Grant of performance share awards under LTIP

Pebble Group PLC (The)

26 March 2024

 

26 March 2024

THE PEBBLE GROUP PLC

(the "Company")

Grant of performance share awards under Long Term Incentive Plan
and
Notification of transactions by PDMRs

The Pebble Group plc (AIM: PEBB, OTCQX: PEBBF), a leading provider of technology, services and products to the global promotional products industry, announces that on 26 March 2024 the Company made awards of 3,009,191 in the form of nil cost options or conditional share awards (Performance Shares) under The Pebble Group plc Long Term Incentive Plan (LTIP) to a number of senior employees across the Group, including to the Persons Discharging Managerial Responsibilities (PDMR), as detailed below:

PDMR	Number of Performance Shares
Christopher Lee	465,672
Claire Thomson	343,284
Karl Whiteside	202,626

The vesting of all the Performance Shares is conditional on meeting performance conditions measured over a three-year period as described below.

Performance conditions

1. Adjusted Earnings Per Share ("EPS") Target[1]

Up to 70% of the total Performance Shares will vest dependent upon the achievement of cumulative adjusted EPS targets for the three years ending 31 December 2026, determined as follows:

Cumulative Adjusted EPS for the three year period to 31 December 2026	Portion of Ordinary Shares vesting subject to Adjusted EPS target
Below 15.5p	No vesting
15.5p	25%
16.4p	60%
17.4p or more	100%

2. Total Shareholder Return ("TSR") Target

Up to 30% of the total Performance Shares will vest dependent upon the performance of the Company's Absolute TSR measured over the three year period ending 31 December 2026.  The share price at the start of this period was 60.2pence, being the average closing price of the Company's shares over the three trading days ending on the day before the start of the performance period.

Annualised TSR for the three year period to 31 December 2026	Portion of Ordinary Shares vesting subject to TSR Target
Below 8.0% per annum	No vesting
8.0% per annum	25%
11.3% per annum	60%
15% per annum	100%

A holding period of two years from date of vesting is applicable to the LTIP awards granted to the Executive Directors of the Company.

The making of these awards at these levels and with these performance conditions is considered by the Remuneration Committee to be in accordance with the Company's Remuneration Policy with regard to the Executive Directors.

The Remuneration Committee has discretion to adjust the level of vesting if in its opinion such level of vesting resulting from the application of the performance conditions is considered not to be a fair and accurate reflection of the performance of the Company or a fair and accurate reflection of the award holder's performance or where there is any other factor or any other circumstances which would make the level of vesting inappropriate without adjustment.

The information set out below is provided in accordance with the requirements of Regulation 19(3) of the EU Market Abuse Regulation No 596/2014: 

1	Details of the person discharging managerial responsibilities/person closely associated
(a)	Name	1.    Christopher Lee 2.    Claire Thomson 3.    Karl Whiteside
2	Reason for the notification
(a)	Position/status	1.    Chief Executive Officer 2.    Chief Financial Officer 3.    Group MD, Brand Addition
(b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)	Name	The Pebble Group plc
(b)	LEI	213800LZUQAYBHDEQY04
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	Ordinary shares of 1 pence each ISIN GB00BK71XP16 PEBB.L
(b)	Nature of the transaction	Award of nil-cost options or conditional share awards pursuant to The Pebble Group plc Long Term Incentive Plan
(c)	Price(s) and volume(s)	Price(s) Volume(s) 1 2 3 NIL NIL NIL 465,672 343,284 202,626
(d)	Aggregated information -         Aggregated volume -         Price	N/A
(e)	Date of the transaction	26 March 2024
(f)	Place of the transaction	Outside a trading venue

Enquiries: 

The Pebble Group Chris Lee, Chief Executive Officer Claire Thomson, Chief Financial Officer [phone]	Temple Bar Advisory (Financial PR) Alex Child-Villiers Sam Livingstone [phone] [e-mail]
Grant Thornton UK LLP (Nominated Adviser) Samantha Harrison / Harrison Clarke / Ciara Donnelly [phone]	Berenberg (Corporate Broker) Ben Wright / Mark Whitmore / Richard Andrews [phone]

About The Pebble Group

The Pebble Group is a provider of digital commerce, products and related services to the global promotional products industry, comprising two differentiated businesses, Facilisgroup and Brand Addition, focused on specific areas of the promotional products market. For further information, please visit www.thepebblegroup.com.

---

[1] Adjusted basic earnings per share represents Adjusted Earnings meaning profit after tax before amortisation of acquired intangible assets, share-based payments charge and exceptional items divided by a weighted average number of shares. It may also include adjustments as the Remuneration Committee of the Board, in its absolute discretion, may determine.

 

END