12 October 2022

Michelmersh Brick Holdings Plc

("MBH", the "Company" or the "Group")

Implementation of Long Term Incentive Plan, Grant of Option and PDMR dealings

Michelmersh Brick Holdings PLC (AIM: MBH), the specialist brick manufacturer, announces the implementation of a new Long Term Incentive Plan ("LTIP"), together with an initial grant under the LTIP to executive directors. 

The LTIP has been designed to incentivise management to deliver long term value for shareholders and therefore ensure alignment with shareholders' interests.  All new grants will be made under the LTIP, and as such, no further grants will be made under the Company's existing long term incentive plan.

The LTIP will be based on market standard annual awards, with vesting subject to three-year performance targets linked to the delivery of shareholder value.  Also included are two-year post vesting hold conditions (save for those shares sold to settle tax liabilities arising on exercise), as well as good leaver, malus and claw back provisions.  The Remuneration Committee has discretion to amend these terms to ensure that any performance targets remain appropriate. Any awards made under the LTIP will be in the form of nil-cost options established in accordance with the rules of the LTIP.

This year's grant (the "2022 Grant") will include three-year performance targets linked to the delivery of EPS growth and total shareholder return performance when benchmarked against a UK based industry peer group.  The 2022 Grant will equate to a value of 125% of the basic salary of each executive director.

On 11 October 2022, options over 1,080,533 shares in aggregate were granted under the 2022 Grant to executive directors as set out below:

The number of shares in respect of the 2022 Grant that may be issued following the three-year performance period shall depend upon the extent to which the growth performance conditions are achieved over that period.

For further information, please contact:

About Michelmersh Brick Holdings PLC:

Michelmersh Brick Holdings PLC is a business with seven market leading brands: Blockleys, Carlton, Charnwood, Freshfield Lane, Michelmersh, Floren and Hathern Terra Cotta. These divisions operate within a fully integrated business combining the manufacture of clay bricks and pavers. The Group also includes a landfill operator, New Acres Limited, and seeks to develop future landfill and development opportunities on ancillary land assets.

Established in 1997, the Company has grown through acquisition and organic growth into a profitable and asset rich business, producing over 125 million clay bricks and pavers per annum. Michelmersh currently owns most of the UK's premium manufacturing brick brands and is a leading specification brick and clay paving manufacturer.

Michelmersh strives to be a well invested, long term, sustainable, environmentally responsible business. Opportunity, training and security for all employees, whilst meeting the needs of stakeholders are at the forefront of everything we do. We aim to lead the way in producing some of Britain's premium clay products and enhancing our environment by adding value to the architectural landscape for generations to come.

We are Michelmersh Brick Holdings PLC: we are "Britain's Brick Specialist".

Please visit the Group's websites at: www.mbhplc.co.uk and www.bimbricks.com