Grant of options & director holdings

Franchise Brands PLC
10 May 2023
 

10 May 2023

 

Franchise Brands PLC

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

 

Grant of options and award of SARs to directors and employees

 

Franchise Brands (AIM: FRAN), a multi-brand international franchise business, announces that following the acquisition of Pirtek Europe Ltd., its Remuneration Committee yesterday approved the grant of up to 5,000,000 share options and share acquisition rights ("SARs") to employees and directors, all with an exercise price of £1.80 per share (being the closing mid-market price of an ordinary share on 9 May 2023).

 

These grants will be awarded pursuant to the Company Share Option Plan ("CSOP") or as non-approved options or as SARs, and are all are exercisable after three years for a period of seven years, subject to satisfaction of the following performance conditions:

 

1)    20 per cent. can be exercised 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 to 31 December 2025;

 

2)    100 per cent. can be exercised after reported fully diluted adjusted EPS achieves compound annual growth of 15 per cent. over each of the next three financial years to 31 December 2025; and

 

3)    between 20 per cent. and 100 per cent. can be exercised pro rata to EPS growth achieved between the targets in 1) and 2) above.

 

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 (non-UK employees) 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 to be settled in cash when exercised.

 

Certain directors of the Company have been granted options as set out below:

 

Director

Number of new non-approved options granted

Total options over ordinary shares now held




Peter Molloy

Andrew Mallows

150,000

50,000

776,530

550,682

Julia Choudhury

100,000

266,061

Colin Rees

100,000

335,834

Tim Harris

100,000

266,061

 

Enquiries:

 

Franchise Brands plc

+ 44 (0) 1625 507 910

Stephen Hemsley, Executive Chairman


Andrew Mallows, Interim Chief Financial Officer


Julia Choudhury, Corporate Development Director




Allenby Capital Limited (Nominated Adviser and Joint Broker)

+44 (0) 20 3328 5656

Jeremy Porter / George Payne (Corporate Finance)

Amrit Nahal (Sales & Corporate Broking)




Dowgate Capital Limited (Joint Broker)

+44 (0) 20 3903 7715

James Serjeant / Russell Cook / Nicholas Chambers

 


Stifel Nicolaus Europe Limited (Joint Broker)

+44 (0) 20 7710 7699

Matthew Blawat / Francis North

 

 

MHP Group (Financial PR)

+44 (0) 20 3128 8100

Katie Hunt/Catherine Chapman

+44 (0) 7884 494112


franchisebrands@mhpgroup.com

 

 

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

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Peter Molloy

Andrew Mallows

Julia Choudhury

Colin Rees

Tim Harris

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 non-approved share options

c)

Price(s) and volume(s)

Exercise price: £1.80

Director

Number of non-approved options granted



Peter Molloy

Andrew Mallows

150,000

50,000

Julia Choudhury

100,000

Colin Rees

100,000

Tim Harris

100,000

d)

Aggregated information

- Aggregated volume

- Price

n/a

e)

Date of the transaction

9 May 2023

f)

Place of the transaction

Outside of a trading venue

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UK 100

Latest directors dealings