Performance Share Plan Awards

RNS Number : 9220T

Ten Entertainment Group PLC

22 March 2023

 

22 March 2023

Ten Entertainment Group plc

Performance Share Plan Awards

Ten Entertainment Group plc (the "Company") announces that on Wednesday 22 March 2023 its Executive Directors were granted the following share awards as nominal-cost options over ordinary shares of 1p each in the Company ("Shares") under the Company's Performance Share Plan ("PSP").

The awards were granted on 22 March 2023 ("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 29 March 2022.

Director	Position	Number of Share Awards Granted
Graham Blackwell	Chief Executive Officer	164,368
Antony Smith	Chief Financial Officer	138,053

These awards (the "PSP Awards") are subject to two 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 Adjusted 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 31 December 2025 ("FY2025")	Percentage of the total number of Share Awards granted that will vest
Less than 36.0 pence	0%
36.0 pence	12.5%
Between 36.0 and 42.0 pence	Pro-rata on straight-line basis between 12.5% and 50%
More than 42.0 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 as set out in the Annual Report on Remuneration, in the Company's Annual Report.

TSR 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%

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

Olga Bate

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
Price(s) and volume(s)	Price(s) Volume(s) nil 164,368
Aggregated information and volume price	Total volume of shares: 164,368 Total price GBP £nil
Date of transaction	22 March 2023  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
Price(s) and volume(s)	Price(s) Volume(s) nil 138,053
Aggregated information and volume price	Total volume of shares: 138,053 Total price GBP £nil
Date of transaction	22 March 2023  UK BST
Place of transaction	Outside a trading venue

 

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