Share Option Restructuring

FOR IMMEDIATE RELEASE                                                                           09 November 2022

PENNANT INTERNATIONAL GROUP PLC

Director/PDMR Shareholding

Share Option Restructuring

Pennant International Group plc (AIM: PEN) (the "Company"), announces the restructuring of the share options held by the executive directors, Philip Walker and David Clements.

Mr Walker has surrendered an EMI option over 297,619 unissued ordinary shares of 5p each in the capital of the Company ("ordinary shares") exercisable at 84p per share and an unapproved option over 525,969 unissued ordinary shares exercisable at 55p per share. Mr Clements has surrendered EMI options over 100,000 unissued ordinary shares exercisable at 80.5p and 205,455 unissued ordinary shares exercisable at 82.5p per share.

Following consultation with major shareholders, the Company has granted to Mr Walker a new EMI option over 500,000 unissued ordinary shares, and Mr Clements has been granted a new EMI option over 300,000 unissued ordinary shares (the "New Options"). The New Options are the only options (or other rights to acquire shares in the Company) held by the executive directors.

The New Options are subject to vesting conditions tied to achieving growth in the Company's share price, vesting in 20% tranches as and when certain milestones are achieved and the share price sustained at that level for at least 30 days, as follows:

In order for the New Options to vest, these targets must be achieved during the three years following the date of grant (the "Performance Period") and to the extent that the New Options have not vested during the Performance Period, the rights over the unissued shares will lapse. Any shares that are acquired pursuant to exercise of the New Options must be held by the relevant executive director for at least the Performance Period. The exercise price under the New Options is 33.5p per share.

The New Options are subject to further conditions contained in the Company's EMI scheme document, as approved by shareholder vote in 2019. Each executive director's New Options lapse should his employment cease.

The tables below provide further details for each PDMR.

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