Hornby PLC Grant of Options (7025E)
November 09 2020 - 9:15AM
UK Regulatory
TIDMHRN
RNS Number : 7025E
Hornby PLC
09 November 2020
Hornby PLC
(the "Company" or the "Group")
Implementation of new Long-Term Incentive Plan
Hornby PLC (AIM; HRN), t he international hobby products Group ,
today announces that, upon the recommendation of the Group's
remuneration committee, the Board has approved the implementation
of a new Long-Term Incentive Plan ("LTIP"). The scheme is designed
to incentivise the Company's executive directors and certain other
members of the senior management team (the "Participants").
The LTIP has been established to encourage long-term value
creation for the Group's shareholders and to align the interests of
the Participants with shareholders. Awards under the LTIP take the
form of contingent rights to acquire the Company's ordinary shares
at an exercise price of 1 pence each.
The awards under the LTIP may become available for exercise on
or after 31 March 2022. Awards are subject to strict conditions
relating to the performance of the Group.
Further details of the Long-Term Incentive Plan
Under the terms of the LTIP, awards are subject to strict
vesting criteria. These are linked to the Company's performance
over pre-established dates.
The potential level of vesting will be determined by the level
of Operating Profit announced in the 2021/22 Group results,
expected on or around June 2022, the maximum aggregate number of
10,683,384 options vesting if the maximum Operating Profit hurdle
is achieved by the Company and a pro-rata per cent. of the maximum
level of options vesting if certain reduced Operating Profit
hurdles are achieved.
Under the terms of the LTIP, the total equity pool under option
in a cumulative ten-year period (including shares already issued in
relation to previous option exercises), shall not exceed 15%.
Following implementation of the LTIP, 6.4% of the Company's total
issued share capital will be held under option.
Details of the initial award under the LTIP are as follows:
PARTICIPANT LTIP OPTIONS LTIP OPTIONS AS %
OF CURRENT ISSUED
SHARE CAPITAL
Lyndon Davies - Chief Executive
Officer 2,670,846 1.6%
------------- -------------------
Kirstie Gould - Chief Financial
Officer 2,670,846 1.6%
------------- -------------------
Timothy Mulhall - Group
Sales Director 2,670,846 1.6%
------------- -------------------
Simon Davies-Kohler - Product
and Marketing Director 2,670,846 1.6%
------------- -------------------
TOTAL 10,683,384 6.4%
------------- -------------------
The notification below is made in accordance with the
requirements of the EU Market Abuse Regulation.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1. Details of PDMR / person closely associated with them (
'PCA')
a) Name 1. Lyndon Davies
2. Kirstie Gould
3. Timothy Mulhall
4. Simon Davies-Kohler
--------------------------------- ------------------------------------------
2. Details of PDMR / person closely associated with them (
'PCA')
-----------------------------------------------------------------------------
a) Position / status 1. Chief Executive Officer
2. Chief Financial Officer
3. Group Sales Director
4. Product and Marketing Director
--------------------------------- ------------------------------------------
b) Initial notification Initial notification
/ amendment
--------------------------------- ------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Hornby PLC
----------------------------------- ----------------------------------------
b) LEI 549300WP2GJODSTKY488
----------------------------------- ----------------------------------------
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
-----------------------------------------------------------------------------
c) Description Ordinary shares of GBP0.01 each
of the financial
instrument ISIN: GB00B01CZ652
--------------------------------- ------------------------------------------
d) Nature of the Grant of options
transaction
--------------------------------- ------------------------------------------
e) Price(s) and Price(s) Volume(s)
volume(s) 1. 1p 2,670,846
2. 1p 2,670,846
3. 1p 2,670,846
4. 1p 2,670,846
--------------------------------- ------------------------------------------
f) Aggregated information
Aggregated volume 10,683,384
Price 1p per share
--------------------------------- ------------------------------------------
g) Date of the 9 November 2020
transaction
--------------------------------- ------------------------------------------
h) Place of the Off market transaction
transaction
--------------------------------- ------------------------------------------
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END
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