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On August 12, 2024, Strip Tinning Holdings plc granted options over a total of 520,000 ordinary shares to directors Adam Robson (200,000), Mark Perrins (200,000), and Kevin Edwards (120,000) under the 2022 Performance Share Plan. The options, granted at nil cost, will vest subject to the achievement of certain financial performance criteria by December 31, 2026.
| Date | 13 Aug 2024 |
| Time | 09:01:05 |
| Category | Director/PDMR dealings |
| ID | 2485A |
13 August 2024
Strip Tinning Holdings plc
("Strip Tinning" or the "Company")
Grant of Options under 2022 Performance Share Plan
Director/PDMR Dealing
Strip Tinning Holdings plc (AIM: STG), a leading supplier of specialist connection systems to the automotive sector, announces that, under the terms of the Company's 2022 Performance Share Plan (the "PSP")[1], the Board has granted nominal cost options (the "Options") over 520,000 ordinary shares of 1 pence each in the Company ("Ordinary Shares") to certain Directors and persons discharging managerial responsibilities ("PDMRs"), as set out below.
The Board believes it is key that the Company retains and incentivises its senior executive team to drive the business forward and align their interests with those of shareholders. This forms the basis for the grant of the Options.
The Options will vest subject to the Company achieving certain financial performance criteria for the financial year ending 31 December 2026. The financial performance criteria are based on the Group as a whole, with the Options awarded subject to achieving total shareholder return hurdles. The Remuneration Committee of the Board has discretion to amend these terms to take account of, for example, corporate activities such as acquisitions, to ensure that the performance targets remain appropriate.
The Options will vest following the assessment by the Remuneration Committee of the Board of the extent to which the applicable financial performance criteria have been met by reference to the Company's audited financial results for the financial year ending 31 December 2026. Such assessment by the Remuneration Committee of the Board, and the date on which the Options will vest is expected to be in Q1 of 2027.
The Options awarded to PDMRs are set out in the table below.
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Director/ PDMR |
Position |
Options granted |
|
Adam Robson |
Executive Chair |
200,000 |
|
Mark Perrins |
CEO |
200,000 |
|
Kevin Edwards |
CFO |
120,000 |
Enquiries:
Strip Tinning Holdings plc
Adam Robson, Executive Chair Via Alma PR
Mark Perrins, Chief Executive Officer
Singer Capital Markets (Nominated Adviser and Sole Broker) +44 (0) 20 7496 3000
Rick Thompson
James Fischer
Alma (Financial PR) striptinning@almastrategic.com
Josh Royston +44 (0) 20 3405 0205
Joe Pederzolli
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
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1
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Details of the person discharging managerial responsibilities / person closely associated
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a)
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Name
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1. Adam Robson 2. Mark Perrins 3. Kevn Edwards
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2
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Reason for the notification
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a)
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Position/status
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1. Executive Chairman 2. Chief Executive Officer 3. Chief Financial Officer |
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b)
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Initial notification /Amendment
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Initial notification |
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3
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Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
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Name
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Strip Tinning Holdings plc |
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b)
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LEI
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894500GS6N5D41R6H966 |
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4
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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
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a)
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Description of the financial instrument, type of instrument |
Ordinary Shares of 1 pence each
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Identification code |
ISIN: GB00BMHN9M05 |
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b)
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Nature of the transaction
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Grant of options |
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c)
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Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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1. Nil |
200,000 |
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2. Nil |
200,000 |
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3. Nil |
120,000 |
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d)
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Aggregated information |
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- Aggregated volume |
N/A - single transaction |
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- Price |
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e)
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Date of the transaction
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12 August 2024 |
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f)
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Place of the transaction
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Outside a trading venue |
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[1] Details of the PSP are to be found in the Admission Document dated 10 February 2022 which is available on the company website.