2023 PSP and Amendment to the 2021 PSP

H&T Group PLC

15 May 2023

 

15 May 2023

H&T Group plc

("H&T", the "Company" or the "Group")

(AIM: HAT)

Performance Share Plan ("PSP") 2023 and Amendment to the 2021 PSP

H&T Group plc announces the adoption of its 2023 Performance Share Plan ("PSP") which has been approved by the Remuneration Committee. Further details on the scheme, which will apply to senior management and Executive Directors of the Company, are set out below.

In accordance with the rules of the PSP, eligible employees will be entitled to acquire a maximum number of Ordinary Shares ('Award Shares') on or after 31 December 2025 at nil price, subject to the Company achieving the minimum reported performance criteria.

Summary details set out below:

2023 Grant	The grants of shares are a proportion of salary as follows: ·    Executive Directors -130% of base salary ·   Christopher Gillespie, CEO: 93,816 ·   Diane Giddy, CFO: 68,092 ·    Senior management - 35% to 75% of base salary
Performance period	The performance period for the 2023 grant is 1 January 2023 to 31 December 2025 (3 years).
Vesting	The scheme is planned to vest at the end of 2025.
Performance conditions	The scheme is split equally based on targets for total shareholder return (TSR) and growth in basic earnings per share (EPS) measured over the three-year performance period.  The minimum, target and maximum thresholds, with reference to growth over 2022 or the share price as at 31 December 2022, are: Measure Minimum Target Maximum TSR 38% 41% 50% EPS growth 106% 114% 136% For performance below the minimum no award will vest, at the minimum 30% (2022: 30%) of the award will vest, at the target 50% (2022: 50%) of the award will vest, and at or above the maximum 100% (2022: 100%) of the award will vest.  A sliding scale of vesting, on a straight-line basis applies between the minimum, target and maximum TSR and EPS targets.
Share retention period	Executive directors are subject to a two-year share retention period for shares awarded under the scheme.
Further conditions	Award Shares will be released on 31 December 2025 subject to continued employment and the satisfaction of certain specific performance conditions. The awards are further subject to claw back and malus provisions.

2021 PSP Amendment

·    The Company previously notified that in relation to the 2021 PSP, a total number of 366,053 shares would potentially be required. Having reviewed the participants, the Remuneration Committee has decided to exercise its discretion to better align the list of participants to the current senior management team, to take account of a number of departures and to include Diane Giddy, Chief Financial Officer, who joined the Company in November 2021. Diane's award has been pro-rated to reflect the date of her appointment partway through the performance period. The proposed amendments will increase the total potential number of shares to 456,675.

The grant of shares is a proportion of salary as follows:

·    Executive Director -105% of base salary

·    Diane Giddy, CFO: 66,262

 Enquiries

H&T Group plc         Chris Gillespie, Chief Executive Officer           Diane Giddy, Chief Financial Officer	[phone]
Shore Capital Ltd (Nominated Advisor and Broker Stephane Auton/Iain Sexton (Corporate Advisory) Guy Wiehahn/Isobel Jones (Corporate Broking)	[phone]
Alma PR (Public Relations)                 Sam Modlin                                           Andy Bryant                                          Pippa Crabtree	[phone] [e-mail]

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Chris Gillespie
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	H&T Group plc
b)	LEI	2138006N2X1XSBSDSU74
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	H&T Group plc ordinary shares of 5 pence GB00B12RQD06
b)	Nature of the transaction	Award of Options under Performance Share Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 93,816
d)	Aggregated information - Aggregated volume - Price	N/A (single transaction)
e)	Date of the transaction	15 May 2023
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Diane Giddy
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	H&T Group plc
b)	LEI	2138006N2X1XSBSDSU74
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	H&T Group plc ordinary shares of 5 pence GB00B12RQD06
b)	Nature of the transaction	Award of Options under Performance Share Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil Nil 68,092                       66,262
d)	Aggregated information - Aggregated volume - Price	Aggregated volume: 134,354 Price: Nil
e)	Date of the transaction	15 May 2023
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

 

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