04 March
2025
Kitwave Group plc
("Kitwave", the
"Group" or the "Company")
Management Incentive Plan Options
Exercised
Kitwave Group plc (AIM: KITW), the
independent, delivered wholesale business, is pleased to announce
that the Directors named below have exercised their management
incentive plan ("MIP") options.
Under the MIP, which was established
to retain and incentivise certain executive directors following the
IPO in 2021, the Company granted Growth Shares in the Company's
subsidiary, Kitwave Limited, to David Brind (Chief Financial
Officer) and Ben Maxted (Group Operations Director at IPO and now
Chief Executive Officer). Such Growth Shares could be converted
into Ordinary Shares in the Company, subject to certain performance
criteria being met in the three financial years commencing after
the Company's Admission to AIM on 24 May 2021.
The performance period for the MIP
ended on 31 October 2024. All performance criteria associated with
the MIP have been met.
David Brind and Ben Maxted have
today exercised their rights under the MIP to receive Ordinary
Shares following the publication of the Company's results for the
financial year ending 31 October 2024. The allotment
of Ordinary Shares following the exercise of the MIP options are
set out below:
|
Director/PDMR
|
Position
|
Number of Ordinary Shares issued to
satisfy MIP options
|
Number of Ordinary Shares held
following exercise
|
Percentage of issued share capital
held following exercise
|
|
Ben Maxted
|
Chief Executive Officer
|
2,010,974
|
2,081,430
|
2.49%
|
|
David Brind
|
Chief Financial Officer
|
1,206,585
|
2,246,818
|
2.69%
|
Each of Mr Maxted and Mr Brind has agreed not
to sell any Ordinary Shares granted under the MIP for a period of
12 months from exercise without the consent of the Company and
Canaccord Genuity Limited.
A summary of the MIP and the basis
of its operation was set out in the Company's Admission Document, a
copy of which is available on the Company's website:
www.kitwave.co.uk.
The Company has today made an
application for 3,217,559 Ordinary Shares to be admitted to trading
on AIM ("Admission"). Admission is expected to become effective on
7 March 2025.
Following Admission, the Company
will have 83,656,538 Ordinary Shares in issue, each with voting
rights, which figure may be used by shareholders in the Company as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the share capital of the Company under the
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules. The Company does not hold any Ordinary Shares in
Treasury.
|
1
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
|
a)
|
Name:
|
Ben Maxted
|
|
2
|
Reason for the
notification
|
|
a)
|
Position/Status:
|
Chief Executive Officer
|
|
b)
|
Initial Notification/Amendment:
|
Initial Notification
|
|
3
|
Details of the
issuer, emission allowance market participation, auction platform,
auctioneer or auction monitor
|
|
a)
|
Name:
|
Kitwave Group plc
|
|
b)
|
LEI:
|
2138007DLCYPVY95UD40
|
|
4.
|
Details of
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:
Identification code:
|
Ordinary Shares of 1 pence each
ISIN: GB00BNYKB709
|
|
b)
|
Nature of the transaction:
|
Exercise of share option
|
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
|
nil
|
2,010,974
|
|
d)
|
Aggregated volume:
Price:
|
n/a single transaction
|
|
e)
|
Date of the Transaction:
|
4 March 2025
|
|
f)
|
Place of the Transaction:
|
Off Market
|
|
1
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
|
a)
|
Name:
|
David Brind
|
|
2
|
Reason for the
notification
|
|
a)
|
Position/Status:
|
Chief Financial Officer
|
|
b)
|
Initial Notification/Amendment:
|
Initial Notification
|
|
3
|
Details of the
issuer, emission allowance market participation, auction platform,
auctioneer or auction monitor
|
|
a)
|
Name:
|
Kitwave Group plc
|
|
b)
|
LEI:
|
2138007DLCYPVY95UD40
|
|
4.
|
Details of
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:
Identification code:
|
Ordinary Shares of 1 pence each
ISIN: GB00BNYKB709
|
|
b)
|
Nature of the transaction:
|
Exercise of share option
|
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
|
nil
|
1,206,585
|
|
d)
|
Aggregated volume:
Price:
|
n/a single transaction
|
|
e)
|
Date of the Transaction:
|
4 March 2025
|
|
f)
|
Place of the Transaction:
|
Off Market
|
- Ends -
For
further information please contact:
|
Kitwave Group plc
Ben Maxted, Chief Executive
Officer
David Brind, Chief Financial
Officer
www.kitwave.co.uk
|
Tel: +44 (0) 191 259 2277
|
|
Canaccord Genuity Limited
(Nominated Adviser and Sole Broker)
Bobbie Hilliam
Elizabeth Halley-Stott
|
Tel: +44 (0) 20 7523 8150
|
|
Yellow Jersey PR
(Financial media and PR)
Charles Goodwin
Shivantha Thambirajah
Bessie Elliot
|
Tel: +44 (0) 20 3004 9512
|
Company
Overview
Founded in 1987, following the acquisition of a single-site
confectionery wholesale business based in North Shields, United
Kingdom, Kitwave is a delivered wholesale business, specialising in
selling and delivering impulse products, frozen, chilled and fresh
foods, alcohol, groceries and tobacco to approximately 46,000,
mainly independent, customers.
With a network of 37 depots, Kitwave is able to
support delivery throughout the UK to a diverse customer base,
which includes independent convenience retailers, leisure outlets,
vending machine operators, foodservice providers and other
wholesalers, as well as leading national retailers.
The Group's growth to date has been achieved
both organically and through a strategy of acquiring smaller,
predominantly family-owned, complementary businesses in the
fragmented UK grocery and foodservice wholesale market.
Kitwave Group plc (AIM: KITW) was admitted to
trading on AIM of the London Stock Exchange on 24 May
2021.
For further information, please visit:
www.kitwave.co.uk.
This announcement contains inside information
for the purposes of article 7 of the Market Abuse Regulation (EU)
596/2014 as amended by regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310. With the publication of
this announcement, this information is now considered to be in the
public domain.
