Salary Sacrifice Options Extension

Ten Lifestyle Group PLC

09 July 2024

 

9 July 2024

Ten Lifestyle Group plc

("Ten" or the "Group")

Salary Sacrifice Options Extension

Ten Lifestyle Group plc (AIM: TENG), the global concierge platform driving customer loyalty for global financial institutions and other premium brands, announces the extension of the exercise period of the share options granted under its voluntary salary sacrifice scheme (the "Extension").

In response to COVID-19, in 2020 the Group established four consecutive 3-month salary sacrifice schemes as part of the Group's cost-saving initiatives. Over 100 employees, including certain Directors of the Company, and contractors agreed to forgo a percentage of their salary during this time in return for options over Ordinary Shares of 0.1p each ("Options").  Initially, the share options were exercisable for or up to two or three years from the date of grant at the prevailing share price at the time of their grant.

Due to the prolonged impact of COVID-19 on business trading and the effects of macroeconomic factors on global markets, the exercise period of all the Options under the four tranches of the salary sacrifice scheme were extended to four years from the respective date of grant on 14 October 2023. The Options pursuant to the first tranche of the salary sacrifice scheme lapsed in March 2024, following the previous one-year extension and, therefore, three of the salary sacrifice scheme tranches remain outstanding.

Due to the continuation of macroeconomic factors on global markets, and given that the current price of the Group's Ordinary Shares is below the exercise prices of the Options, the Board has decided to extend the exercise period for Options granted under the remaining three salary sacrifice schemes to 24 March 2026. The Board believes this will enhance employee retention, engagement and alignment of interests with shareholders. All other terms of the Options remain the same including the exercise prices which range from £1.00 to £1.20.

The salary sacrifice schemes generated a total cost saving of £2.2m and the exercise of the options to date has generated cash receipts of £2.5m.

Related Party Transaction

Alex Cheatle, CEO, Andrew Long, Group COO, Victoria Carvalho, Chief Proposition Officer and Alan Donald, CFO are Executive Directors of the Group and accordingly, the Extension is classified as a related party transaction pursuant to the AIM Rules for Companies. The Directors of the Group who are independent of the Extension, having consulted Singer Capital Markets, the Company's Nominated Adviser, consider that the terms of the Extension are fair and reasonable insofar as the Group's shareholders are concerned.

Salary Sacrifice Options Extension

1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	1.    Alex Cheatle 2.    Andrew Long 3.    Victoria Carvalho 4.    Alan Donald
2.	Reason for the notification
a.	Position/status	1.    CEO 2.    Group COO 3.    Chief Proposition Officer 4.    CFO
b.	Initial notification /Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Ten Lifestyle Group plc
b.	LEI	213800YK94ZUOJUMN686
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	Options over Ordinary Shares of 0.1 pence GB00BF188X60
b.	Nature of the transaction	Extension of exercise period of options granted under the Salary Sacrifice Schemes a. Extension from 9 July 2024 to 24 March 2026 b. Extension from 24 Nov 2024 to 24 March 2026 c. Extension from 24 March 2025 to 24 March 2026
c.	Price(s) and volume(s)	Price(s) Volume(s) 1. a. Exercise price of £1.20 b. Exercise price of £1.00 c. Exercise price of £1.10 149,500 199,333 199,333 2. a. Exercise price of £1.20 b. Exercise price of £1.00 c. Exercise price of £1.10 135,796 178,660 173,380 3. a. Exercise price of £1.20 b. Exercise price of £1.00 c. Exercise price of £1.10 32,000 42,667 42,667 4. a. Exercise price of £1.20 b. Exercise price of £1.00 c. Exercise price of £1.10 58,200 77,600 77,600
d.	Aggregated information ·       Aggregated volume ·       Price	Price(s) Volume(s) 1. a. Exercise price of £1.20 b. Exercise price of £1.00 c. Exercise price of £1.10 149,500 199,333 199,333 2. a. Exercise price of £1.20 b. Exercise price of £1.00 c. Exercise price of £1.10 135,796 178,660 173,380 3. a. Exercise price of £1.20 b. Exercise price of £1.00 c. Exercise price of £1.10 32,000 42,667 42,667 4. a. Exercise price of £1.20 b. Exercise price of £1.00 c. Exercise price of £1.10 58,200 77,600 77,600
e.	Date of the transaction	9 July 2024
f.	Place of the transaction	Outside a trading venue

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For further information please visit www.tenlifestylegroup.com or call:

Ten Lifestyle Group plc Alex Cheatle, Chief Executive Officer Alan Donald, Chief Financial Officer	[phone]
Singer Capital Markets Advisory LLP, Nominated Advisor and Broker Corporate Finance: James Moat / Oliver Platts Corporate Broking: Tom Salvesen / Charles Leigh-Pemberton	[phone]

Notes to Editors:

About Ten Lifestyle Group Plc

Ten Lifestyle Group plc partners with financial institutions and other premium brands to attract and retain wealthy and mass affluent customers.

Millions of members have access to Ten's services across lifestyle, travel, dining and entertainment on behalf of over fifty clients including HSBC, Swisscard and Royal Bank of Canada. Ten's partnerships are based on multi-year contracts generating revenue through platform-as-a-service and technology fees.

Ten's operations are underpinned by an increasingly sophisticated personalisation platform comprising industry-first, proprietary technology, thousands of supplier relationships and 25 years of proprietary expertise delivered from over 20 global offices. Ten was also the first B Corp-certified company on the AIM market, demonstrating its commitment to sustainability, social responsibility and ethical business practices.

​Ten is on a mission to become the most trusted service platform in the world.

For further information please go to: www.tenlifestylegroup.com.

 

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