TIDMACRL
RNS Number : 8297G
Accrol Group Holdings PLC
18 November 2022
18 November 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 17 November 2022, options over 7,387,875 shares in aggregate
(the "2023 Awards") were granted under the LTIP, including those
set out below which were granted to directors:
Director / PDMR Role Number of shares
over which 2022 Awards
made
Dan Wright Executive Chairman 1,153,098
------------------------- ------------------------
Gareth Jenkins Chief Executive Officer 2,402,287
------------------------- ------------------------
Richard Newman Chief Financial Officer 650,407
------------------------- ------------------------
The 2023 Awards are subject to the below Adjusted EBITDA targets
measured over the performance period ending on 30 April 2025 and
are summarised below:
Adjusted EBITDA for FY2025 Percentage of the 2023 Award
that may vest
Less than GBP19.0m 0%
-----------------------------
Between GBP19.0m and GBP21.0m between 25% and 100%
-----------------------------
GBP21.0m or greater 100%
-----------------------------
If the maximum targets are met in FY25, the total dilutive
impact of the 2023 Awards will be c.2.3%. The maximum aggregate
dilutive effect of awards currently in issue that can be exercised
under the LTIP remains below 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
Richard Newman, Chief Financial Officer
Zeus (Nominated Adviser & Broker)
Dan Bate / Jordan Warburton (Investment Tel: +44 (0) 161 831 1512
Banking)
Dominic King ( Corporate Broking) 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
accrolpr@belvederepr.com
Overview of Accrol
Accrol Group Holdings plc is a leading tissue converter and
supplier of toilet tissues, kitchen rolls, facial tissues, and wet
wipes to many of the UK's leading discounters and grocery retailers
across the UK. Following the recent acquisitions of LTC in
Leicester and JD in Flint, North Wales, the Group now operates from
six manufacturing sites, including four in Lancashire, which
generate revenues totalling c.16% of the GBP2.1bn 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 Volume: 1,153,098
volume(s) Price : GBP0.001
--------------------- -------------------------------
d) Aggregated
information n/a
- Aggregated
volume
- Price
--------------------- -------------------------------
e) Date of the 17 November 2022
transaction
--------------------- -------------------------------
f) Place of the 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 Volume: 2,402,287
volume(s) Price : GBP0.001
--------------------- -------------------------------
d) Aggregated
information n/a
- Aggregated
volume
- Price
--------------------- -------------------------------
e) Date of the 17 November 2022
transaction
--------------------- -------------------------------
f) Place of the 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 Volume: 650,407
volume(s) Price : GBP0.001
--------------------- -------------------------------
d) Aggregated
information n/a
- Aggregated
volume
- Price
--------------------- -------------------------------
e) Date of the 17 November 2022
transaction
--------------------- -------------------------------
f) Place of the Off market transaction
transaction
--------------------- -------------------------------
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END
DSHBKOBKFBDDQDD
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