Exercise of Options and PDMR Shareholdings

RNS Number : 9448O

Portmeirion Group PLC

22 May 2018

 

22 May 2018

Portmeirion Group PLC

(the "Company")

Exercise of Options and PDMR Shareholdings

The Portmeirion 2012 Approved Share Option Plan and The Portmeirion 2012 Unapproved Share Option Plan (the "Option Plans") and The Portmeirion Group 2010 Deferred Incentive Share Option Plan (the "Deferred Plan")

The Company announces that, on 21 and 22 May 2018, the following transactions occurred for the persons discharging managerial responsibilities ("PDMRs") as shown below:

		Option Plans Exercise Price per Ordinary Share	Number of options exercised under Option Plans  (A)	Number of Ordinary Shares sold under Option Plans (B)	Option Plans number options granted (C)	Deferred Plan number options granted (D)	Exercise  Price over Deferred Plan options	Deferred Plan existing options exercised (E)
Company directors/officers:
Philip Atherton	Group Sales & Marketing Director	£9.35	33,000	29,517	25,000	2,792	£1.00	1,102
Lawrence Bryan	Chief Executive	£9.35	49,500	99,500	40,000	6,940	£1.00	2,034
Michael Knapper	Operations Director	£9.35	11,000	9,826	25,000	1,750	£1.00	-
Moira MacDonald	Company Secretary	£9.35	4,400	3,860	7,500	-	-	-
Michael Raybould	Group Finance Director	-	-	-	30,000	2,917	£1.00	-
Subsidiary Company directors:
Samantha Pearce	HR Director	£9.35	4,400	4,300	7,500	-	-	-
Nigel Spencer	Production Director	£6.10	8,121	8,121	7,500	-	-	-
Nigel Spencer	Production Director	£7.40	7,667	7,667	-	-	-	-
		Total:	118,088	162,791	142,500	14,399		3,136

Note:

(A)     Exercise of options over Ordinary Shares under Option Plans. 

(B)      Sale of Ordinary Shares.

(C)     Grant of options under Option Plans. 

(D)     Grant of new options under Deferred Plan.

(E)      Exercise of existing options under the Deferred Plan.

Subsequent to the exercises above, The Portmeirion Employees' Share Trust (the "Trust"), transferred 102,300 Ordinary Shares to the PDMRs named above (excluding Nigel Spencer) and 18,700 Ordinary Shares to other employees. In addition, the Company issued 15,788 Ordinary Shares to Nigel Spencer and 1,591 Ordinary Shares to another employee.  As a result of the exercise of Deferred Plan options detailed above, the Company transferred 3,136 Ordinary Shares from the Ordinary Shares held in treasury by the Company.

In addition, the Company granted 142,500 options over Ordinary Shares to the PDMR's shown above and a further 52,500 options over Ordinary Shares to other senior managers over Ordinary Shares pursuant to the Option Plans, including the amounts shown above. 

The Trust has notified the Company that the Trust purchased 99,500 Ordinary Shares from Lawrence Bryan at £11.85 per Ordinary Share on 21 May 2018 and a further 83,582 Ordinary Shares in the market at £11.80 on 22 May 2018.  Following the purchases the Trust will hold 214,999 Ordinary Shares representing 1.98% of the Company's enlarged share capital.

In order to facilitate the transactions above, the Company has made an application to the London Stock Exchange for, 20,515 new Ordinary Shares to be admitted to trading on AIM and trading of these Ordinary Shares is expected to commence on or around 29 May 2018 ("Admission").

Following Admission, the total number of Ordinary Shares held by the Company in treasury is 234,607, and the Company will have 11,107,483 Ordinary Shares in issue and 10,872,876 Ordinary Shares with voting rights. The figure of 10,872,876 Ordinary Shares may be used by shareholders of Portmeirion Group PLC as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

PDMR Shareholdings

The total number of Ordinary Shares over which each PDMR holds options and the total number of Ordinary Shares with voting rights held following this Admission is:

	Total number of options over Ordinary Shares	Total number of Ordinary Shares with voting rights	Ordinary Shares percentage of Company's Ordinary Shares with voting rights
Philip Atherton	54,157	15,134	0.14%
Lawrence Bryan	89,800	95,701	0.88%
Michael Raybould	62,917	-	-
Michael Knapper	46,750	2,511	0.02%
Moira MacDonald	15,000	2,693	0.02%
Samantha Pearce	15,000	100	0.00%
Nigel Spencer	33,667	-	-

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

_____________________________________________

Notification and public disclosure of transactions by persons discharging managerial responsibilities / person closely associated with them.

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Company directors/officers: Philip Atherton Group Sales & Marketing Director Lawrence Bryan Chief Executive Michael Knapper Operations Director Moira MacDonald Group Company Secretary Michael Raybould Group Finance Director Subsidiary Company directors: Samantha Pearce HR Director Nigel Spencer Production Director
2.	Reason for the notification
a)	Position/status	See 1(a) above for all positions - all classified as PDMRs of the Company
b)	Initial notification/Amendment	Initial Notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Portmeirion Group PLC
b)	LEI	2138003QC9J6TLZJHO70
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 5 pence each
b)	Identification code	GB0006957293
c)	Nature of the transactions	(A)   Exercise of options over Ordinary Shares under The Portmeirion 2012 Approved Share Option Plan and The Portmeirion 2012 Unapproved Share Option Plan (the "Option Plans"). (B)   Sale of Ordinary Shares. (C)   Performance related, Grant of options under Option Plans. Exercise period 23 May 2021 - 21 May 2028. (D)   Grant of new options under The Portmeirion Group 2010 Deferred Incentive Share Option Plan (the "Deferred Plan"). (E)   Exercise of Existing options under the Deferred Plan.
d)	Price(s) and volume(s)	In respect of (A) Exercise of options over Ordinary Shares under the Option Plans Price Exercise price of 610 pence per Ordinary Share for options granted on 2 May 2013, 740 pence per Ordinary Share for options granted on 30 April 2014 and 935 pence per Ordinary Share for options granted on 27 April 2015. Volume(s) Philip Atherton - Options over 33,000 Ordinary Shares at 935 pence per Ordinary Share. Lawrence Bryan - Options over 49,500 Ordinary Shares at 935 pence per Ordinary Share. Michael Knapper - Options over 11,000 Ordinary Shares at 935 pence per Ordinary Share. Moira MacDonald - Options over 4,400 Ordinary Shares at 935 pence per Ordinary Share. Samantha Pearce - Options over 4,400 Ordinary Shares at 935 pence per Ordinary Share. Nigel Spencer - Options over 8,121 Ordinary Shares at 610 pence per Ordinary Share. Nigel Spencer - Options over 7,667 Ordinary Shares at 740 pence per Ordinary Share. In respect of (B) Sale of Ordinary Shares Price Volume of Ordinary Shares Philip Atherton £11.80 29,517 Lawrence Bryan £11.85 99,500 Michael Knapper £11.80 9,826 Moira MacDonald £11.80 3,860 Samantha Pearce £11.80 4,300 Nigel Spencer £11.80 15,788 In respect of (C) Grant of options under Option Plans Price at grant: Nil Exercise Price:  £11.80 pence per Ordinary Share Volume(s) Options over Ordinary Shares Philip Atherton 25,000 Lawrence Bryan 40,000 Michael Raybould 30,000 Michael Knapper 25,000 Moira MacDonald 7,500 Samantha Pearce 7,500 Nigel Spencer 7,500 In respect of (D) Grant of options under Deferred Plan Price at grant: Nil Exercise price of £1.00 per all 2,792 Deferred Plan options over Ordinary Shares granted to Philip Atherton. Exercise price of £1.00 per all 6,940 Deferred Plan options over Ordinary Shares granted to Lawrence Bryan. Exercise price of £1.00 per all 2,917 Deferred Plan options over Ordinary Shares granted to Michael Raybould. Exercise price of £1.00 per all 1,750 Deferred Plan options over Ordinary Shares granted to Michael Knapper. In respect of (E) Exercise of options under the Deferred Plan Exercise price of £1.00 per all 1,102 Deferred Plan options over Ordinary Shares exercised by Philip Atherton. Exercise price of £1.00 per all 2,034 Deferred Plan options over Ordinary Shares exercised by Lawrence Bryan.
e)	Aggregated information -     Aggregated volume -     Price	In respect of (A) Exercise of options over Ordinary Shares under the Option Plans Aggregated cost of exercise Philip Atherton £308,550 Lawrence Bryan £462,825 Michael Knapper £102,850 Moira MacDonald £41,140 Samantha Pearce £41,140 Nigel Spencer £106,274 In respect of (B) Sale of Ordinary Shares Aggregated sales proceeds Philip Atherton £348,301 Lawrence Bryan £1,179,075 Michael Knapper £115,947 Moira MacDonald £45,548 Samantha Pearce £50,740 Nigel Spencer £186,298 In respect of (C) Grant of options under Option Plans Nil, grant of options only In respect of (D) Grant of options under Deferred Plan Nil, grant of options only In respect of (E) Exercise of options under the Deferred Plan £1.00 £1.00
f)	Date of the transactions	In respect of (A) Exercise of options over Ordinary Shares under the Option Plans - 21 May 2018 for the Exercise of options by Lawrence Bryan; 22 May 2018 for all other PDMRs and employees. In respect of (B) Sale of Ordinary Shares - 21 May 2018 for the sale by Lawrence Bryan; 22 May 2018 for all other PDMRs. In respect of (C) Grant of options under Option Plans - 22 May 2018 In respect of (D) Grant of options under Deferred Plan - 21 May 2018 In respect of (E) Exercise of options under the Deferred Plan - 21 May 2018
f)	Place of the transactions	In respect of (A) Exercise of options over Ordinary Shares under the Option Plans - Off-market In respect of (B) Sale of Ordinary Shares - Combination of Off-market and London Stock Exchange, AIM Market (XLON) In respect of (C) Grant of options under Option Plans - - Off-market In respect of (D) Grant of options under Deferred Plan - Off-market In respect of (E) Exercise of options under the Deferred Plan - Off-market

Name of authorised official of issuer responsible for making notification:

Moira MacDonald

Company Secretary to Portmeirion Group PLC

ENQUIRIES:

Portmeirion Group PLC:

Dick Steele                                                 [phone]       [e-mail]

Non-executive Chairman

Mike Raybould                                           [phone]       [e-mail]

Group Finance Director

Hudson Sandler:

Dan de Belder                                            [phone]       [e-mail]

Nick Moore                                                                                       [e-mail]

Panmure Gordon:

(Nominated Adviser and Broker):                 [phone]

Freddy Crossley/ Ryan McCarthy                 Corporate Finance

James Stearns                                            Corporate Broking

Cantor Fitzgerald Europe:

(Joint Broker):                                            [phone]

Catherine Leftley /Marc Milmo                  Corporate Finance

Alex Pollen                                                  Sales

 

END

 

 

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