Ten Entertainment Group PLC Performance Share Plan Awards (1141K)
December 11 2018 - 5:00AM
UK Regulatory
TIDMTEG
RNS Number : 1141K
Ten Entertainment Group PLC
11 December 2018
11 December 2018
Ten Entertainment Group plc
Performance Share Plan Awards
Ten Entertainment Group plc (the "Company") announces that on 10
December 2018 Duncan Garrood was granted the following share awards
as nominal-cost options over ordinary shares of GBP0.01 each in the
Company ("Shares") under the Company's 2018 Performance Share Plan
("PSP"). The awards have been granted in accordance with the
remuneration policy approved by shareholders and set out in the
Company's Annual Report which was published on 4 April 2018.
Director Position Number of Share
Awards Granted
Duncan Garrood Chief Executive Officer 111,940
These awards (the "PSP Awards") are subject to two performance
conditions which will be measured following the announcement of
results for the year to 27 December 2020 ("FY2020").
The first performance condition applying to the PSP Awards will
be based on Earnings per Share of the Company ("EPS") and will
apply to 50 per cent. of the total number of Share Awards
granted.
EPS - Financial Year 2020 Percentage of the total number
of Share Awards granted that
will vest
Less than 24.50 pence 0%
-------------------------------
24.50 pence 12.5%
-------------------------------
Between 24.50 and 26.69 pence Pro-rata on straight-line
basis between 12.5% and 50%
-------------------------------
More than 26.69 pence 50%
-------------------------------
The EPS measure is based on adjusted fully diluted EPS as stated
in the Company's accounts and is subject to such adjustments as the
Remuneration Committee in its discretion determines are fair and
reasonable.
The second performance condition will be based on Total
Shareholder Return ("TSR") of the Company over the period from the
date of grant to the announcement of results for FY2020 relative to
a comparator group of companies and will apply to the remaining 50
per cent. of Share Awards granted.
It is intended that 12.5 per cent. of the total number of Share
Awards will vest on achievement of median TSR performance and that
50 per cent. of such will vest on achievement of upper quartile
performance. There will be straight-line vesting between these
points.
Set out below are the notifications, made in accordance with the
requirements of the EU Market Abuse Regulation, in relation to the
PSP.
Enquiries:
Ten Entertainment Group plc via Instinctif partners
Mark Willis, Chief Financial Officer
Instinctif Partners Tel: 020 7457 2020
Matthew Smallwood
Tom Berger
1 - Details of the person discharging managerial responsibilities / person closely associated
Name Duncan Garrood
------------------------------------------------------------
2 - Reason for the notification
Position Chief Executive Officer
------------------------------------------------------------
Reason for the notification Initial Notification
------------------------------------------------------------
3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
Full name of the entity Ten Entertainment Group PLC
------------------------------------------------------------
Legal Entity Identifier code 213800SL9HJUQ5BGPX17
------------------------------------------------------------
4 - Details of the transaction(s): section to be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each date; (iv) each place where transactions have been
conducted
Description of financial instrument, type of instrument Ordinary Shares of 1p each
------------------------------------------------------------
Identification code ISIN: GB00BF020D33
------------------------------------------------------------
Nature of the transaction Grant of PSP Performance Share Award. The Award is
structured as a nominal cost option which
shall ordinarily vest and become exercisable subject to
continued service and to the extent
to which the performance conditions set for the Award are
satisfied.
------------------------------------------------------------
Price(s) and volume(s) Price(s) Volume(s)
nil 111,940
------------------------------------------------------------
Aggregated information and volume price Total volume of shares: 111,940
Total price GBP GBPnil
------------------------------------------------------------
Date of transaction 10 December 2018 UK BST
------------------------------------------------------------
Place of transaction Outside a trading venue
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This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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