Performance Share Plan Awards

RNS Number : 0113H

Ten Entertainment Group PLC

01 December 2020

 

01 December 2020

Ten Entertainment Group plc

Performance Share Plan Awards

Ten Entertainment Group plc (the "Company") announces that on Tuesday 1 December 2020 its Executive Directors were granted the following share awards as nominal-cost options over ordinary shares of £0.01 each in the Company ("Shares") under the Company's Performance Share Plan ("PSP"). The awards were granted on 30 November 2020 (Date of Grant) in accordance with the remuneration policy approved by shareholders and set out in the Company's Annual Report which was published on 13 May 2020.

Director	Position	Number of Share  Awards Granted
Graham Blackwell	Chief Executive Officer	233,083
Antony Smith	Chief Financial Officer	195,489

These awards (the "PSP Awards") are subject to three performance conditions which will be measured on the Vesting Date which will be the third anniversary of the Date of Grant.

The first performance condition applying to the PSP Awards will be based on Earnings per Share of the Company ("EPS") and will apply to 50 per cent. of the total number of Share Awards granted. EPS will be calculated in accordance with the following table:

Results for the year to 1 January 2023 ("FY2022")	Percentage of the total number of Share Awards granted that will vest
Less than 17.00 pence	0%
17.00 pence	12.5%
Between 17.00 and 23.00 pence	Pro-rata on straight-line basis between 12.5% and 50%
More than 23.00 pence	50%

The EPS measure is based on adjusted fully diluted EPS as stated in the Company's accounts and is subject to such adjustments as the Remuneration Committee in its discretion determines are fair and reasonable.

The second performance condition will be based on Total Shareholder Return ("TSR") of the Company and a comparator group of companies and will be calculated on the third anniversary of the Date of Grant and will apply to the remaining 50 per cent. of Share Awards granted. TSR will be calculated in accordance with the following table:

TSR performance against Comparator Group Companies	Percentage of Award that vests
Below Median	0%
Median	12.5%
Between Median and Median plus 10% p.a.*	Between 12.5% and 50% on a straight line basis
Median plus 10% p.a. and above*	50%

The third performance condition will be based on a share price underpin whereby no Award or part of an Award may vest unless the average Share Price of the Company calculated over a three month period ending on the Vesting Date exceeds the Share price on the Date of Grant. 

Set out below are the notifications, made in accordance with the requirements of the EU Market Abuse Regulation, in relation to the PSP

Enquiries:

Ten Entertainment Group plc  via Instinctif Partners

Graham Blackwell  Chief Executive Officer

Antony Smith    Chief Financial Officer

Instinctif Partners  Tel: [phone]

Matthew Smallwood

Jack Devoy

1 - Details of the person discharging managerial responsibilities / person closely associated
Name	Graham Blackwell
2 - Reason for the notification
Position	Chief Executive Officer
Reason for the notification	Initial Notification
3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Ten Entertainment Group PLC
Legal Entity Identifier code	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; (iv) each place where transactions have been conducted
Description of financial instrument, type of instrument	Ordinary Shares of 1p each
Identification code	ISIN: GB00BF020D33
Nature of the transaction	Grant of PSP Performance Share Award.  The Award is structured as a nominal cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied.
Price(s) and volume(s)	Price(s) Volume(s) nil 233,083
Aggregated information and volume price	Total volume of shares: 233,083 Total price GBP £nil
Date of transaction	01 December 2020  UK BST
Place of transaction	Outside a trading venue
1 - Details of the person discharging managerial responsibilities / person closely associated
Name	Antony Smith
2 - Reason for the notification
Position	Chief Financial Officer
Reason for the notification	Initial Notification
3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Ten Entertainment Group PLC
Legal Entity Identifier code	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; (iv) each place where transactions have been conducted
Description of financial instrument, type of instrument	Ordinary Shares of 1p each
Identification code	ISIN: GB00BF020D33
Nature of the transaction	Grant of PSP Performance Share Award.  The Award is structured as a nominal cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied.
Price(s) and volume(s)	Price(s) Volume(s) nil 195,489
Aggregated information and volume price	Total volume of shares: 195,489 Total price GBP £nil
Date of transaction	01 December 2020  UK BST
Place of transaction	Outside a trading venue

 

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