Awards under LTIP and PDMR dealing

RNS Number : 6341C

Accrol Group Holdings PLC

24 February 2022

 

24 February 2022

Accrol Group Holdings plc

("Accrol", the "Group" or the "Company")

Awards under Long Term Incentive Plan and PDMR dealing

Accrol (AIM: ACRL), the UK's leading independent tissue converter, announces the second grant of options to executive Directors and certain senior management under the Long Term Incentive Plan ("LTIP") announced on 5 March 2021.

The LTIP was established to incentivise management to deliver long-term value creation for shareholders and ensure alignment with shareholder interests.

Background

The LTIP is based on market standard annual awards and is limited to a maximum of 5% of the issued share capital of the Company over its five year life.

All awards made under the LTIP will be made by the granting of nil-cost options established in accordance with the rules of the LTIP and vesting is subject to adjusted EBITDA targets in line with the LTIP rules.

The Remuneration Committee has discretion to amend these terms to take account of, for example, corporate activities such as acquisitions to ensure that the performance targets remain appropriate. Malus and clawback provisions are also in place to reduce or recover any awards for criteria such as any material misstatement of the financial statements, a serious breach of the Company's code of ethics or a serious health and safety issue.

Award size, performance conditions and dilution

On 23 February 2022, options over 7,967,183 shares in aggregate (the "2022 Awards") were granted under the LTIP, including those set out below which were granted to directors and other persons discharging managerial responsibility:

Director / PDMR	Role	Number of shares over which 2022 Awards made
Dan Wright	Executive Chairman	1,197,391
Gareth Jenkins	Chief Executive Officer	2,494,565
Richard Newman	Chief Financial Officer	1,341,522

The 2022 Awards are subject to the below Adjusted EBITDA targets measured over the performance period ending on 30 April 2024 and are summarised below:

Adjusted EBITDA for FY2024	Percentage of the 2022 Award that may vest
Less than £18.0m	0%
Between £18.0m and £20.0m	between 25% and 100%
£20.0m or greater	100%

If the maximum targets are met in FY24, the total dilutive impact of the 2022 Awards will be c.2.5%. The maximum aggregate dilutive effect of awards then issued under the LTIP will stand at 3.5% of issued share capital. 

For further information, please contact:
Accrol Group Holdings plc
Dan Wright, Executive Chairman	Via Belvedere Communications
Gareth Jenkins, Chief Executive Officer
Zeus Capital Limited (Nominated Adviser & Broker)
Dan Bate / Jordan Warburton	Tel: [phone]
Dominic King	Tel: [phone]
Liberum Capital Limited (Joint Broker)	Tel: [phone]
Clayton Bush / Edward Thomas
Belvedere Communications Limited
Cat Valentine	Tel: [phone]
Keeley Clarke	Tel: [phone]
Llew Angus	Tel:  [phone]
	[e-mail]

Overview of Accrol

Accrol Group Holdings plc is a leading tissue converter and supplier of toilet tissues, kitchen rolls and facial tissues to many of the UK's leading discounters and grocery retailers across the UK. Following the recent acquisition of a state-of-the-art tissue converter based in Leicester, the Group now operates from six sites, including four in Lancashire, which generate revenues totalling c.16% of the £2.0bn UK retail tissue market.

The below information and notification is made in accordance with the EU Market Abuse Regulation.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING  MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Dan Wright
2	Reason for the notification
a)	Position/status	Executive Chairman
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Accrol Group Holdings plc
b)	LEI	213800MC56M5G69RJ226
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 financial instrument, type of instrument Identification code	Ordinary shares of £0.001 each ISIN: GB00BZ6VT592
b)	Nature of the transaction	Grant of options over ordinary shares under the Company's new LTIP
c)	Price(s) and volume(s)	a)  Volume: 1,197,391 Price :  £0.001
d)	Aggregated information - Aggregated volume - Price	a)  Price :  £0.001 Volume: 1,197,391
e)	Date of the transaction	a)  23 Feb 2022
f)	Place of the transaction	a)  Off market transaction

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Gareth Jenkins
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Accrol Group Holdings plc
b)	LEI	213800MC56M5G69RJ226
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 financial instrument, type of instrument Identification code	Ordinary shares of £0.001 each ISIN: GB00BZ6VT592
b)	Nature of the transaction	Grant of options over ordinary shares under the Company's new LTIP
c)	Price(s) and volume(s)	a)  Volume: 2,494,565 Price :  £0.001
d)	Aggregated information - Aggregated volume - Price	a)  Price :  £0.001 Volume: 2,494,565
e)	Date of the transaction	a)  23 Feb 2022
f)	Place of the transaction	a)  Off market transaction

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Richard Newman
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Accrol Group Holdings plc
b)	LEI	213800MC56M5G69RJ226
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 financial instrument, type of instrument Identification code	Ordinary shares of £0.001 each ISIN: GB00BZ6VT592
b)	Nature of the transaction	Grant of options over ordinary shares under the Company's new LTIP
c)	Price(s) and volume(s)	a)  Volume: 1,341,522 Price :  £0.001
d)	Aggregated information - Aggregated volume - Price	a)  Price :  £0.001 Volume: 1,341,522
e)	Date of the transaction	a)  23 Feb 2022
f)	Place of the transaction	a)  Off market transaction

 

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