Exercise of Options, Director Dealings and TVR

RNS Number : 3368G

Accrol Group Holdings PLC

23 July 2021

 

23 July 2021

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Accrol Group Holdings plc

("Accrol" or the "Company")

Exercise of Options, Director Dealings and Total Voting Rights

Accrol (AIM:ACRL), the UK's leading independent tissue convertor, announces the Company has today issued 7,523,465 new ordinary shares of £0.001 each ("Ordinary Shares") in the Company (the "Option Shares") pursuant to the exercise of options ("Options") under the Accrol Group Management Incentive Plan (the "Accrol MIP"). The Options were granted on 15 May 2018 and vested and became exercisable from 14 July 2021 in accordance with the rules of the Accrol MIP.

The Options were exercised by Dan Wright (Executive Chairman), Gareth Jenkins (Chief Executive Officer), two other PDMRs and one other employee (the "Share Option Participants").  Details in relation to the Option Shares issued to the two directors and the two other PDMRs are contained in the table below.

Some of the Share Option Participants have today sold, in aggregate, 2,962,566 Option Shares at a price of £0.43 per Option Share only in order to finance the cost of exercising the options, the resulting income tax and National Insurance liabilities. Dan Wright sold no shares to fund the liabilities arising from the exercise of his options.

Following the exercise of Options and the sale of Option Shares, a total of 6,193,773 Ordinary Shares, which are still held by Share Option Participants, are subject to lock in arrangements whereby 4,957,404 Ordinary Shares cannot be sold until 1 August 2021 and 1,236,369 Ordinary Shares cannot be sold until 23 July 2022.

Following the exercise and sale of Option Shares by the Share Option Participants, the below directors and PDMRs have increased their aggregate holdings from 5.02% to 6.31% of the issued share capital of the Company.  The table below details their interests in the share capital of the Company:

D irector	P osition	Ordinary Shares held previously	% of total issued share capital	Number of Ordinary Shares over which Options exercised	Number of Ordinary Shares sold	Resulting total number of Ordinary Shares held	% of enlarged issued share capital
Dan Wright	Executive Chairman	9,972,726	3.20%	1,310,259	Nil	11,282,9852	3.54%
Gareth Jenkins	Chief Executive Officer	4,265,632	1.37%	2,198,466	1,041,169	5,422,9293	1.70%
Mark Dewhurst	PDMR	1,045,975	0.34%	2,000,690	967.565	2,079,100	0.65%
Graham Cox	PDMR	350,970	0.11%	1,856,0931	879,025	1,328,038	0.42%
TOTAL		15,635,303	5.02%	7,365,508	2,887,759	20,113,052	6.31%

1	This number includes a discretionary award that was made to Graham Cox by Accrol's Remuneration Committee under the Accrol MIP of options over 1,060,638 Option Shares
2	8,244,155 of these shares are registered in the name of Gomrath Limited, a family investment company controlled by Dan Wright
3	3,741,346 of these shares are registered in the name of Gareth's wife Susan Jenkins

Following the above exercise of Options, there are no longer any unexercised options over Ordinary Shares under the Accrol MIP.

Admission and Total Voting Rights  

Application has been made for the 7,523,465 new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission and dealings in those shares will commence at 8.00 a.m. on 28 July 2021.

The Company advises that, immediately following Admission, there will be 318,878,097 Ordinary Shares in issue, with one voting right each. The Company does not hold any shares in treasury. The number of Ordinary Shares with voting rights will therefore be 318,878,097. Accordingly, this number should 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 FCA's Disclosure Guidance and Transparency Rules.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, provides further detail.

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	Exercise of options
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.001 1,310,259
d)	Aggregated information - Aggregated volume - Price	N/A - Single transaction
e)	Date of the transaction	23 J uly 2021
f)	Place of the transaction	London Stock Exchange, AIM

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Gareth Jenkins
2	Reason for the notification
a)	Position/status	CEO
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	(i)  Exercise of options  (ii)  Sale of Ordinary shares
c)	Price(s) and volume(s)	Price(s) Volume(s) (i)  £0.001 (ii)  £0.43 2,198,466 1,041,169
d)	Aggregated information - Aggregated volume - Price	(i) Price - £0.001 Volume - 2,198,466 (ii) Price - £0.43 Volume - 1,041,169
e)	Date of the transaction	23 J uly 2021
f)	Place of the transaction	London Stock Exchange, AIM

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mark Dewhurst
2	Reason for the notification
a)	Position/status	PDMR
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	(i)  Exercise of options  (ii)  Sale of Ordinary shares
c)	Price(s) and volume(s)	Price(s) Volume(s) (iii)  £0.001 (iv)  £0.43 2,000,690 967,565
d)	Aggregated information - Aggregated volume - Price	(i) Price - £0.001 Volume - 2,000,690 (ii) Price - £0.43 Volume - 967,565
e)	Date of the transaction	23 J uly 2021
f)	Place of the transaction	London Stock Exchange, AIM

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	G raham Cox
2	Reason for the notification
a)	Position/status	P DMR
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	(i)  Exercise of options  (ii)  Sale of Ordinary shares
c)	Price(s) and volume(s)	Price(s) Volume(s) (iii)  £0.001 (iv)  £0.43 1,856,093 879,025
d)	Aggregated information - Aggregated volume - Price	(i) Price - £0.001 Volume - 1,856,093 (ii) Price - £0.43 Volume - 879,025
e)	Date of the transaction	23 J uly 2021
f)	Place of the transaction	London Stock Exchange, AIM

For further information, please contact:
Accrol Group Holdings plc
Dan Wright, Executive Chairman	Via Belvedere Communications
Gareth Jenkins, Chief Executive Officer Richard Newman, Chief Financial Officer
Zeus Capital Limited (Nominated Adviser & Broker)
Dan Bate / Jordan Warburton	Tel: [phone]
Dominic King / John Goold	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, facial tissues, and wet wipes to many of the UK's leading discounters and grocery retailers across the UK. Following the recent acquisitions of LTC in Leicester and JD in Flint, North Wales, the Group now operates from six manufacturing sites, including four in Lancashire, which generate revenues totalling c.16% of the £2.1bn UK retail tissue market.

For more information, please visit www.accrol.co.uk

 

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