TIDMSAL

RNS Number : 6931D

SpaceandPeople PLC

30 June 2021

30 June 2021

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

SpaceandPeople PLC

("SpaceandPeople" or the "Company")

Grant and Surrender of Options

   1.         Grant of New Options 

SpaceandPeople (AIM: SAL) the retail, promotional and brand experience specialist, announces that it has today granted options (the "New Options") over a total of 855,000 ordinary shares of 1 pence each in the Company ("Ordinary Shares") under its existing share option scheme (the "Scheme").

The New Options are exercisable at a price of 12.5 pence per share, being the closing share price on the day immediately preceding the date of grant of the New Options and will vest no earlier than 30 June 2024. The New Options expire on the tenth anniversary of the date of grant.

The New Options become exercisable on the third anniversary of grant, subject to continued employment and, to the extent specified in the table below, the satisfaction of certain performance conditions. These performance conditions (which have been set by the Remuneration Committee of the Company) relate to the achievement of specified financial targets that will be assessed over the year to 31 December 2021.

Details of the above grants (including confirmation of the New Options granted to the Company's executive directors) are as follows:

 
                                          No. of Ordinary Shares over which New 
                                                     Options granted 
 Name            Role                    Subject to       Not subject      Total 
                                         performance     to performance 
                                          conditions       conditions 
--------------  ---------------------  --------------  ----------------  -------- 
                 Chief Executive 
 Nancy Cullen     Officer                  12,500           12,500        25,000 
--------------  ---------------------  --------------  ----------------  -------- 
                 Chief Financial 
 Gregor           Director & Company 
  Dunlay          Secretary                68,750           68,750        137,500 
--------------  ---------------------  --------------  ----------------  -------- 
 Andrew          Chief Operating 
  Keiller         Officer                  68,750           68,750        137,500 
--------------  ---------------------  --------------  ----------------  -------- 
 Various other employees                   135,000          420,000       555,000 
-------------------------------------  --------------  ----------------  -------- 
 Total                                     285,000          570,000       855,000 
 
   2.         Surrender of Existing Options 

SpaceandPeople also announces that, today, Nancy Cullen, Gregor Dunlay and Andrew Keiller have surrendered, for no consideration, the following options over Ordinary Shares (the "Surrendered Options") that were previously granted to them pursuant to the terms of the Scheme.

 
 Name           Role                      Number of        Date of grant    Exercise price 
                                       Ordinary Shares     of Surrendered     payable per 
                                          over which           Option        Ordinary Share 
                                         Surrendered 
                                       Option subsisted 
-------------  --------------------  ------------------  ----------------  ---------------- 
 Nancy Cullen   Chief Executive            300,000          1 July 2019         GBP0.12 
                 Officer 
-------------  --------------------  ------------------  ----------------  ---------------- 
 Gregor         Chief Financial            300,000          1 July 2019         GBP0.12 
  Dunlay         Director & Company 
                 Secretary 
-------------  --------------------  ------------------  ----------------  ---------------- 
 Andrew         Chief Operating            50,000           1 July 2019         GBP0.12 
  Keiller        Officer 
-------------  --------------------  ------------------  ----------------  ---------------- 
                                           100,000        1 October 2019       GBP0.135 
-------------  --------------------  ------------------  ----------------  ---------------- 
 

The above surrenders have been made in recognition of the fact that the performance conditions that needed to be satisfied in order for the relevant entitlements to vest are highly unlikely to be met. As a consequence, the relevant directors have elected to give up their rights in order to create additional "headroom" under the Scheme's dilution limits, thereby enabling options to be granted to a broader selection of the Company's employees. For the avoidance of doubt, the New Options detailed above have not been granted in consideration of this surrender.

   3.         Details of resultant holdings 

Details of the directors' resultant holdings of Ordinary Shares and options over Ordinary Shares are as follows:

 
 Name                              Role     Total No. Ordinary   Total No. Ordinary 
                                           Shares under Option          Shares held 
----------------  ---------------------  ---------------------  ------------------- 
                        Chief Executive 
 Nancy Cullen                   Officer                125,000            1,333,000 
----------------  ---------------------  ---------------------  ------------------- 
                        Chief Financial 
                     Director & Company 
 Gregor Dunlay                Secretary                237,500               10,000 
----------------  ---------------------  ---------------------  ------------------- 
 Andrew Keiller         Chief Operating                162,500                    - 
                                Officer 
 

The total number of Ordinary Shares over which options have been granted is 1,405,818 representing 7.2% per cent. of the Company's existing issued share capital.

Enquiries

SpaceandPeople plc

   Gregor Dunlay, Chief Financial Officer                                        0845 241 8215 

Zeus Capital Limited (Nominated Adviser and Broker)

   David Foreman, Jamie Peel, Rishi Majithia                                  020 3829 5000 

The following notifications are intended to satisfy the Company's obligations under Article 19(3) of EU Regulation No 596/2014 (the Market Abuse Regulation).

 
  1    Details of the person discharging managerial responsibilities/person 
        closely associated 
      ---------------------------------------------------------------------------------- 
  a)   Name                         1. Nancy Cullen 
                                     2. Gregor Dunlay 
                                     3. Andrew Keiller 
----  --------------------------  ------------------------------------------------------ 
  2    Reason for the notification 
----  ---------------------------------------------------------------------------------- 
  a)   Position/status              1. Chief Executive Officer 
                                     2. Chief Financial Officer & Company Secretary 
                                     3. Chief Operating Officer 
----  --------------------------  ------------------------------------------------------ 
  b)   Initial notification/        Initial Notification 
        Amendment 
----  --------------------------  ------------------------------------------------------ 
  3    Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
----  ---------------------------------------------------------------------------------- 
  a)   Name                         SpaceandPeople PLC 
----  --------------------------  ------------------------------------------------------ 
  b)   LEI                          21380026UDE3LKFSDP68 
----  --------------------------  ------------------------------------------------------ 
  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               Ordinary shares of 1 pence each ("Shares") 
        the financial 
        instrument, type 
        of instrument 
---- 
       Identification               ISIN: GB00B058DS79 
        code 
----  --------------------------  ------------------------------------------------------ 
  b)   Nature of the               Grant of options over Ordinary Shares pursuant 
        transaction                 to the SpaceandPeople plc 2012 Enterprise Management 
                                    Incentive Scheme 
----  --------------------------  ------------------------------------------------------ 
  c)   Price(s) and volume(s)                  Price(s)         Volume(s) 
                                                                ---------- 
                                          12.5 pence (exercise 
                                     1.          price)           25,000 
                                    ---  ---------------------  ---------- 
                                          12.5 pence (exercise 
                                     2.          price)           137,500 
                                    ---  ---------------------  ---------- 
                                          12.5 pence (exercise 
                                     3.          price)           137,500 
                                    ---  ---------------------  ---------- 
----  --------------------------  ------------------------------------------------------ 
  d)    Aggregated information 
          *    Aggregated volume 
                                     1. N/A single transaction 
                                     2. N/A single transaction 
          *    Price                 3. N/A single transaction 
----  --------------------------  ------------------------------------------------------ 
  e)   Date of the transaction     2021-06-30 
----  --------------------------  ------------------------------------------------------ 
  f)   Place of the transaction    Off market 
----  --------------------------  ------------------------------------------------------ 
 
 
  1    Details of the person discharging managerial responsibilities/person 
        closely associated 
      -------------------------------------------------------------------------------- 
  a)   Name                         1. Nancy Cullen 
                                     2. Gregor Dunlay 
                                     3. Andrew Keiller 
----  --------------------------  ---------------------------------------------------- 
  2    Reason for the notification 
----  -------------------------------------------------------------------------------- 
  a)   Position/status              1. Chief Executive Officer 
                                     2. Chief Financial Officer & Company Secretary 
                                     3. Chief Operating Officer 
----  --------------------------  ---------------------------------------------------- 
  b)   Initial notification/        Initial Notification 
        Amendment 
----  --------------------------  ---------------------------------------------------- 
  3    Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
----  -------------------------------------------------------------------------------- 
  a)   Name                         SpaceandPeople PLC 
----  --------------------------  ---------------------------------------------------- 
  b)   LEI                          21380026UDE3LKFSDP68 
----  --------------------------  ---------------------------------------------------- 
  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               Ordinary shares of 1 pence each ("Shares") 
        the financial 
        instrument, type 
        of instrument 
---- 
       Identification               ISIN: GB00B058DS79 
        code 
----  --------------------------  ---------------------------------------------------- 
  b)   Nature of the               Surrender of options over Ordinary Shares granted 
        transaction                 pursuant to the SpaceandPeople plc 2012 Enterprise 
                                    Management Incentive Scheme 
----  --------------------------  ---------------------------------------------------- 
  c)   Price(s) and volume(s)            Price(s)   Volume(s) 
                                                    ---------- 
                                     1.     Nil       300,000 
                                    ---  ---------  ---------- 
                                     2.     Nil       300,000 
                                    ---  ---------  ---------- 
                                     3.     Nil       150,000 
                                    ---  ---------  ---------- 
----  --------------------------  ---------------------------------------------------- 
  d)    Aggregated information 
          *    Aggregated volume 
                                     1. N/A single transaction 
                                     2. N/A single transaction 
          *    Price                 3. N/A single transaction 
----  --------------------------  ---------------------------------------------------- 
  e)   Date of the transaction     2021-06-30 
----  --------------------------  ---------------------------------------------------- 
  f)   Place of the transaction    Off market 
----  --------------------------  ---------------------------------------------------- 
 

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June 30, 2021 09:00 ET (13:00 GMT)

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