Grant of options and award of SARs

RNS Number : 5195E

Franchise Brands PLC

11 March 2022

 

11 March 2022

Franchise Brands PLC

("Franchise Brands" , the "Group" or the "Company")

Grant of options and award of SARs

Franchise Brands (AIM: FRAN), a multi-brand international franchise business, announces that its Remuneration Committee yesterday approved the grant of options and award of share acquisition rights ("SARs") to employees and directors.

A total of 922,667 CSOP (Company Share Option Plan) options and 1,236,333 non-tax advantaged (non-approved) options, all with an exercise price of £1.50 per share (being the closing mid-market price of an ordinary share on 9 March 2022), have been granted. 

In addition, 1,177,000 SARs have been awarded to employees who are non-UK resident, with a grant price of £1.50 each. The SARs are conditional bonuses whose value will be calculated by reference to the amount by which the price of the Company's ordinary shares has risen above the grant price at the date of exercise, thus providing holders of SARs the same reward value as if the SARs were share options. The qualifying conditions and timing of vesting are identical to those within the share option schemes for UK employees.  All SARs are settled in cash when exercised. 

The CSOP options and non-approved options granted and the SARs awarded expire on 9 March 2032.

The CSOP options, non-approved options and SARs are all subject to satisfaction of the following performance conditions:

1)  as to 20 per cent. after reported fully diluted adjusted earnings per share ("EPS") achieves compound annual growth of 8 per cent. over each of the next three financial years;

2)  as to 100 per cent. after reported fully diluted adjusted EPS achieves compound annual growth of 15 per cent. over each of the next three financial years; and

3)  between 20 per cent. to 100 per cent. of their options on a sliding scale basis on EPS growth between the targets in 1) and 2) above.

Certain directors of the Company have been granted options or awarded SARs, details of which are set out below.

Director	Number of non-approved options granted	Number of SARs awarded	Total
Brian Hogan		360,000	360,000
Peter Molloy	150,000		150,000
Colin Rees	90,000		90,000
Tim Harris	60,000		60,000
Julia Choudhury	60,000		60,000

The notifications below, which have been made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail.

Enquiries:

Franchise Brands plc	+ 44 (0) 1625 813231
Stephen Hemsley, Executive Chairman
Brian Hogan, Chief Financial Officer
Julia Choudhury, Corporate Development Director
Allenby Capital Limited (Nominated Adviser and Joint Broker)	[phone]
Jeremy Porter / Liz Kirchner (Corporate Finance) Amrit Nahal (Sales and Corporate Broking)
Dowgate Capital Limited (Joint Broker)	[phone]
James Serjeant / Russell Cook / Nicholas Chambers
MHP Communications (Financial PR)	[phone]
Katie Hunt	[phone]
	[e-mail]

 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	Directors: Brian Hogan Peter Molloy Colin Rees Tim Harris Julia Choudhury
2	Reason for the notification
a)	Position/status	Directors of Franchise Brands plc
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Franchise Brands plc
b)	LEI	213800CFRX6CJ8LCKN37
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 0.5p each in Franchise Brands plc Identification code (ISIN) for Franchise Brands plc ordinary shares: GB00BD6P7Y24
b)	Nature of the transaction	Grant of CSOP options, non-approved options and award of SARs
c)	Price(s) and volume(s)	Exercise price: £1.50  Director Number of non-approved options granted Number of SARs awarded Total Brian Hogan 360,000 360,000 Peter Molloy   150,000 150,000 Colin Rees   90,000 90,000 Tim Harris   60,000 60,000 Julia Choudhury   60,000 60,000
d)	Aggregated information - Aggregated volume - Price	n/a
e)	Date of the transaction	10 March 2022
f)	Place of the transaction	Outside a trading venue

 

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