Grant of options

Midwich Group PLC

16 August 2023

 

16 August 2023 

Midwich Group plc

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

Grant of options

Midwich (AIM: MIDW), a global specialist audio visual distributor to the trade market, announces that, on 16 August 2023, it granted 128,889 nominal cost options over ordinary shares of £0.01 each in the Company under the Midwich Group plc 2016 Long Term Incentive Plan (the "LTIP Award") to Stephen Lamb, Group Finance Director.

Performance conditions and vesting

The LTIP Award is subject to challenging performance conditions linked to growth in the Group's profitability and earnings per share and will ordinarily vest in 2026. The award is exercisable for up to 10 years from the date of grant and part of the award subject to a two-year holding period from the date of vesting.

1.	Details of the person discharging managerial responsibilities/person closely associated
(a)	Name	Stephen Lamb
2.	Reason for the notification
(a)	Position/status	Group Finance Director
(b)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer
(a)	Name	Midwich Group Plc
(b)	LEI	213800TUH2ZU68PZZN12
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	Ordinary shares of £0.01 each
(b)	Identification code of the Financial Instrument	GB00BYSXWW41
(c)	Nature of the transaction	Grant of options
(d)	Price(s) and volume(s)	Price(s)	Volume(s)
		1p	128,889
(e)	Aggregated information -  Aggregated volume -   Price	n/a
(f)	Date of the transaction	16 August 2023
(g)	Place of the transaction	London Stock Exchange

For further information:

Midwich Group plc Stephen Fenby, Managing Director Stephen Lamb, Finance Director	Tel: [phone]
Investec Bank plc (NOMAD and Joint Broker to Midwich) Carlton Nelson Ben Griffiths	Tel: [phone]
Berenberg (Joint Broker to Midwich) Ben Wright Richard Andrews	Tel: [phone]
FTI Consulting Alex Beagley Tom Hufton Rafaella de Freitas	Tel: [phone]

About Midwich Group

Midwich is a specialist AV distributor to the trade market, with operations in EMEA, the UK and Ireland, Asia Pacific and North America. The Group's long-standing relationships with over 600 vendors, including blue-chip organisations, support a comprehensive product portfolio across major audio visual categories such as large format displays, projectors, digital signage and professional audio. The Group operates as the sole or largest in-country distributor for a number of its vendors in their respective product sets.

The Directors attribute this position to the Group's technical expertise, extensive product knowledge and strong customer service offering built up over a number of years. The Group has a large and diverse base of over 20,000 customers, most of which are professional AV integrators and IT resellers serving sectors such as corporate, education, retail, residential and hospitality. Although the Group does not sell directly to end users, it believes that the majority of its products are used by commercial and educational establishments rather than consumers.

Initially a UK only distributor, the Group now has around 1,800 employees across the UK and Ireland, EMEA, Asia Pacific and North America. A core component of the Group's growth strategy is further expansion of its international operations and footprint into strategically targeted jurisdictions.

For further information, please visit www.midwichgroupplc.com

 

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