Vesting and Settlement of LTIP Options

RNS Number : 4129U

Michelmersh Brick Holdings PLC

02 December 2021

 

2 December 2021

Michelmersh Brick Holdings Plc

(the "Company")

Vesting and Settlement of LTIP Options

Michelmersh Brick Holdings PLC (AIM: MBH), the specialist brick manufacturer, announces that on 1 December 2021, 200,000 nil-cost options over ordinary shares of 20 pence each granted under the Company's 2017 Long-Term Incentive Plan ("LTIP Options") to Ryan Mahoney, Chief Financial Officer of the Company vested. The LTIP Options had been granted to compensate Mr Mahoney for certain incentive arrangements which he forfeited on leaving his previous employer (as announced by the Company on 10 September 2021). 

The Company has elected to make a cash settlement in respect of this specific grant of LTIP Options in lieu of issuing 200,000 new ordinary shares of the Company. The total gross value of the cash settlement for the 200,000 LTIP Options (before deductions for income tax and national insurance) has been calculated using the closing volume-weighted average share price for 30 trading days prior to 1 December 2021 of £1.243 per share.

There has been no change to the issued ordinary share capital of the Company as a consequence of the cash settlement for these LTIP Options, which have now been settled in full.

For further information, please contact:

Michelmersh Brick Holdings plc  

Frank Hanna, Joint CEO   Tel: [phone]

Ryan Mahoney, CFO

Canaccord Genuity Limited (NOMAD and Broker)                Tel: [phone]

Bobbie Hilliam

Georgina McCooke

Yellow Jersey PR  

Charles Goodwin   Tel: [phone]

Annabel Atkins      Tel: [phone]

About Michelmersh Brick Holdings PLC:  

Michelmersh Brick Holdings PLC is a business with seven market leading brands: Blockleys, Carlton, Charnwood, Freshfield Lane, Michelmersh, Hathern Terra Cotta and Floren. These divisions operate within a fully integrated business combining the manufacture of clay bricks and pavers. The Group also includes a landfill operator, New Acres Limited, and seeks to develop future landfill and development opportunities on ancillary land assets.

Established in 1997 the Company has grown through acquisition and organic growth into a profitable and asset rich business, producing over 120 million clay bricks and pavers per annum. Michelmersh currently owns most of the UK's premium manufacturing brands and is a leading specification brick and clay paving manufacturer.

Michelmersh strives to be a well invested, long term, sustainable, environmentally responsible business. Opportunity, training and security for all employees, whilst meeting the needs of stakeholders are at the forefront of everything we do. We aim to lead the way in producing some of Britain's premium clay products and enhancing our environment by adding value to the architectural landscape for generations to come.

We are Michelmersh Brick Holdings PLC: we are "Britain's Brick Specialist".

Please visit the Group's websites at: www.mbhplc.co.uk and www.bimbricks.com

1	Details of PDMR / person closely associated with them ('PCA')
a)	Full Name		Ryan Mahoney
2	Reason for the notification
a)	Position / status		CFO
b)	Initial notification / amendment		Initial Notification
3	Details of the issuer, emission allowance market participation, auction platform, auctioneer or auction monitor
a)	Name	Michelmersh Brick Holdings plc
b)	LEI	213800CIFQFPAHIQE695
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 Identification code		Ordinary shares of 20 pence each in the capital of the Company ISIN: GB00B013H060
b)	Nature of the transaction		Cash settlement in lieu of exercise of 200,000 nil-cost options over Ordinary Shares granted under the Company's 2017 Long-Term Incentive Plan
c)	Price(s) and volume(s)		Price: 124.3 pence Volume:  200,000
d)	Aggregated information Aggregated volume and Price		N/A - single transaction
e)	Date of the transaction		1 December 2021
f)	Place of the transaction		Outside a trading venue

 

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