TIDMTENG
RNS Number : 4166T
Ten Lifestyle Group PLC
25 March 2021
25 March 2021
Ten Lifestyle Group plc
(the "Group" or the "Company")
Share Option Grants / PDMR Dealing
Ten Lifestyle Group plc (AIM: TENG), a leading
technology-enabled global concierge platform for the world's
wealthy and mass affluent, announces a fourth initiative whereby
the Group has granted share options in exchange for voluntary
salary sacrifice.
The Group's performance continues to be adversely affected by
the COVID-19 pandemic, as most recently described in the Group's
trading update on 19 March 2021. Continued prudent cost-saving
measures, alongside improvements to efficiency, are therefore being
taken to effectively manage cash.
As such, the Group has offered a fourth salary sacrifice
initiative to its employees and contractors, following the Group's
three previous initiatives that ran concurrently from March 2020 to
February 2021.
Pursuant to this fourth salary sacrifice initiative, the Group
has granted options over a total of 1,770,471 Ordinary Shares of
0.1p each to certain employees and contractors of the Group. For
every GBP1 of salary participating employees and contractors forego
over a 4-month period they will receive four options. Over 60
individuals have chosen to participate in the fourth salary
sacrifice initiative. The total cash saving to the Group over the
4-month period will be GBP0.5m.
The fourth salary sacrifice initiative includes grants of
options to 'persons discharging managerial responsibilities'
("PDMRs"), as listed below. These have an exercise price of
GBP1.10, exercisable for up to two years from the date of grant
(the "Options"). The value of an Option has been determined to be
GBP0.19 using the Black Scholes model for option pricing.
PDMR Position Value of gross Number of Resulting total
salary foregone new Options options held
(GBP) granted over Ordinary
Shares
Alex Cheatle CEO 49,833.33 199,333 1,431,041
----------------- ---------------- ------------- ----------------
Group COO and
Andrew Long CEO (Asia) 43,344.91 173,380 1,062,469
----------------- ---------------- ------------- ----------------
Client Services
Sarah Hornbuckle Director 12,001.65 48,007 327,735
----------------- ---------------- ------------- ----------------
Alan Donald CFO 19,400.00 77,600 547,108
----------------- ---------------- ------------- ----------------
The Board considers the benefits achieved by the salary
sacrifice initiatives, including cost savings and enhanced employee
engagement, are aligned with shareholders' interests. As the
participants have waived entitlement to salary in lieu of payment
for the share options, with expected net dilution only once the
proceeds exceed the value of the salary sacrificed, the Board has
considered it appropriate to exclude these options from general
headroom limits pursuant to the Company's Share Plans.
The notification below, made in accordance with the Market Abuse
Regulation, provides further details in relation to these PDMR
dealings.
For further information, please visit https://www.tengroup.com/ or contact:
Ten Lifestyle Group Plc
Alex Cheatle, Chief Executive Officer +44 (0)20 7850
Alan Donald, Chief Financial Officer 2796
Peel Hunt LLP, Nominated Advisor and Broker
Edward Knight
Paul Gillam +44 (0) 20 7418
Nick Prowting 8900
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Alex Cheatle
------------------------------ --------------------------------------------------
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 Ten Lifestyle Group Plc
------------------------------ --------------------------------------------------
b) LEI 213800YK94ZUOJUMN686
------------------------------ --------------------------------------------------
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 Options over Ordinary shares of 0.1p
financial instrument, each, exercisable at a price of GBP1.10
type of instrument per new Ordinary share, for up to 2 years
from the date of grant
------------------------------ --------------------------------------------------
Identification code ISIN: GB00BF188X60
------------------------------ --------------------------------------------------
b) Nature of the transaction Issue of Options
------------------------------ --------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---- ------------------------------ ------------------------------ ---------------
GBP0.19 per Option 199,333
------------------------------------------------------------------ ---------------
d) Aggregated information
--------------------------------------------------------------- -----------------
- Aggregated volume 199,333
------------------------------ -------------------------------------------------------
- Price GBP49,833.33
------------------------------ -------------------------------------------------------
e) Date of the transaction 25 March 2021
------------------------------ --------------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------ --------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Long
------------------------------ --------------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------
a) Position/status Group Chief Operational Officer and
Chief Executive Officer (Asia)
------------------------------ --------------------------------------------------
b) Initial notification Initial Notification
/Amendment
------------------------------ --------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
a) Name Ten Lifestyle Group Plc
------------------------------ --------------------------------------------------
b) LEI 213800YK94ZUOJUMN686
------------------------------ --------------------------------------------------
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 Options over Ordinary shares of 0.1p
financial instrument, each, exercisable at a price of GBP1.10
type of instrument per new Ordinary share, for up to 2 years
from the date of grant
------------------------------ --------------------------------------------------
Identification code ISIN: GB00BF188X60
------------------------------ --------------------------------------------------
b) Nature of the transaction Issue of Options
------------------------------ --------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---- ------------------------------ ------------------------------ ---------------
GBP0.19 per Option 173,380
------------------------------------------------------------------ ---------------
d) Aggregated information
--------------------------------------------------------------- -----------------
- Aggregated volume 173,380
------------------------------ -------------------------------------------------------
- Price GBP43,344.91
------------------------------ -------------------------------------------------------
e) Date of the transaction 25 March 2021
------------------------------ --------------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------ --------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Sarah Hornbuckle
------------------------------ --------------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------
a) Position/status Client Services Director
------------------------------ --------------------------------------------------
b) Initial notification Initial Notification
/Amendment
------------------------------ --------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
a) Name Ten Lifestyle Group Plc
------------------------------ --------------------------------------------------
b) LEI 213800YK94ZUOJUMN686
------------------------------ --------------------------------------------------
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 Options over Ordinary shares of 0.1p
financial instrument, each, exercisable at a price of GBP1.10
type of instrument per new Ordinary share, for up to 2 years
from the date of grant
------------------------------ --------------------------------------------------
Identification code ISIN: GB00BF188X60
------------------------------ --------------------------------------------------
b) Nature of the transaction Issue of Options
------------------------------ --------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---- ------------------------------ ------------------------------ ---------------
GBP0.19 per Option 48,007
------------------------------------------------------------------ ---------------
d) Aggregated information
--------------------------------------------------------------- -----------------
- Aggregated volume 48,007
------------------------------ -------------------------------------------------------
- Price GBP12,001.54
------------------------------ -------------------------------------------------------
e) Date of the transaction 25 March 2021
------------------------------ --------------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------ --------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Alan Donald
------------------------------ --------------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------
a) Position/status Chief Finance Officer
------------------------------ --------------------------------------------------
b) Initial notification Initial Notification
/Amendment
------------------------------ --------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
a) Name Ten Lifestyle Group Plc
------------------------------ --------------------------------------------------
b) LEI 213800YK94ZUOJUMN686
------------------------------ --------------------------------------------------
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 Options over Ordinary shares of 0.1p
financial instrument, each, exercisable at a price of GBP1.10
type of instrument per new Ordinary share, for up to 2 years
from the date of grant
------------------------------ --------------------------------------------------
Identification code ISIN: GB00BF188X60
------------------------------ --------------------------------------------------
b) Nature of the transaction Issue of Options
------------------------------ --------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---- ------------------------------ ------------------------------ ---------------
GBP0.19 per Option 77,600
------------------------------------------------------------------ ---------------
d) Aggregated information
--------------------------------------------------------------- -----------------
- Aggregated volume 77,600
------------------------------ -------------------------------------------------------
- Price GBP19,400.00
------------------------------ -------------------------------------------------------
e) Date of the transaction 25 March 2021
------------------------------ --------------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------ --------------------------------------------------
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END
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