Share Option Grants / PDMR Dealing

RNS Number : 3536H

Ten Lifestyle Group PLC

03 December 2020

 

3 December 2020

Ten Lifestyle Group plc

(the "Group" or the "Company")

Share Option Grants / PDMR Dealing

Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled global concierge platform for the world's wealthy and mass affluent, announces a third initiative whereby the Group has granted share options in exchange for voluntary salary sacrifice.

The Group continues to drive efficiencies and take cost-saving measures to effectively manage cash whilst Net Revenue is reduced due to lower demand for core services in dining, travel and live entertainment; caused by the COVID-19 pandemic.

As such, the Group has offered a third salary sacrifice initiative to its employees and contractors, following the Group's first initiative that ran from March to June 2020 and second initiative that ran from July to November 2020.

Pursuant to this third salary sacrifice initiative, the Group has granted options over a total of 2,097,002 Ordinary Shares of 0.1p each, to certain employees and contractors of the Group. For every £1 of salary participating employees and contractors forego over a 4-month period they will receive four options. Over 125 individuals have chosen to participate in the third salary sacrifice initiative. The total cash saving to the Group over the 4-month period will be £0.5m.

The third salary sacrifice initiative includes grants of options to 'persons discharging managerial responsibilities' ("PDMRs"), as listed below, with an exercise price of £1.03, exercisable for up to two years from the date of grant (the "Options"). The value of an Option has been determined to be £0.25, using the Black Scholes model for option pricing. The total economic value of those Options granted to the PDMRs is equal to the value of the gross salary foregone over the next four months.

PDMR	Position	Value of gross salary foregone(£)	Number of new Options granted	Resulting total options held over Ordinary Shares
Alex Cheatle	CEO	49,833.25	199,333	1,431,708
Andrew Long	Group COO and  CEO (Asia)	44,663.25	178,653	989,089
Sarah Hornbuckle	Client Services Director	12,001.75	48,007	299,728
Alan Donald	CFO	19,400.00	77,600	394,508

The grant of Options to the PDMRs constitutes a related party transaction under AIM Rule 13 by virtue of the aggregation of the three salary sacrifice initiatives over the past 12 months (the "Related Party Transaction").

The independent directors of the Company, being Bruce Weatherill, Gillian Davies and Jules Pancholi, each of whom are not involved in the Related Party Transaction consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

The Board considers the benefits achieved by the salary sacrifice initiatives, including cost savings and enhanced employee engagement, are aligned with shareholders' interests. As the participants have waived entitlement to salary in lieu of payment for the share options, with expected net dilution only once the proceeds exceed the value of the salary sacrificed, the Board has considered it appropriate to exclude these options from general headroom limits pursuant to the Company's Share Plans.

The notification below, made in accordance with the Market Abuse Regulation, provides further details in relation to these PDMR dealings.

For further information, please visit https://www.tengroup.com/   or contact:

Ten Lifestyle Group Plc Alex Cheatle, Chief Executive Officer Alan Donald, Chief Financial Officer	[phone]
Peel Hunt LLP, Nominated Advisor and Broker Edward Knight Paul Gillam Nick Prowting	[phone]

1		Details of the person discharging managerial responsibilities / person closely associated
a)		Name	Alex Cheatle
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 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	Options over Ordinary shares of 0.1p each, exercisable at a price of £1.03 per new Ordinary share, for up to 2 years from the date of grant
		Identification code	ISIN: GB00BF188X60
b)		Nature of the transaction	Issue of Options
c)		Price(s) and volume(s)		Price(s)	Volume(s)
				£0.25 per Option	199,333
d)		Aggregated information
		- Aggregated volume	199,333
		- Price	£49,833.25
e)		Date of the transaction	2 December 2020
f)		Place of the transaction	Outside a trading venue

1		Details of the person discharging managerial responsibilities / person closely associated
a)		Name	Andrew Long
2		Reason for the notification
a)		Position/status	Group Chief Operational Officer and Chief Executive Officer (Asia)
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	Options over Ordinary shares of 0.1p each, exercisable at a price of £1.03 per new Ordinary share, for up to 2 years from the date of grant
		Identification code	ISIN: GB00BF188X60
b)		Nature of the transaction	Issue of Options
c)		Price(s) and volume(s)		Price(s)	Volume(s)
				£0.25 per Option	178,653
d)		Aggregated information
		- Aggregated volume	178,653
		- Price	£44,663.25
e)		Date of the transaction	2 December 2020
f)		Place of the transaction	Outside a trading venue

1		Details of the person discharging managerial responsibilities / person closely associated
a)		Name	Sarah Hornbuckle
2		Reason for the notification
a)		Position/status	Client Services Director
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	Options over Ordinary shares of 0.1p each, exercisable at a price of £1.03  per new Ordinary share, for up to 2 years from the date of grant
		Identification code	ISIN: GB00BF188X60
b)		Nature of the transaction	Issue of Options
c)		Price(s) and volume(s)		Price(s)	Volume(s)
				£0.25 per Option	48,007
d)		Aggregated information
		- Aggregated volume	48,007
		- Price	£12,001.75
e)		Date of the transaction	2 December 2020
f)		Place of the transaction	Outside a trading venue

1		Details of the person discharging managerial responsibilities / person closely associated
a)		Name	Alan Donald
2		Reason for the notification
a)		Position/status	Chief Finance 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 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	Options over Ordinary shares of 0.1p each, exercisable at a price of £1.03 per new Ordinary share, for up to 2 years from the date of grant
		Identification code	ISIN: GB00BF188X60
b)		Nature of the transaction	Issue of Options
c)		Price(s) and volume(s)		Price(s)	Volume(s)
				£0.25 per Option	77,600
d)		Aggregated information
		- Aggregated volume	77,600
		- Price	£19,400.00
e)		Date of the transaction	2 December 2020
f)		Place of the transaction	Outside a trading venue

 

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