TIDMULTP
RNS Number : 6200V
Ultimate Products PLC
05 December 2023
5 December 2023
Ultimate Products plc
"Ultimate Products", "Company" or "the Group"
Grant of Options under the Employee Share Scheme
Exercise of Options, PDMR dealing and EBT Shareholding
Ultimate Products, the owner of a number of leading homeware
brands including Salter (the UK's oldest houseware brand, est.1760)
and Beldray (est.1872), announces the following purchase of shares
on behalf of a Director, grant of options, exercise of options and
certain PDMR dealings as a consequence of exercise of options.
Deferred Director Bonus
Following the release of its final results, JTC Employer
Solutions Trustee Limited ("JTC"), in its capacity as trustee of
the Ultimate Products Employee Benefit Trust ("the Trust"), has
purchased 14,624 shares of 0.25 pence each ("Ordinary Shares") on
behalf of Chris Dent, Chief Financial Officer. The Ordinary Shares
were purchased at 145 pence on 4 December 2023 and represent 30% of
Mr Dent's FY23 bonus ("Bonus") as part of the Ultimate Products'
Executive Remuneration Policy (the "Remuneration Policy"). Under
the terms of the Remuneration Policy, 30% of the Bonus is deferred
into Ordinary Shares and will be held by JTC, in a nominee capacity
under the Trust, for Mr Dent, vesting in three equal tranches over
three years.
As a result, Mr Dent increased his holding to 88,479 Ordinary
Shares, representing 0.1% of the Company's issued share
capital.
Employee Share Scheme
The Company is pleased to announce that it has made a further
round of invitations under its Save As You Earn Scheme (the "SAYE
Scheme") to all eligible employees. Under the SAYE Scheme,
employees have been offered the opportunity to participate in the
future growth of the Company through the granting of share
options.
Eligible employees were invited to subscribe for options over
Ordinary Shares with an exercise price of 105 pence per Ordinary
Share, representing a 20% discount to the average closing
mid-market price of the Ordinary Shares on 8 November 2023, being
the business day prior to opening of the SAYE scheme for
application. The options have a savings contract start date of 1
March 2024 and are exercisable between 1 March 2027 and 30
September 2027.
Out of the 229 eligible employees, 96 elected to participate in
the SAYE Scheme and, pursuant to this, a grant of 553,532 options
over Ordinary Shares has been made on 4 December 2023, equating to
0.6% of the current issued share capital of 89,312,457 Ordinary
Shares. It is currently intended that any future exercise of these
options will be satisfied through the Ordinary Shares held in trust
by the UP Global Sourcing Employee Benefit Trust, with no dilution
to existing shareholders.
As a tax-advantaged share plan compliant with Schedule 3 of the
Income Tax (Earnings and Pensions) Act 2003, eligible employees
included all UK-based employees and full-time directors who have
been employed by the Group for twelve months or more.
Exercise of Options
Further to is announcement on 13 March 2019, on 4 December 2023,
under the Company's UP Global Sourcing Performance Share Plan 2017
(the "Plan"), 264,805 share options were exercised at a price of
0.25 pence per option, 208,366 share options were exercised at a
price of 59.17 pence per option, 32,967 share options were
exercised at a price of 98.87 pence per option and were satisfied
by the transfer of, in aggregate, 506,138 Ordinary Shares held by
the UP Global Sourcing Employee Benefit Trust (the "EBT"). Of the
506,138 Ordinary Shares allocated from the EBT in satisfying the
option exercises, 474,085 Ordinary Shares were subsequently sold in
the market at a price of 145 pence per Share.
PDMR dealing
Pursuant to the above, certain persons discharging managerial
responsibilities ("PDMR") were granted options over, in aggregate
70,664 Ordinary Shares, certain PDMRs exercised options over, in
aggregate, 337,867 Ordinary Shares and of those options exercised,
certain PDMRs subsequently sold, in aggregate, 321,244 Ordinary
Shares in the market as more fully disclosed in the tables set out
further below.
EBT and Issued Share Capital
Following the above transactions, the EBT holds 2,680,132
Ordinary Shares, representing approximately 3.00% of the Company's
issued share capital.
The current issued share capital of the Company remains
89,312,457 Ordinary Shares. This figure may be used by shareholders
as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest in the Company, under the Disclosure
Guidance and Transparency Rules of the FCA.
For more information, please contact:
Ultimate Product s +44 (0) 161 627 1400
Simon Showman, CEO
Andrew Gossage, Managing Director
Chris Dent, Chief Financial Officer
Shore Capital +44 (0) 207 408 4090
Mark Percy
David Coaten
Iain Sexton
Malachy McEntyre
Isobel Jones
Cavendish Capital Markets Limited + 44 (0)20 7220 0500
Carl Holmes
Matt Goode
Abigail Kelly
Powerscourt +44 (0) 207 250 1446
Rob Greening
Sam Austrums
Oliver Banks
Notes to Editors
Ultimate Products is the owner of a number of leading homeware
brands including Salter (the UK's oldest houseware brand,
established in 1760) and Beldray (a laundry, floor care, heating
and cooling brand that was established in 1872). According to its
market research, nearly 80% of UK households own at least one of
the Group's products.
Ultimate Products sells to over 300 retailers across more than
40 countries, and specialises in five product categories: Small
Domestic Appliances; Housewares; Laundry; Audio; and Heating and
Cooling. Other brands include Progress (cookware and bakeware),
Kleeneze (laundry and floorcare), Petra (small domestic appliances)
and Intempo (audio).
The Group's products are sold to a broad cross-section of both
large national and international multi-channel retailers as well as
smaller national retail chains, incorporating discount retailers,
supermarkets, general retailers and online retailers.
Founded in 1997, Ultimate Products employs over 370 staff, a
significant number of whom have joined via the Group's graduate
development scheme, and is headquartered in Oldham, Greater
Manchester, where it has design, sales, marketing, buying, quality
assurance, support functions and warehouse facilities across two
sites. Manor Mill, the Group's head office, includes a spectacular
20,000 sq ft showroom that showcases each of its brands. In
addition, the Group has an office and showroom in Guangzhou, China
and Paris, France.
Please note that Ultimate Products is not the owner of Russell
Hobbs. The Company has licence agreements in place granting it an
exclusive licence to use the "Russell Hobbs" trademark for cookware
(NB this does not include Russell Hobbs electrical appliances).
For further information, please visit www.upplc.com
Pursuant to the notification obligations in accordance with
Article 19 of the Market Abuse Regulation (MAR)
Details of PDMR / person closely associated with them
1. ( 'PCA')
a) Name Chris Dent
--------------------- --------------------------------------------------
Details of PDMR / person closely associated with them
2. ( 'PCA')
-------------------------------------------------------------------------
a) Position / Chief Financial Officer
status
--------------------- --------------------------------------------------
b) Initial notification Initial notification
/ amendment
--------------------- --------------------------------------------------
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------
a) Name Ultimate Products Plc
--------------------- --------------------------------------------------
b) LEI 213800Q5GWTVIW6KJW33
--------------------- --------------------------------------------------
Details of the transaction(s): section to be repeated
4. for (i) each type of instrument;
(ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
-------------------------------------------------------------------------
c) Description Ordinary shares of 0.25p each in the capital
of the financial of Ultimate Products plc ("Ordinary Shares")
instrument ISIN: GB00BYX7MG58
--------------------- --------------------------------------------------
d) Nature of Exercise of options over Ordinary Shares pursuant
the transaction to the Company's UP Global Sourcing Performance
Share Plan 2017
--------------------- --------------------------------------------------
e) Price and Price (PENCE) Volume
volume Purchase of Ordinary
Shares 145.00 14,624
-------------- -------
Grant of Options 105.00 8,833
-------------- -------
--------------------- --------------------------------------------------
f) Aggregated
information
Aggregated Purchase of Ordinary Shares: as above
volume
Grant of Options: as above
Price
--------------------- --------------------------------------------------
g) Date of the 4 December 2023
transaction
--------------------- --------------------------------------------------
h) Place of the Grant of options off-market and purchase of
transaction shares on-market
--------------------- --------------------------------------------------
Details of PDMR / person closely associated with them (
1. 'PCA')
a) Name Katie Maxwell
--------------------- -----------------------------------------------
Details of PDMR / person closely associated with them (
2. 'PCA')
----------------------------------------------------------------------
a) Position / Trading Director
status
--------------------- -----------------------------------------------
b) Initial notification Initial notification
/ amendment
--------------------- -----------------------------------------------
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Ultimate Products Plc
--------------------- -----------------------------------------------
b) LEI 213800Q5GWTVIW6KJW33
--------------------- -----------------------------------------------
Details of the transaction(s): section to be repeated for
4. (i) each type of instrument;
(ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
----------------------------------------------------------------------
c) Description Ordinary shares of 0.25p each in the capital
of the financial of Ultimate Products plc ("Ordinary Shares")
instrument ISIN: GB00BYX7MG58
--------------------- -----------------------------------------------
d) Nature of Exercise of options over Ordinary Shares
the transaction pursuant to the Company's UP Global Sourcing
Performance Share Plan 2017
--------------------- -----------------------------------------------
e) Price and Price (PENCE) Volume
volume Exercise of Options 0.25 13,232
-------------- -------
Exercise of Options 59.17 17,329
-------------- -------
Exercise of Options 98.87 3,759
-------------- -------
Sale of Ordinary
Shares 145.00 30,417
-------------- -------
Grant of Options 105.00 8,833
-------------- -------
--------------------- -----------------------------------------------
f) Aggregated
information
Aggregated Option Ordinary Shares: 34,320
volume
Option Shares: 40.80 pence
Price
Sale of Ordinary Shares: as above
Grant of Options: as above
--------------------- -----------------------------------------------
g) Date of the 4 December 2023
transaction
--------------------- -----------------------------------------------
h) Place of the Grant and exercise of options off-market
transaction and sale of shares on-market
--------------------- -----------------------------------------------
Details of PDMR / person closely associated with them (
1. 'PCA')
a) Name David Bloomfield
--------------------- -----------------------------------------------
Details of PDMR / person closely associated with them (
2. 'PCA')
----------------------------------------------------------------------
a) Position / Supply Chain Director
status
--------------------- -----------------------------------------------
b) Initial notification Initial notification
/ amendment
--------------------- -----------------------------------------------
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Ultimate Products Plc
--------------------- -----------------------------------------------
b) LEI 213800Q5GWTVIW6KJW33
--------------------- -----------------------------------------------
Details of the transaction(s): section to be repeated for
4. (i) each type of instrument;
(ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
----------------------------------------------------------------------
c) Description Ordinary shares of 0.25p each in the capital
of the financial of Ultimate Products plc ("Ordinary Shares")
instrument ISIN: GB00BYX7MG58
--------------------- -----------------------------------------------
d) Nature of Exercise of options over Ordinary Shares
the transaction pursuant to the Company's UP Global Sourcing
Performance Share Plan 2017
Sale of Ordinary Shares
--------------------- -----------------------------------------------
e) Price and Price (PENCE) Volume
volume Exercise of Options 0.25 36,868
-------------- -------
Exercise of Options 59.17 10,104
-------------- -------
Sale of Ordinary
Shares 145.00 46,972
-------------- -------
Grant of Options 105.00 8,833
-------------- -------
--------------------- -----------------------------------------------
f) Aggregated
information
Aggregated Option Shares: 46,972
volume
Option Shares: 12.92 pence
Price
Sale of Ordinary Shares: as above
Grant of Options: as above
--------------------- -----------------------------------------------
g) Date of the 4 December 2023
transaction
--------------------- -----------------------------------------------
h) Place of the Grant and exercise of options off-market
transaction and sale of shares on-market
--------------------- -----------------------------------------------
Details of PDMR / person closely associated with them (
1. 'PCA')
a) Name Emma Greenhalgh (Rawley)
--------------------- -------------------------------------------------
Details of PDMR / person closely associated with them (
2. 'PCA')
------------------------------------------------------------------------
a) Position / Trading Director
status
--------------------- -------------------------------------------------
b) Initial notification Initial notification
/ amendment
--------------------- -------------------------------------------------
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Ultimate Products Plc
--------------------- -------------------------------------------------
b) LEI 213800Q5GWTVIW6KJW33
--------------------- -------------------------------------------------
Details of the transaction(s): section to be repeated for
4. (i) each type of instrument;
(ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
------------------------------------------------------------------------
c) Description Ordinary shares of 0.25p each in the capital
of the financial of Ultimate Products plc ("Ordinary Shares")
instrument ISIN: GB00BYX7MG58
--------------------- -------------------------------------------------
d) Nature of Exercise of options over Shares pursuant
the transaction to the Company's UP Global Sourcing Performance
Share Plan 2017
Sale of Ordinary Shares
--------------------- -------------------------------------------------
e) Price and Price (PENCE) Volume
volume Exercise of Options 0.25 29,865
-------------- -------
Exercise of Options 59.17 37,138
-------------- -------
Sale of Ordinary
Shares 145.00 67,003
-------------- -------
Grant of Options 105.00 8,833
-------------- -------
--------------------- -------------------------------------------------
f) Aggregated
information
Aggregated Option Shares: 67,003
volume
Option Shares:32.91 pence
Price
Sale of Ordinary Shares: as above
Grant of Options: as above
--------------------- -------------------------------------------------
g) Date of the 4 December 2023
transaction
--------------------- -------------------------------------------------
h) Place of the Grant and exercise of options off-market
transaction and sale of shares on-market
--------------------- -------------------------------------------------
Details of PDMR / person closely associated with them (
1. 'PCA')
a) Name Duncan Singleton
--------------------- -----------------------------------------------
Details of PDMR / person closely associated with them (
2. 'PCA')
----------------------------------------------------------------------
a) Position / Trading Director
status
--------------------- -----------------------------------------------
b) Initial notification Initial notification
/ amendment
--------------------- -----------------------------------------------
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Ultimate Products Plc
--------------------- -----------------------------------------------
b) LEI 213800Q5GWTVIW6KJW33
--------------------- -----------------------------------------------
Details of the transaction(s): section to be repeated for
4. (i) each type of instrument;
(ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
----------------------------------------------------------------------
c) Description Ordinary shares of 0.25p each in the capital
of the financial of Ultimate Products plc ("Ordinary Shares")
instrument ISIN: GB00BYX7MG58
--------------------- -----------------------------------------------
d) Nature of Exercise of options over Ordinary Shares
the transaction pursuant to the Company's UP Global Sourcing
Performance Share Plan 2017
Sale of Ordinary Shares
--------------------- -----------------------------------------------
e) Price and Price (PENCE) Volume
volume Exercise of Options 0.25 29,865
-------------- -------
Exercise of Options 59.17 37,138
-------------- -------
Sale of Ordinary
Shares 145.00 67,003
-------------- -------
Grant of Options 105.00 8,833
-------------- -------
--------------------- -----------------------------------------------
f) Aggregated
information
Aggregated Option Shares: 67,003
volume
Option Shares:32.91 pence
Price
Sale of Ordinary Shares: as above
Grant of Options: as above
--------------------- -----------------------------------------------
g) Date of the 4 December 2023
transaction
--------------------- -----------------------------------------------
h) Place of the Grant and exercise of options off-market
transaction and sale of shares on-market
--------------------- -----------------------------------------------
Details of PDMR / person closely associated with them (
1. 'PCA')
a) Name Pete Rawley
--------------------- -------------------------------------------------
Details of PDMR / person closely associated with them (
2. 'PCA')
------------------------------------------------------------------------
a) Position / Trading Director
status
--------------------- -------------------------------------------------
b) Initial notification Initial notification
/ amendment
--------------------- -------------------------------------------------
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Ultimate Products Plc
--------------------- -------------------------------------------------
b) LEI 213800Q5GWTVIW6KJW33
--------------------- -------------------------------------------------
Details of the transaction(s): section to be repeated for
4. (i) each type of instrument;
(ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
------------------------------------------------------------------------
c) Description Ordinary shares of 0.25p each in the capital
of the financial of Ultimate Products plc ("Ordinary Shares")
instrument ISIN: GB00BYX7MG58
--------------------- -------------------------------------------------
d) Nature of Exercise of options over Shares pursuant
the transaction to the Company's UP Global Sourcing Performance
Share Plan 2017
Sale of Ordinary Shares
--------------------- -------------------------------------------------
e) Price and Price (PENCE) Volume
volume Exercise of Options 0.25 29,865
-------------- -------
Exercise of Options 59.17 37,138
-------------- -------
Sale of Ordinary
Shares 145.00 67,003
-------------- -------
Grant of Options 105.00 8,833
-------------- -------
--------------------- -------------------------------------------------
f) Aggregated
information
Aggregated Option Shares: 67,003
volume
Option Shares:32.91 pence
Price
Sale of Ordinary Shares: as above
Grant of Options: as above
--------------------- -------------------------------------------------
g) Date of the 4 December 2023
transaction
--------------------- -------------------------------------------------
h) Place of the Grant and exercise of options off-market
transaction and sale of shares on-market
--------------------- -------------------------------------------------
Details of PDMR / person closely associated with them (
1. 'PCA')
a) Name Craig Holden
--------------------- -------------------------------------------------
Details of PDMR / person closely associated with them (
2. 'PCA')
------------------------------------------------------------------------
a) Position / Operations & HR Director
status
--------------------- -------------------------------------------------
b) Initial notification Initial notification
/ amendment
--------------------- -------------------------------------------------
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Ultimate Products Plc
--------------------- -------------------------------------------------
b) LEI 213800Q5GWTVIW6KJW33
--------------------- -------------------------------------------------
Details of the transaction(s): section to be repeated for
4. (i) each type of instrument;
(ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
------------------------------------------------------------------------
c) Description Ordinary shares of 0.25p each in the capital
of the financial of Ultimate Products plc ("Ordinary Shares")
instrument ISIN: GB00BYX7MG58
--------------------- -------------------------------------------------
d) Nature of Exercise of options over Shares pursuant
the transaction to the Company's UP Global Sourcing Performance
Share Plan 2017
Sale of Ordinary Shares
--------------------- -------------------------------------------------
e) Price and Price (PENCE) Volume
volume Exercise of Options 0.25 18,499
-------------- -------
Exercise of Options 59.17 9,284
-------------- -------
Sale of Ordinary
Shares 145.00 15,063
-------------- -------
Grant of Options 105.00 8,833
-------------- -------
--------------------- -------------------------------------------------
f) Aggregated
information
Aggregated Option Shares: 27,783
volume
Option Shares: 19.94 pence
Price
Sale of Ordinary Shares: as above
Grant of Options: as above
--------------------- -------------------------------------------------
g) Date of the 4 December 2023
transaction
--------------------- -------------------------------------------------
h) Place of the Grant and exercise of options off-market
transaction and sale of shares on-market
--------------------- -------------------------------------------------
Details of PDMR / person closely associated with them (
1. 'PCA')
a) Name Jenny Stewart (Scales)
--------------------- -------------------------------------------------
Details of PDMR / person closely associated with them (
2. 'PCA')
------------------------------------------------------------------------
a) Position / Commercial Director
status
--------------------- -------------------------------------------------
b) Initial notification Initial notification
/ amendment
--------------------- -------------------------------------------------
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Ultimate Products Plc
--------------------- -------------------------------------------------
b) LEI 213800Q5GWTVIW6KJW33
--------------------- -------------------------------------------------
Details of the transaction(s): section to be repeated for
4. (i) each type of instrument;
(ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
------------------------------------------------------------------------
c) Description Ordinary shares of 0.25p each in the capital
of the financial of Ultimate Products plc ("Ordinary Shares")
instrument ISIN: GB00BYX7MG58
--------------------- -------------------------------------------------
d) Nature of Exercise of options over Shares pursuant
the transaction to the Company's UP Global Sourcing Performance
Share Plan 2017
Sale of Ordinary Shares
--------------------- -------------------------------------------------
e) Price and Price (PENCE) Volume
volume Exercise of Options 0.25 18,499
-------------- -------
Exercise of Options 59.17 9,284
-------------- -------
Sale of Ordinary
Shares 145.00 27,783
-------------- -------
Grant of Options 105.00 8,833
-------------- -------
--------------------- -------------------------------------------------
f) Aggregated
information
Aggregated Option Shares: 27,783
volume
Option Shares: 19.94 pence
Price
Sale of Ordinary Shares: as above
Grant of Options: as above
--------------------- -------------------------------------------------
g) Date of the 4 December 2023
transaction
--------------------- -------------------------------------------------
h) Place of the Grant and exercise of options off-market
transaction and sale of shares on-market
--------------------- -------------------------------------------------
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END
DSHTIBFTMTAMBMJ
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December 05, 2023 02:00 ET (07:00 GMT)
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