Director/PDMR Shareholding

RNS Number : 0102M

Ten Entertainment Group PLC

18 May 2022

 

18 May 202 2

Ten Entertainment Group plc

Notification of Transactions by Persons Discharging Managerial Responsibilities ("PDMRs")

Ten Entertainment Group plc (the "Company") announces that on 18 May 2022, the Performance Share Plan awards granted in the 2019 scheme on 17 May 2019 have vested. The awards were granted to the three Executive Directors at the time, of which Graham Blackwell and Antony Smith are still with the Company. Continuous employment over the term of the scheme is a condition and thus only Graham Blackwell and Antony Smith can exercise their options.  The total award to Graham Blackwell was 123,333 options and Antony Smith, 133,333 options.

The Remuneration Committee reviewed the performance conditions of the scheme with 50% applying to Earnings per Share (EPS) and 50% to Total Shareholder Return (TSR). The EPS performance did not trigger a vesting and these awards lapsed. 

The TSR performance condition was met and the extent to which the award should vest is calculated in accordance with the Company's Remuneration policy and the specific scheme details of the 2019 Performance Share Plan as set out in the table below:

TSR performance against Comparator Group Companies	Percentage of Award that vests
Below Median	0%
Median	12.5%
Between Median and Upper Quartile	Between 12.5% and 50% on a straight line basis
Upper Quartile and above	50%

The Company's performance was in the Upper Quartile.  As a result, the percentage of awards vesting was 50%. The Remuneration Committee have approved the vesting of 128,334 ordinary shares in the Company. The Company has elected to settle the awards via the issuance of ordinary shares.

Following the vesting of shares in respect of the Company's awards under the 2019 Performance Share Plan, application was made to the UK Listing Authority and the London Stock Exchange plc for 128,334 ordinary shares of 1p each in the Company ("Shares") to be admitted to the Official List.

After the allotment of the shares to the Company's employee share account, the following shares were disposed of:

· Graham Blackwell disposed of 29,754 shares to cover the tax liability on exercising the options plus a further 7,875 shares all at an aggregated price of 255.00 pence per Ordinary Share

· Antony Smith disposed of 32,167 shares to cover the tax liability on exercising the options at an aggregated price of 255.00 pence per Ordinary Share

The Shares will rank pari passu with the Company's existing ordinary shares. Following admission of the Shares, the Company will have a total of 68,496,118 ordinary shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interests in, the Company under the FCA's Disclosure and Transparency Rules.  The Company does not hold any shares in treasury.

Further details regarding the share awards are set out within the Directors' Remuneration Report within the Company's 2021 Annual Report. This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation

1.	Details of the person discharging managerial responsibilities / person closely associated
a.	Name	Graham Blackwell
2.	Reason for the notification
a.	Position/status	Chief Executive Officer
b.	Initial notification/Amendment	Initial Notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Ten Entertainment Group PLC
b.	LEI	213800SL9HJUQ5BGPX17
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 1p each ISIN: GB00BF020D33
b.	Nature of the transaction	(1)  Award of performance shares (2)  Sale of shares
c.	Price(s) and volume(s)	Price(s) Volume(s) (1)  nil 6 1,667 (2)  2 55.00 p 3 7,629
d.	Aggregated information ·   Aggregated volume ·Price	N /A Total volume of shares sold: 3 7,629 Total price: 9 5,953.95
e.	Date of the transaction	18 May 2022
f.	Place of the transaction	London Stock Exchange, Main Market (XLON)

1.	Details of the person discharging managerial responsibilities / person closely associated
a.	Name	Antony Smith
2.	Reason for the notification
a.	Position/status	Chief Financial Officer
b.	Initial notification/Amendment	Initial Notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Ten Entertainment Group PLC
b.	LEI	213800SL9HJUQ5BGPX17
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 1p each ISIN: GB00BF020D33
b.	Nature of the transaction	(1)  Award of performance shares (2)  Sale of shares
c.	Price(s) and volume(s)	Price(s) Volume(s) (1)  nil 66,667 (2)  255.00p 32,167
d.	Aggregated information ·   Aggregated volume ·Price	N /A Total volume of shares sold: 32,167 Total price: 82,025.85
e.	Date of the transaction	18 May 2022
f.	Place of the transaction	London Stock Exchange, Main Market (XLON)

Enquiries: Ten Entertainment Group plc Graham Blackwell, Chief Executive Officer Antony Smith, Chief Financial Officer and Company Secretary	via Instinctif Partners
Instinctif Partners Matthew Smallwood, Penny Bainbridge	Tel: [phone]

 

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