Grant of share incentive awards to Exec Directors

RNS Number : 5010M

Parsley Box Group PLC

24 May 2022

 

24 May 2022

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 fast-growing and underserved Baby Boomer+ demographic, announces that it has today granted incentive awards in the form of options (the "Awards") over its ordinary shares of £0.01 each ("Shares") to certain directors and PDMRs as set out in the table below. The Awards have been granted under the terms of the Company's Management Incentive Plan (the "MIP").

Director	Role	Awards granted	Exercise price	Total options held
Kevin Dorren	Chief Executive Officer	2,926,829	20.5p	2,926,829
Holly McComb	Chief Financial Officer	2,195,121	20.5p	2,195,121
Simon Russell	Managing Director	1,463,414	20.5p	1,463,414

The vesting of each of the Awards is subject to the satisfaction of stretching performance conditions that have been set by the Remuneration and Nomination Committee of the Company. These conditions (which will be assessed following the end of the financial year to 31 December 2024) relate to the achievement of specified revenue targets (with an earnings per share underpin) that are intended to drive shareholder value.  Vesting will also normally be dependent on the continued employment of the relevant participant within the Company's group on the third anniversary of grant. The Awards are subject to malus and clawback provisions.

Once any part of an Award becomes exercisable, it will generally remain so until the tenth anniversary of its original grant.

It is currently anticipated that no further Awards will be made to the above-noted individuals under the MIP until after the commencement of the financial year ending 31 December 2025. In order to align its management incentive arrangements, the above Award to Kevin Dorren replaces the nominal-value option granted to him on 31 March 2021.  

Following consultation with significant shareholders, the Company's option pool, as described in its AIM admission document, has been increased from 10% to 15% of share capital to create the necessary headroom to recruit and retain the talent needed to grow the business.

Finally, it should be noted that options over up to 880,555 Shares have also been granted today to other employees of the Company under the MIP.

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).

Enquiries:
Parsley Box  Holly McComb Kevin Dorren	Tel: [phone] Email: [e-mail]
finnCap (Nominated Adviser and Broker) Matt Goode / Charlie Beeson (Corporate Finance) Tim Redfern / Charlotte Sutcliffe (ECM)	Tel: [phone]
Instinctif Partners Matthew Smallwood Justine Warren	Tel: [phone] / 2010

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.  Holly McComb 3.  Simon Russell
2	Reason for the notification
a)	Position/status	1.  Chief Executive Officer, Executive Director 2.  Chief Financial Officer, Executive Director 3.  Managing Director, PDMR
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 options) over Shares pursuant to the Parsley Box Group plc Management Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) 1. £0.205 (exercise price) 2,926,829 2. £0.205 (exercise price) 2,195,121 3. £0.205 (exercise price) 1,463,414
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	24 May 2022
f)	Place of the transaction	Outside a trading venue
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Kevin Dorren
2	Reason for the notification
a)	Position/status	Chief Executive Officer, Executive Director
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	Release of award (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) £0.01 (exercise price) 1,125,000
d)	Aggregated information -Aggregated volume - Price	N/A
e)	Date of the transaction	24 May 2022
f)	Place of the transaction	Outside a trading venue

 

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