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On 28 March 2023, The Pebble Group PLC granted a total of 1,655,496 performance share awards in the form of nil cost options or conditional share awards under its Long Term Incentive Plan. These awards were made to senior employees, including five Persons Discharging Managerial Responsibilities (PDMRs), with individual grants ranging from 20,684 to 256,410 shares, and are subject to vesting conditional on performance measured over a three-year period ending 31 December 2025.
| Date | 28 Mar 2023 |
| Time | 12:22:50 |
| Category | Director/PDMR dealings |
| ID | 4983U |
28 March 2023
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), a leading provider of technology, services and products to the global promotional products industry, announces that on 28 March 2023 the Company made a total award of 1,655,496 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 |
256,410 |
|
Claire Thomson |
188,889 |
|
Louisa Hesketh |
20,684 |
|
Ashley McCune |
195,776 |
|
Karl Whiteside |
119,983 |
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
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 2025, determined as follows:
|
Cumulative Adjusted EPS for the three year period to 31 December 2025 |
Portion of Ordinary Shares vesting subject to Adjusted EPS target |
|
Below 19.5p |
No vesting |
|
19.5p |
25% |
|
20.6p |
60% |
|
21.8p 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 2025. The share price at the start of this period was 88.5 pence, 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 2025 |
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. Louisa Hesketh 4. Ashley McCune 5. Karl Whiteside
|
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|
2 |
Reason for the notification |
|||||||
|
(a) |
Position/status |
1. Chief Executive Officer 2. Chief Financial Officer 3. Group Financial Controller 4. President, Facilisgroup 5. Group MD, Brand Addition |
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|
(b) |
Initial notification/Amendment |
Initial notification |
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|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||||
|
(a) |
Name |
The Pebble Group plc |
||||||
|
(b) |
LEI |
213800LZUQAYBHDEQY04 |
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|
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
|
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|
(b) |
Nature of the transaction |
Award of nil-cost options or conditional share awards pursuant to The Pebble Group plc Long Term Incentive Plan |
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|
(c) |
Price(s) and volume(s)
|
|
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|
(d) |
Aggregated information - Aggregated volume - Price |
N/A |
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|
(e) |
Date of the transaction |
28 March 2023 |
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|
(f) |
Place of the transaction |
Outside a trading venue |
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Enquiries:
|
The Pebble Group plc Chris Lee, Chief Executive Officer Claire Thomson, Chief Financial Officer
|
+44 (0) 7385 024855 |
|
Grant Thornton UK LLP (Nominated Adviser) Samantha Harrison / Harrison Clarke / Ciara Donnelly
|
+44 (0) 20 7383 5100 |
|
Berenberg (Corporate Broker) Chris Bowman / Marie Moy / Arnav Kapoor
|
+44 (0) 20 3207 7800 |
|
Belvedere Communications (Financial PR) Cat Valentine Keeley Clarke
|
+44 (0) 7715 769 078 +44 (0) 7967 816 525
|
About The Pebble Group plc - www.thepebblegroup.com
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.