8 May 2024
Portmeirion Group PLC
("Portmeirion" or the "Company")
Grant of
Options
The Portmeirion Group 2022 Approved Share Option Plan,
The Portmeirion Group 2022 Unapproved Share Option
Plan, The Portmeirion 2012 Approved Share Option Plan and The
Portmeirion 2012 Unapproved Share Option Plan
(the "Option
Plans")
The Company announces that the
Company's Remuneration Committee and Board, have approved,
as part of its long-term employee
remuneration and retention incentives, the
surrender of 482,500 options over ordinary shares of 5 pence each in the
Company ("Ordinary Shares") in issue
("Existing Options") on 3 May 2024 and the grant of
323,000 options
over Ordinary Shares ("New Options")
on 7 May 2024 to Directors
and senior managers pursuant to the Option Plans.
The surrender of Existing Options
relates to options over 192,500 Ordinary Shares and 290,000
Ordinary Shares with an exercise price of 570.0 pence and 469.0
pence granted on 25 April 2022 and 2 May 2023 respectively.
The Existing Options were surrendered for no consideration.
Included within the Existing Options surrendered was a total of
296,000 Existing Options previously granted to persons discharging managerial responsibilities
("PDMRs") of the Company
as set out below. The remaining Existing
Options surrendered were held by senior managers. All Existing
Options granted on 23 March 2021 under the Option Plans lapsed
without exercise on 26 March 2024.
The grant of New Options comprises
options over a total of 175,000 Ordinary Shares to PDMRs as set out
below and a further 148,000 options to other senior managers
pursuant to The Portmeirion Group 2022 Approved Share Option Plan
and The Portmeirion Group 2022 Unapproved Share Option Plan (the
"2022 Options Plans"). The New Options granted have a vesting
period of three years, a total exercise period of seven years
between 8 May 2027 and 6 May 2034 and an exercise price of 257.5
pence per Ordinary Share (being the closing mid-market price of an
Ordinary Share on the dealing day immediately preceding the date of
grant).
The New
Options are subject to the achievement of performance targets as
determined by the Remuneration Committee, and as required under the
2022 Option Plans. The New Options granted
on 7 May 2024 are only exercisable if the
increase in the average of the Group's basic adjusted (for changes
in accounting standards and exceptional items) earnings per share
for the three years ending 31 December 2024, 31 December 2025 and
31 December 2026 is at least 65% higher than that calculated for
the year ended 31 December 2023. The calculation of basic adjusted
EPS shall take account of the number of shares and effective tax
rates at the date of grant.
|
|
|
Number of
Existing Options surrendered at 570.0 pence per Ordinary
Share
|
Number of
Existing Options surrendered at 469.0 pence per Ordinary
Share
|
Number of
New Options granted at an exercise price of 257.5
pence per Ordinary Share
|
|
Company
directors/officers:
|
|
|
|
|
Michael Raybould
|
Chief
Executive
|
40,000
|
50,000
|
50,000
|
|
Michael Knapper
|
Group
Operations Director
|
25,000
|
35,000
|
35,000
|
|
William Robedee
|
Global
Sales Director
|
25,000
|
35,000
|
35,000
|
|
David Sproston
|
Group
Finance Director
|
25,000
|
35,000
|
35,000
|
|
Moira MacDonald
|
Group
Company Secretary
|
11,000
|
15,000
|
20,000
|
|
|
Total:
|
126,000
|
170,000
|
175,000
|
.
PDMR Shareholdings
The total number of Ordinary Shares
over which each PDMR holds options and the total number of Ordinary
Shares with voting rights held following the above transactions are
as follows:
|
|
Total
number of options
over
Ordinary Shares*
|
Total
number
of
Ordinary Shares with
voting
rights
|
Ordinary
Shares percentage of Company's Ordinary Shares with voting
rights
|
|
Michael Raybould
|
66,088
|
11,886
|
0.08%
|
|
Michael Knapper
|
43,192
|
8,191
|
0.06%
|
|
William Robedee
|
45,915
|
-
|
-
|
|
David Sproston
|
41,366
|
3,815
|
0.03%
|
|
Moira MacDonald
|
20,000
|
2,693
|
0.02%
|
*In addition to the New Options,
includes options held under The Portmeirion Group 2018 Deferred
Incentive Share Option Plan granted in 2022 and 2023: M. Raybould:
16,088; M. Knapper: 8,192; W. Robedee: 10,915 and D. Sproston:
6,366.
The notifications below, made in
accordance with the requirements of the EU Market Abuse Regulation,
provide further detail.
_____________________________________________
Notification and public disclosure of transactions by persons
discharging managerial responsibilities / person closely associated
with them.
|
1.
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
|
|
2.
|
Reason for the notification
|
|
a)
|
Position/status
|
Chief Executive
|
|
b)
|
Initial
notification/Amendment
|
Initial Notification
|
|
3.
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Portmeirion Group PLC
|
|
b)
|
LEI
|
2138003QC9J6TLZJHO70
|
|
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 the financial
instrument
|
Ordinary Shares of 5 pence
each
|
|
b)
|
Identification code
|
GB0006957293
|
|
c)
|
Nature of the
transactions
|
Performance related,
Grant of options under
2022 Option
Plans. Exercise period 8 May
2027 - 6 May 2034.
|
|
d)
|
Price(s) and volume(s)
|
In
respect of Grant of options under 2022 Option Plans
Price at grant: Nil
Exercise Price:
£2.575 per Ordinary
Share
Volume(s)
|
|
Options
over Ordinary Shares
|
|
Michael Raybould
|
50,000
|
|
|
e)
|
Aggregated information
-
Aggregated volume
-
Price
|
In
respect of Grant of options under 2022 Option
Plans
Nil, grant of options
only
|
|
f)
|
Date of the transactions
|
In
respect of Grant of options under 2022 Option Plans -
- Off-market 7 May
2024
|
|
g)
|
Place of the transactions
|
In
respect of Grant of options under 2022 Option Plans -
- Off-market
|
|
1.
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
|
|
2.
|
Reason for the notification
|
|
a)
|
Position/status
|
Group Operations Director
|
|
b)
|
Initial
notification/Amendment
|
Initial Notification
|
|
3.
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Portmeirion Group PLC
|
|
b)
|
LEI
|
2138003QC9J6TLZJHO70
|
|
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 the financial
instrument
|
Ordinary Shares of 5 pence
each
|
|
b)
|
Identification code
|
GB0006957293
|
|
c)
|
Nature of the
transactions
|
Performance related,
Grant of options under
2022 Option
Plans. Exercise period 8 May
2027 - 6 May 2034.
|
|
d)
|
Price(s) and volume(s)
|
In
respect of Grant of options under 2022 Option Plans
Price at grant: Nil
Exercise Price:
£2.575 per Ordinary
Share
Volume(s)
|
|
Options
over Ordinary Shares
|
|
Michael Knapper
|
35,000
|
|
|
e)
|
Aggregated information
-
Aggregated volume
-
Price
|
In
respect of Grant of options under 2022 Option
Plans
Nil, grant of options
only
|
|
f)
|
Date of the transactions
|
In
respect of Grant of options under 2022 Option Plans -
- Off-market 7 May
2024
|
|
g)
|
Place of the transactions
|
In
respect of Grant of options under 2022 Option Plans -
- Off-market
|
|
1.
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
|
|
2.
|
Reason for the notification
|
|
a)
|
Position/status
|
Global Sales Director
|
|
b)
|
Initial
notification/Amendment
|
Initial Notification
|
|
3.
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Portmeirion Group PLC
|
|
b)
|
LEI
|
2138003QC9J6TLZJHO70
|
|
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 the financial
instrument
|
Ordinary Shares of 5 pence
each
|
|
b)
|
Identification code
|
GB0006957293
|
|
c)
|
Nature of the
transactions
|
Performance related,
Grant of options under
2022 Option
Plans. Exercise period 8 May
2027 - 6 May 2034.
|
|
d)
|
Price(s) and volume(s)
|
In
respect of Grant of options under 2022 Option Plans
Price at grant: Nil
Exercise Price:
£2.575 per Ordinary
Share
Volume(s)
|
|
Options
over Ordinary Shares
|
|
William Robedee
|
35,000
|
|
|
e)
|
Aggregated information
-
Aggregated volume
-
Price
|
In
respect of Grant of options under 2022 Option
Plans
Nil, grant of options
only
|
|
f)
|
Date of the transactions
|
In
respect of Grant of options under 2022 Option Plans -
- Off-market 7 May
2024
|
|
g)
|
Place of the transactions
|
In
respect of Grant of options under 2022 Option Plans -
- Off-market
|
|
1.
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
|
|
2.
|
Reason for the notification
|
|
a)
|
Position/status
|
Group Finance Director
|
|
b)
|
Initial
notification/Amendment
|
Initial Notification
|
|
3.
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Portmeirion Group PLC
|
|
b)
|
LEI
|
2138003QC9J6TLZJHO70
|
|
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 the financial
instrument
|
Ordinary Shares of 5 pence
each
|
|
b)
|
Identification code
|
GB0006957293
|
|
c)
|
Nature of the
transactions
|
Performance related,
Grant of options under
2022 Option
Plans. Exercise period 8 May
2027 - 6 May 2034.
|
|
d)
|
Price(s) and volume(s)
|
In
respect of Grant of options under 2022 Option Plans
Price at grant: Nil
Exercise Price:
£2.575 per Ordinary
Share
Volume(s)
|
|
Options
over Ordinary Shares
|
|
David Sproston
|
35,000
|
|
|
e)
|
Aggregated information
-
Aggregated volume
-
Price
|
In
respect of Grant of options under 2022 Option
Plans
Nil, grant of options
only
|
|
f)
|
Date of the transactions
|
In
respect of Grant of options under 2022 Option Plans -
- Off-market 7 May
2024
|
|
g)
|
Place of the transactions
|
In
respect of Grant of options under 2022 Option Plans -
- Off-market
|
|
1.
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
|
|
2.
|
Reason for the notification
|
|
a)
|
Position/status
|
Group Company Secretary
|
|
b)
|
Initial
notification/Amendment
|
Initial Notification
|
|
3.
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Portmeirion Group PLC
|
|
b)
|
LEI
|
2138003QC9J6TLZJHO70
|
|
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 the financial
instrument
|
Ordinary Shares of 5 pence
each
|
|
b)
|
Identification code
|
GB0006957293
|
|
c)
|
Nature of the
transactions
|
Performance related,
Grant of options under
2022 Option
Plans. Exercise period 8 May
2027 - 6 May 2034.
|
|
d)
|
Price(s) and volume(s)
|
In
respect of Grant of options under 2022 Option Plans
Price at grant: Nil
Exercise Price:
£2.575 per Ordinary
Share
Volume(s)
|
|
Options
over Ordinary Shares
|
|
Moira MacDonald
|
20,000
|
|
|
e)
|
Aggregated information
-
Aggregated volume
-
Price
|
In
respect of Grant of options under 2022 Option
Plans
Nil, grant of options
only
|
|
f)
|
Date of the transactions
|
In
respect of Grant of options under 2022 Option Plans -
- Off-market 7 May
2024
|
|
g)
|
Place of the transactions
|
In
respect of Grant of options under 2022 Option Plans -
- Off-market
|
Name of authorised official of issuer
responsible for making notification:
Moira MacDonald
Company Secretary to Portmeirion
Group PLC
ENQUIRIES:
|
Portmeirion Group PLC:
|
|
|
|
Mike Raybould, Chief Executive
|
+44 (0) 1782 743 443
|
mraybould@portmeiriongroup.com
|
|
David Sproston, Group Finance
Director
|
+44 (0) 1782 743 443
|
dsproston@portmeiriongroup.com
|
|
Hudson Sandler:
|
|
|
|
Dan de Belder
|
+44 (0) 207 796 4133
|
portmeirion@hudsonsandler.com
|
|
Nick Moore
Emily Brooker
|
|
nmoore@hudsonsandler.com
|
|
Shore Capital:
(Nominated Adviser and Joint
Broker):
|
+44 (0) 207 408 4090
|
|
|
Patrick Castle
Lucy Bowden
|
Corporate Advisory
|
|
|
Malachy McEntyre
|
Corporate Broking
|
|
|
Singer Capital Markets
(Joint Broker):
|
+44 (0) 207 496 3000
|
|
|
Peter Steel
|
Investment Banking
|
|
|
Asha Chotai
|
|
|
