Mulberry Group PLC Grant of Options (6374K)
July 11 2017 - 1:00AM
UK Regulatory
TIDMMUL
RNS Number : 6374K
Mulberry Group PLC
11 July 2017
Mulberry Group plc ("Mulberry" or the "Company")
Renaming of "Mulberry Group PLC Long Term Incentive Plan" to
"Mulberry Group plc 2017 Performance Share Plan" and Grant of
Options under the renamed plan
On 10 July 2017 the Board of Mulberry (the "Board") approved
certain amendments to the Mulberry Group PLC Long Term Incentive
Plan and its renaming to the Mulberry Group plc 2017 Performance
Share Plan (the "Plan").
On the same date, the Remuneration Committee of the Board (the
"Remuneration Committee) granted options (the "New Options") over
ordinary shares of 5 pence each in the Company ("Ordinary Shares")
to certain directors and other senior management of the Company
under the Plan as set out below:
Name Maximum number of New
Options
------------------------- ----------------------
Thierry Andretta (CEO) 200,000
------------------------- ----------------------
Neil Ritchie (CFO) 50,000
------------------------- ----------------------
Other senior management
employees 130,500
------------------------- ----------------------
The New Options are granted as nil cost options with no exercise
price and shall vest upon the achievement by the Company of certain
revenue and profit before interest and tax ("PBIT") targets set by
the Remuneration Committee for the financial year ending 31 March
2020 (the "Results"). The number of New Options vesting shall be
dependent on the Company's performance against these targets, with
equal weighting given to revenue and PBIT. 25% of the New Options
will vest provided the Results meet the lower end of the target
range, increasing on a prorated basis to full vesting in the event
that the Results meet the upper end of the target range.
The New Options will only vest following the announcement by the
Company of its consolidated audited results for the year ending 31
March 2020 and the determination by the Remuneration Committee of
the extent to which the vesting conditions have been met. Any
resultant vesting of the New Options is, therefore, expected to
occur by the end of July 2020 (the "Vesting Date"). The New Options
will be exercisable between the Vesting Date and 10 July 2027.
Following the grant of New Options, Thierry Andretta and Neil
Ritchie, both directors of the Company, hold options over Ordinary
Shares as follows:
Name Options under Maximum number
the Mulberry of New Options
Group plc under the Mulberry
2008 Unapproved Group plc 2017
Share Option Performance
Plan Share Plan
-------------- ----------------- --------------------
Thierry
Andretta 300,415 200,000
-------------- ----------------- --------------------
Neil Ritchie 24,500 50,000
-------------- ----------------- --------------------
The Company publicly discloses the following notifications:
1 Details of the person discharging managerial
responsibilities / person closely associated
--- ---------------------------------------------------------------
a) Name Thierry Andretta
--- ------------------------ -------------------------------------
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 Mulberry Group plc
--- ------------------------ -------------------------------------
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 of Options over Ordinary Shares
the financial
instrument, type
of instrument GB0006094303
Identification
code
--- ------------------------ -------------------------------------
b) Nature of the Award made pursuant to the
transaction Mulberry Group plc 2017 Performance
Share Plan
--- ------------------------ -------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) ---------- ----------
nil 200,000
---------- ----------
--- ------------------------ -------------------------------------
d) Aggregated information
- Aggregated NA
volume
- Price
--- ------------------------ -------------------------------------
e) Date of the transaction 10 July 2017
--- ------------------------ -------------------------------------
f) Place of the Outside a trading venue
transaction
--- ------------------------ -------------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
--- ---------------------------------------------------------------
a) Name Neil Ritchie
--- ------------------------ -------------------------------------
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 Mulberry Group plc
--- ------------------------ -------------------------------------
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 of Options over Ordinary Shares
the financial
instrument, type
of instrument GB0006094303
Identification
code
--- ------------------------ -------------------------------------
b) Nature of the Award made pursuant to the
transaction Mulberry Group plc 2017 Performance
Share Plan
--- ------------------------ -------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) ---------- ----------
nil 50,000
---------- ----------
--- ------------------------ -------------------------------------
d) Aggregated information
- Aggregated NA
volume
- Price
--- ------------------------ -------------------------------------
e) Date of the transaction 10 July 2017
--- ------------------------ -------------------------------------
f) Place of the Outside a trading venue
transaction
--- ------------------------ -------------------------------------
FOR FURTHER DETAILS PLEASE CONTACT:
Bell Pottinger
Daniel de Belder
/ Elizabeth Snow 0203 772 2561
Mulberry Investor
Relations
Allegra Perry 0207 605 6795
GCA Altium
Sam Fuller / Tim
Richardson 0207 484 4040
Barclays
Nicola Tennent /
Thomas Dugarin 0203 134 9801
This information is provided by RNS
The company news service from the London Stock Exchange
END
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