EBT Share Purchase and TR-1 Notification

RNS Number : 0066E

UP Global Sourcing Holdings PLC

01 July 2019

 

1 July 2019

UP Global Sourcing Holdings PLC

"Ultimate Products" or "the Company"

EBT Share Purchase and TR-1

Ultimate Products, the owner, manager, designer and developer of an extensive range of value-focused consumer goods brands, announces that on 28 June 2019, RBC cees Trustee Limited, acting as Trustee of the UP Global Sourcing Employee Benefit Trust ("the EBT"), purchased 80,000 ordinary shares of £0.25 each in the capital of the Company ("Shares") at a price of 85.5 pence per Share.

The EBT holds Shares for the benefit of the Company's employees and satisfies the vesting of awards made under the Company's Performance Share Plan ("PSP"). All employees of Ultimate Products, including each of the Company's executive directors, are beneficiaries of the EBT.  However, it is not the intention of the Remuneration Committee for Simon Showman and Andrew Gossage to participate in any future grant of options under the PSP.

Following the above transaction, the EBT holds 2,918,807 Shares for the above purpose, representing 3.55% of the Company's issued share capital with voting rights.

The issued share capital of the Company on 28 June 2019 was 82,169,600 Shares.

For more information please contact:

Ultimate Products	[phone] Simon Showman, CEO Andrew Gossage, Managing Director Graham Screawn, Chief Financial Officer
Shore Capital	[phone] Mark Percy Edward Mansfield
Powerscourt	[phone] Rob Greening Sam Austrums

Notes to Editors

Ultimate Products is an owner, manager, designer and developer of a series of well-known brands focused on the home, selling to over 300 retailers across 36 countries. It has six product categories: Audio; Heating and Cooling; Housewares; Laundry; Luggage; and Small Domestic Appliances. Its brands include Beldray (laundry, floor care, heating and cooling), Intempo (audio), Salter (kitchenware), Constellation (luggage), and Progress (cookware and bakeware).

The Group's products are sold to a broad cross-section of both large national and international multi-channel retailers as well as smaller national retail chains, incorporating discount retailers, supermarkets, general retailers and online retailers. Its best-selling products include frying pans, mugs and speakers, selling approximately one million of each every year.

Founded in 1997, Ultimate Products is headquartered in Oldham, Greater Manchester, where it has design, sales, marketing, buying, quality assurance, support functions and warehouse facilities across two sites. Manor Mill, the Group's head office, includes a spectacular 20,000 sq ft showroom that showcases each of its brands. In addition, the Group has an office and showroom in Guangzhou, China and in Cologne, Germany.

Ultimate Products' graduate development scheme was launched in 2012 and in 2018 it welcomed its one-hundredth graduate. In total, Ultimate Products now employs over 270 staff.

Please note that Ultimate Products is not the owner of Russell Hobbs or Salter. The company currently has licence agreements in place granting it an exclusive licence to use the "Russell Hobbs" trademark for cookware (NB this does not include Russell Hobbs electrical appliances) and the "Salter" trademark for electrical and cookware (NB this does not include Salter scales).

For further information, please visit www.upgs.com

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:			UP Global Sourcing Holdings Plc
1b. Please indicate if the issuer is a non-UK issuer  (please mark with an "X" if appropriate)
Non-UK issuer						N/a
2. Reason for the notification (please mark the appropriate box or boxes with an "X")
An acquisition or disposal of voting rights						X
An acquisition or disposal of financial instruments						N/a
An event changing the breakdown of voting rights						N/a
Other (please specify)iii:						N/a
3. Details of person subject to the notification obligationiv
Name			Royal Bank of Canada
City and country of registered office (if applicable)
4. Full name of shareholder(s) (if different from 3.)v
Name			RBC Cees Trustees Limited
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reachedvi:			28/06/2019
6. Date on which issuer notified (DD/MM/YYYY):			28/06/2019
7. Total positions of person(s) subject to the notification obligation
	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of issuervii
Resulting situation on the date on which threshold was crossed or reached	2,918,807	3.552%			82,169,600
Position of previous notification (if applicable)	N/a	N/a		N/a

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)		Number of voting rightsix					% of voting rights
		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)			Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
GB00BYX7MG58		2,918,807					3.552%
SUBTOTAL 8. A		2,918,807					3.552%
B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument		Expiration datex	Exercise/ Conversion Periodxi			Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights
N/a
			SUBTOTAL 8. B 1
B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration datex		Exercise/ Conversion Period xi		Physical or cash settlementxii			Number of voting rights	% of voting rights
N/a
					SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X")
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)				X
Namexv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
Royal Bank Of Canada	3.552%		3.552% (Parent Company)
RBC Cees Trustees Limited	3.552%		3.552%
10. In case of proxy voting, please identify:
Name of the proxy holder		N/a
The number and % of voting rights held		N/a
The date until which the voting rights will be held		N/a
11. Additional informationxvi
The Issued Share Capital Position is 82,169,600 shares as at 28/06/2019

Place of completion	Jersey, Channel Islands
Date of completion	28/06/2019

 

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