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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