TIDMACRL
RNS Number : 3110R
Accrol Group Holdings PLC
05 March 2021
05 March 2021
Accrol Group Holdings plc
("Accrol", the "Group" or the "Company")
Implementation of Long Term Incentive Plan and PDMR dealing
Accrol (AIM: ACRL), the UK's leading independent tissue
converter, announces the implementation of a new Long Term
Incentive Plan ("LTIP") together with an initial grant under the
LTIP to the executive Directors and certain senior management.
The LTIP has been established to incentivise management to
deliver long-term value creation for shareholders and ensure
alignment with shareholder interests.
Background
The existing Management Incentive Plan ("MIP") which has been in
place since May 2018, was designed around the Company's then
turnround plan, with awards that matched management's business
turnaround achievements. No further grants of options have been
made under the MIP since those made in May 2018, and no further
awards will be made under the MIP.
The new LTIP will be based on market standard annual awards and
will incentivise the senior management team after the current MIP
ceases in April 2021.
The LTIP will be limited to a maximum of 5% of the issued share
capital of the Company over its five year life, and individual
awards ranging between 100% and 150% of base salaries in any one
year.
All awards made under the LTIP will be made by the granting of
nil-cost options established in accordance with the rules of the
LTIP and vesting is subject to adjusted EBITDA targets measured
over the three financial year period commencing on the date of
grant.
The Remuneration Committee has discretion to amend these terms
to take account of, for example, corporate activities such as
acquisitions to ensure that the performance targets remain
appropriate. Malus and clawback provisions are also in place to
reduce or recover any awards for criteria such as any material
misstatement of the financial statements, a serious breach of the
Company's code of ethics or a serious health and safety issue.
Award size, performance conditions and dilution
On 05 March 2021, options over 3,082,823 shares in aggregate
(the " 2021 Awards") were granted under the LTIP, including those
set out below which were granted to directors and other persons
discharging managerial responsibility:
Director / PDMR Role Number of shares over
which 2021 Awards
made
Dan Wright Executive Chairman 362,903
------------------------- ----------------------
Gareth Jenkins Chief Executive Officer 907,258
------------------------- ----------------------
Richard Newman Chief Financial Officer 554,435
------------------------- ----------------------
The 2021 Awards are subject to the below Adjusted EBITDA targets
measured over the performance period ending on 30 April 2023 and
are summarised below:
Adjusted EBITDA for FY2023 Percentage of the 2021 Award
that may vest
Less than GBP27.0m 0%
-----------------------------
Between GBP27.0m and GBP29.7m between 25% and 100%
-----------------------------
GBP29.7m or greater 100%
-----------------------------
If the maximum targets are met in FY23, the total dilutive
impact of the 2021 Awards will be c.1.0%. The maximum aggregate
dilutive effect including unexercised options which still exist
under the MIP over 3.6% of the issued share capital of the Company,
will therefore be 4.6%. In the event that the LTIP is utilised in
full, then this potentially dilutive impact will increase to a
maximum of 8.6% of the Company's current issued share capital.
For further information, please contact:
Accrol Group Holdings plc
Dan Wright, Executive Chairman Via Belvedere Communications
Gareth Jenkins, Chief Executive Officer
Zeus Capital Limited (Nominated Adviser
& Broker)
Dan Bate / Jordan Warburton Tel: +44 (0) 161 831 1512
Dominic King / John Goold Tel: +44 (0) 203 829 5000
Liberum Capital Limited (Joint Broker) Tel: +44 (0) 20 3100 2222
Clayton Bush / Edward Thomas
Belvedere Communications Limited
Cat Valentine Tel: +44 (0) 7715 769 078
Keeley Clarke Tel: +44 (0) 7967 816 525
Llew Angus Tel: +44 (0) 7407 023 147
accrolpr@belvederepr.com
Overview of Accrol
Accrol Group Holdings plc is a leading tissue converter and
supplier of toilet tissues, kitchen rolls and facial tissues to
many of the UK's leading discounters and grocery retailers across
the UK. Following the recent acquisition of a state-of-the-art
tissue converter based in Leicester, the Group now operates from
five sites, including four in Lancashire, which generate revenues
totalling c.16% of the GBP1.7bn UK retail tissue market.
The below information and notification is made in accordance
with the EU Market Abuse Regulation.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
Details of the person discharging managerial
1 responsibilities / person closely associated
a) Name Dan Wright
--------------------- -------------------------------
2 Reason for the notification
------------------------------------------------------
a) Position/status Executive Chairman
--------------------- -------------------------------
b) Initial notification Initial notification
/Amendment
--------------------- -------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
------------------------------------------------------
a) Name Accrol Group Holdings plc
--------------------- -------------------------------
b) LEI 213800MC56M5G69RJ226
--------------------- -------------------------------
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 Ordinary shares of GBP0.001
of the financial each
instrument,
type of instrument
Identification
code ISIN: GB00BZ6VT592
--------------------- -------------------------------
b) Nature of Grant of options over ordinary
the transaction shares under the Company's
new LTIP
--------------------- -------------------------------
c) Price(s) and a) Volume: 362,903
volume(s) Price : GBP0.001
--------------------- -------------------------------
d) Aggregated
information a) Price : GBP0.001
- Aggregated Volume: 362,903
volume
- Price
--------------------- -------------------------------
e) Date of the a) 05 March 2021
transaction
--------------------- -------------------------------
f) Place of the a) Off market transaction
transaction
--------------------- -------------------------------
Details of the person discharging managerial
1 responsibilities / person closely associated
a) Name Gareth Jenkins
--------------------- -------------------------------
2 Reason for the notification
------------------------------------------------------
a) Position/status Chief Executive Officer
--------------------- -------------------------------
b) Initial notification Initial notification
/Amendment
--------------------- -------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
------------------------------------------------------
a) Name Accrol Group Holdings plc
--------------------- -------------------------------
b) LEI 213800MC56M5G69RJ226
--------------------- -------------------------------
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 Ordinary shares of GBP0.001
of the financial each
instrument,
type of instrument
Identification
code ISIN: GB00BZ6VT592
--------------------- -------------------------------
b) Nature of Grant of options over ordinary
the transaction shares under the Company's
new LTIP
--------------------- -------------------------------
c) Price(s) and a) Volume: 907,258
volume(s) Price : GBP0.001
--------------------- -------------------------------
d) Aggregated
information a) Price : GBP0.001
- Aggregated Volume: 907,258
volume
- Price
--------------------- -------------------------------
e) Date of the a) 05 March 2021
transaction
--------------------- -------------------------------
f) Place of the a) Off market transaction
transaction
--------------------- -------------------------------
Details of the person discharging managerial
1 responsibilities / person closely associated
a) Name Richard Newman
--------------------- -------------------------------
2 Reason for the notification
------------------------------------------------------
a) Position/status Chief Financial Officer
--------------------- -------------------------------
b) Initial notification Initial notification
/Amendment
--------------------- -------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
------------------------------------------------------
a) Name Accrol Group Holdings plc
--------------------- -------------------------------
b) LEI 213800MC56M5G69RJ226
--------------------- -------------------------------
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 Ordinary shares of GBP0.001
of the financial each
instrument,
type of instrument
Identification
code ISIN: GB00BZ6VT592
--------------------- -------------------------------
b) Nature of Grant of options over ordinary
the transaction shares under the Company's
new LTIP
--------------------- -------------------------------
c) Price(s) and a) Volume: 554,435
volume(s) Price : GBP0.001
--------------------- -------------------------------
d) Aggregated
information a) Price : GBP0.001
- Aggregated Volume: 554,435
volume
- Price
--------------------- -------------------------------
e) Date of the a) 05 March 2021
transaction
--------------------- -------------------------------
f) Place of the a) Off market transaction
transaction
--------------------- -------------------------------
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END
DSHUPURUWUPGUMA
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