Grant of share incentive awards to Exec Directors

RNS Number : 1854U

Parsley Box Group PLC

31 March 2021

 

31 March 2021

Parsley Box Group plc

("Parsley Box" or the "Company")

Grant of share incentive awards to Executive Directors

Parsley Box, the direct to consumer provider of ready meals focused on the Baby Boomer+ demographic, announces that, in accordance with the disclosures made in paragraph 15.3 of part 4 of the Company's admission document, it has today granted incentive awards in the form of nominal-value options (the "Awards") over its ordinary shares of £0.01 each ("Shares") to the Executive Directors set out below under the terms of its newly established Management Incentive Plan (the "MIP").

Executive Director	Role	No. of Shares over which Awards were granted
Kevin Dorren	Chief Executive Officer	1,125,000
John Swan	Chief Financial Officer	337,500
Adrienne MacAulay	Chief Product Officer	337,500

The vesting of each of the Awards is subject to the satisfaction of annual performance conditions that have been set by the Remuneration and Nomination Committee of the Company. These conditions (which will be assessed over the three financial years to 31 December 2023) relate to the achievement of specified targets, with 70% determined by reference to revenue and adjusted EBITDA, and 30% determined by reference to certain annual key performance indicators. Vesting will also normally be dependent on the continued employment of the participant within the Company's group. The Awards are subject to malus and clawback provisions.

Each Award is separated into three equal tranches that will (subject to the achievement of the applicable performance conditions) vest on the first, second and third anniversaries of grant respectively.  On any vesting of an Award tranche, one third of the resulting Shares will become exercisable immediately; a one year holding period will be applied to a further third of the vested Shares and a two year holding period will apply to the balance of the vested Shares.

Once any part of an Award becomes exercisable, it will generally remain so until the tenth anniversary of its original grant.  On any such exercise, additional "dividend equivalent" entitlements may also be paid to the relevant individuals.

It is currently not anticipated that further awards will be made to Kevin Dorren, John Swan or Adrienne MacAulay under the MIP until after the commencement of the Company's financial year to 31 December 2024.

The following notifications are intended to satisfy the Company's obligations under Article 19(3) of EU Regulation No 596/2014 (the Market Abuse Regulation).

Notification of transactions of persons discharging managerial responsibilities and persons closely associated with them

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	1.  Kevin Dorren 2.  John Swan 3.  Adrienne MacAulay
2	Reason for the notification
a)	Position/status	1.  Chief Executive Officer 2.  Chief Financial Officer 3.  Chief Product Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Parsley Box Group plc
b)	LEI	21380011BEY3JSQ3AU68
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 £0.01 each ("Shares") GB00BNK9TZ56
b)	Nature of the transaction	Grant of awards (in the form of nominal-value options) over Shares pursuant to the Parsley Box Group plc Management Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) 1. £0.01 (exercise price) 1,125,000 2. £0.01 (exercise price) 337,500 3. £0.01 (exercise price) 337,500
d)	Aggregated information -Aggregated volume - Price	1.  N/A single transaction 2.  N/A single transaction 3.  N/A single transaction
e)	Date of the transaction	31 March 2021
f)	Place of the transaction	Outside a trading venue

Enquiries:
Parsley Box  Cal Bull-Edwards, Head of Communications and Investor Relations	Tel: [phone] Email: [e-mail]
finnCap (Nominated Adviser and Broker) Matt Goode / Emily Watts / Charlie Beeson (Corporate Finance) Tim Redfern / Charlotte Sutcliffe (ECM)	Tel: [phone]
Instinctif Partners Matthew Smallwood Justine Warren	Tel: [phone] / 2010

NOTES TO EDITORS

Parsley Box delivers ready meals, that do not need to be stored in a fridge or freezer, direct to the underserved Baby Boomer+ consumer, broadly defined as those aged 60 and over. Its mission statement is to promote, support and celebrate independent living by making mealtimes easier and more enjoyable for everyone. The core product range comprises over 60 single portion sized meals spanning various cuisines.

The Baby Boomer+ demographic is growing rapidly; it represented c.24 per cent. of the UK population (16.2 million people) in 2019 and is the only age demographic that is forecast to grow materially in the next 10 years (source: Government Office for Science, Future of an Ageing Population). Parsley Box was formed specifically to target this highly attractive fast-growing market.

Based in Edinburgh, Parsley Box was founded in March 2017 by husband-and-wife team Gordon and Adrienne MacAulay following the couple's discovery of limited options for delivery of ready meals for Gordon's mother. Since then, Parsley Box has grown to offer a 'one stop shop' for its target market.

Parsley Box has embraced the D2C model allowing it to gather detailed insights from customers, building meaningful relationships and allowing for high levels of innovation aligned with their demands. Parsley Box is capitalising on the structural move in consumer buying patterns towards D2C channels.

Parsley Box has seen exceptional revenue growth since inception, with a revenue CAGR of 248 per cent. to £24.4 million for the 2 years to FY20, predominately driven by highly effective marketing investment, with a total of c.£5.0 million of equity investment to the end of FY20.

As of 8 January 2021, Parsley Box had c.154,000 Active Customers, with Parsley Box shipping c. 900,000 products to customers per month.

Parsley Box has a scalable model and is well positioned to take advantage of the structural shift in consumer buying patterns and a growing target demographic.

 

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