TIDMACRL

RNS Number : 6341C

Accrol Group Holdings PLC

24 February 2022

24 February 2022

Accrol Group Holdings plc

("Accrol", the "Group" or the "Company")

Awards under Long Term Incentive Plan and PDMR dealing

Accrol (AIM: ACRL), the UK's leading independent tissue converter, announces the second grant of options to executive Directors and certain senior management under the Long Term Incentive Plan ("LTIP") announced on 5 March 2021.

The LTIP was established to incentivise management to deliver long-term value creation for shareholders and ensure alignment with shareholder interests.

Background

The LTIP is based on market standard annual awards and is limited to a maximum of 5% of the issued share capital of the Company over its five year life.

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 in line with the LTIP rules.

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 23 February 2022, options over 7,967,183 shares in aggregate (the "2022 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 2022 Awards 
                                                made 
 Dan Wright         Executive Chairman               1,197,391 
                   -------------------------  ---------------------- 
 Gareth Jenkins     Chief Executive Officer          2,494,565 
                   -------------------------  ---------------------- 
 Richard Newman     Chief Financial Officer          1,341,522 
                   -------------------------  ---------------------- 
 

The 2022 Awards are subject to the below Adjusted EBITDA targets measured over the performance period ending on 30 April 2024 and are summarised below:

 
   Adjusted EBITDA for FY2024     Percentage of the 2022 Award 
                                          that may vest 
       Less than GBP18.0m                      0% 
                                 ----------------------------- 
 Between GBP18.0m and GBP20.0m        between 25% and 100% 
                                 ----------------------------- 
      GBP20.0m or greater                     100% 
                                 ----------------------------- 
 

If the maximum targets are met in FY24, the total dilutive impact of the 2022 Awards will be c.2.5%. The maximum aggregate dilutive effect of awards then issued under the LTIP will stand at 3.5% of 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                                 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 six sites, including four in Lancashire, which generate revenues totalling c.16% of the GBP2.0bn 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: 1,197,391 
       volume(s)                   Price : GBP0.001 
     ---------------------  ------------------------------- 
 d)   Aggregated 
       information                  a) Price : GBP0.001 
       - Aggregated                 Volume: 1,197,391 
       volume 
       - Price 
     ---------------------  ------------------------------- 
 e)   Date of the                 a) 23 Feb 2022 
       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: 2,494,565 
       volume(s)                   Price : GBP0.001 
     ---------------------  ------------------------------- 
 d)   Aggregated 
       information                  a) Price : GBP0.001 
       - Aggregated                 Volume: 2,494,565 
       volume 
       - Price 
     ---------------------  ------------------------------- 
 e)   Date of the                 a) 23 Feb 2022 
       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: 1,341,522 
       volume(s)                   Price : GBP0.001 
     ---------------------  ------------------------------- 
 d)   Aggregated 
       information                  a) Price : GBP0.001 
       - Aggregated                 Volume: 1,341,522 
       volume 
       - Price 
     ---------------------  ------------------------------- 
 e)   Date of the                 a) 23 Feb 2022 
       transaction 
     ---------------------  ------------------------------- 
 f)   Place of the                a) Off market transaction 
       transaction 
     ---------------------  ------------------------------- 
 

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END

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