 5 pence each

b)

Identification code

GB0006957293

c)

Nature of the transactions

(A) Performance related, Grant of options under Option Plans. Exercise period 3 May 2026 - 1 May 2033.

 

d)

Price(s) and volume(s)

 

In respect of (A) Grant of options under Option Plans

Price at grant: Nil

 

Exercise Price:  £4.69 per Ordinary Share

 

Volume(s)

 


Options over Ordinary Shares

Moira MacDonald

15,000

e)

Aggregated information

-     Aggregated volume

-     Price

In respect of (A) Grant of options under Option Plans

Nil, grant of options only

 

f)

Date of the transactions

 

In respect of (A) Grant of options under Option Plans - 2 May 2023

 

 

g)

Place of the transactions

In respect of (A) Grant of options under Option Plans - - Off-market

 

 

 

Name of authorised official of issuer responsible for making notification:

 

Moira MacDonald

Company Secretary to Portmeirion Group PLC

 

ENQUIRIES:

 

Portmeirion Group PLC:

 

 

Mike Raybould, Chief Executive

+44 (0) 1782 743 443

mraybould@portmeiriongroup.com

David Sproston, Group Finance
Director

 

+44 (0) 1782 743 443

dsproston@portmeiriongroup.com

Hudson Sandler:

 

 

Dan de Belder

+44 (0) 207 796 4133

portmeirion@hudsonsandler.com

Nick Moore

Emily Brooker

 



Shore Capital:

(Nominated Adviser and Joint Broker):

+44 (0) 207 408 4090


Patrick Castle

Lucy Bowden

Corporate Advisory


Malachy McEntyre

 

Corporate Broking


Singer Capital Markets

(Joint Broker):

 

+44 (0) 207 496 3000


Peter Steel

Investment Banking


Asha Chotai



 

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