30 May 2022

UP Global Sourcing Holdings plc

"Ultimate Products" or "the Group" 

EMPLOYEE SHARE SCHEME

Ultimate Products, the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, est.1760) and Beldray (est.1872), is pleased to announce that it has made a further round of invitations under its Save As You Earn Scheme (the "SAYE Scheme") to all eligible employees. Under the SAYE Scheme, employees have been offered the opportunity to participate in the future growth of the Company through the granting of share options.

Eligible employees were invited to subscribe for options over ordinary shares of 0.25 pence each ("Ordinary Shares") with an exercise price of 119.5 pence per Ordinary Share, representing a 20 per cent discount to the average closing mid-market price of the Ordinary Shares between 28 April 2022 and 3 May 2022, being the three business days prior to opening of the SAYE scheme for application.  The options have a savings contract start date of 1 July 2022 and are exercisable between 1 July 2025 and 31 December 2025.

Out of 203 eligible employees, 89 elected to participate in the SAYE Scheme and, pursuant to this, a grant of 443,410 options over Ordinary Shares has been made on 27 May 2022, equating to 0.50 per cent of the current issued share capital of 89,312,457 Ordinary Shares. It is currently intended that any future exercise of these options will be satisfied through the Ordinary Shares held in trust by the UP Global Sourcing Employee Benefit Trust, with no dilution to existing shareholders.

As a tax-advantaged share plan compliant with Schedule 3 of the Income Tax (Earnings and Pensions) Act 2003, eligible employees included all UK-based employees and full-time directors who have been employed by the Group for twelve months or more.

Certain persons discharging managerial responsibilities have been granted options as part of the scheme, details of which are set out below:

The notifications below, which have been made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail.

Simon Showman, Chief Executive Officer, commented: 

"I am delighted to see so many colleagues take up the chance to have a stake in the future success of Ultimate Products. Our extraordinary people are the key factor in the performance of the Group, and it is therefore only right that they get to benefit directly from its growth."

 For more information, please contact:

Ultimate Products +44 (0) 161 627 1400

Simon Showman, CEO

Andrew Gossage, Managing Director

Graham Screawn, Finance Director

Shore Capital +44 (0) 20 7408 4090

Mark Percy

Malachy McEntyre

Liam Zabludowicz

Powerscourt +44 (0) 207 250 1446

Rob Greening

Sam Austrums

ultimateproducts@powerscourt-group.com

 Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them. 

About Ultimate Products

Ultimate Products is the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, established in 1760) and Beldray (a laundry, floor care, heating and cooling brand that was established in 1872). According to its market research, nearly 80% of UK households own at least one of the Group's products.

Ultimate Products sells to over 300 retailers across 38 countries, and specialises in five product categories: Small Domestic Appliances; Housewares; Laundry; Audio; and Heating and Cooling. Other brands include Progress (cookware and bakeware), Kleeneze (laundry and floorcare), Petra (small domestic appliances) and Intempo (audio).

The Group's products are sold to a broad cross-section of both large national and international multi-channel retailers as well as smaller national retail chains, incorporating discount retailers, supermarkets, general retailers and online retailers.

Founded in 1997, Ultimate Products employs over 350 staff, a significant number of whom have joined via the Group's graduate development scheme, and is headquartered in Oldham, Greater Manchester, where it has design, sales, marketing, buying, quality assurance, support functions and warehouse facilities across two sites. Manor Mill, the Group's head office, includes a spectacular 20,000 sq ft showroom that showcases each of its brands. In addition, the Group has an office and showroom in Guangzhou, China and in Cologne, Germany.

Please note that Ultimate Products is not the owner of Russell Hobbs. The company currently has licence agreements in place granting it an exclusive licence to use the "Russell Hobbs" trademark for cookware (NB this does not include Russell Hobbs electrical appliances).

For further information, please visit www.upgs.com