Share Option Grants / PDMR Dealing

10 July 2020

Ten Lifestyle Group plc

("Ten" or the "Group")

 

Share Option Grants / PDMR Dealing

 

Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled global concierge platform for the world's wealthy and mass affluent, announces a second initiative whereby the Group has granted share options in exchange for voluntary salary sacrifice.

 

Background

The Group's business model derives its revenue substantially from service delivery rather than conversion of bookings.  

 

As outlined in our Half-year Report on 14 May 2020, we continue to generate revenue by developing services relevant to our members, the customers of our contracted corporate clients, by adapting to our member's changing needs across each market throughout the various phases of the COVID-19 pandemic.

 

Given the ongoing uncertainty, we are continuing to drive efficiencies and prudently manage cost in the business. This includes implementing a second voluntary salary sacrifice initiative in exchange for share options, as detailed below.  

 

Cash at the end of H1 2020 (February 2020) was £9.6m. Maintaining healthy corporate revenue alongside prudent cost management, whilst continuing investment in the technology platform, has enabled us to broadly maintain cash at this level at the end of June 2020, despite very low levels of commission from suppliers¹. 

 

¹ Ten's revenue from its supplier base, such as hotels, airlines, and event promoters which sometimes pay commission to Ten constituted 12% of Net Revenue for the 2019 financial year, as reported in the 2019 Annual Report and Accounts.

 

Share Option Grants and PDMR Dealings

On 30 March 2020, the Group announced a salary sacrifice initiative whereby it had granted a total of 3,708,966 options over ordinary shares of 0.1p each ("Ordinary Shares").

 

As part of the Group's continued cost-saving measures, a second salary sacrifice initiative has been offered to the Group's employees and contractors.

 

Accordingly, on 9 July 2020, the Group granted options over a total of 1,343,639 Ordinary Shares with an exercise price of £1.20, exercisable for up to three years from the date of grant (the "Options"), to certain employees and contractors of the Group including 'persons discharging managerial responsibilities' ("PDMRs") as listed below. For every £1 of salary certain employees and contractors forego over a 4-month period they will receive three Options.

 

The exercise price and number of Options granted have been determined using the Black Scholes model for option pricing to ensure that the total economic value of these Options is equal to the value of the total salary foregone.

 

Over 80 individuals have chosen to participate in the second salary sacrifice initiative, including the PDMRs listed below. The total cash saving to the Group over the 4-month period will be £0.5m. 

 

PDMR	Position	Number of new Options granted	Resulting total options held over Ordinary Shares
Alex Cheatle	Chief Executive Officer	149,500	1,232,375
Andrew Long	Group Chief Operational Officer and Chief Executive Officer (Asia)	135,787	810,436
Sarah Hornbuckle	Client Services Director	36,005	251,721
Alan Donald	Chief Financial Officer	58,200	316,908
Toby Gauvain	President	87,500	444,167

 

The notification below, made in accordance with the Market Abuse Regulation, provides further details in relation to these PDMR dealings.

 

For further information, please visit https://www.tengroup.com/ or contact:

 

Ten Lifestyle Group Plc Alex Cheatle, Chief Executive Officer Alan Donald, Chief Financial Officer	+44 (0)20 7850 2796
Peel Hunt LLP, Nominated Advisor and Broker Edward Knight George Sellar Nick Prowting	+44 (0) 20 7418 8900

 

 

1		Details of the person discharging managerial responsibilities / person closely associated
a)		Name	Alex Cheatle
2		Reason for the notification
a)		Position/status	Chief Executive Officer
b)		Initial notification /Amendment	Initial Notification
3		Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)		Name	Ten Lifestyle Group Plc
b)		LEI	213800YK94ZUOJUMN686
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	Options over Ordinary shares of 0.1p each
		Identification code	ISIN: GB00BF188X60
b)		Nature of the transaction	Issue of Options
c)		Price(s) and volume(s)		Price(s)	Volume(s)
				Exercise price of £1.20	149,500
d)		Aggregated information
		- Aggregated volume	149,500
		- Price	NA
e)		Date of the transaction	9 July 2020
f)		Place of the transaction	Outside a trading venue

 

 

1		Details of the person discharging managerial responsibilities / person closely associated
a)		Name	Andrew Long
2		Reason for the notification
a)		Position/status	Group Chief Operational Officer and Chief Executive Officer (Asia)
b)		Initial notification /Amendment	Initial Notification
3		Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)		Name	Ten Lifestyle Group Plc
b)		LEI	213800YK94ZUOJUMN686
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	Options over Ordinary shares of 0.1p each
		Identification code	ISIN: GB00BF188X60
b)		Nature of the transaction	Issue of Options
c)		Price(s) and volume(s)		Price(s)	Volume(s)
				Exercise price of £1.20	135,787
d)		Aggregated information
		- Aggregated volume	135,787
		- Price	NA
e)		Date of the transaction	9 July 2020
f)		Place of the transaction	Outside a trading venue

 

 

1		Details of the person discharging managerial responsibilities / person closely associated
a)		Name	Sarah Hornbuckle
2		Reason for the notification
a)		Position/status	Client Services Director
b)		Initial notification /Amendment	Initial Notification
3		Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)		Name	Ten Lifestyle Group Plc
b)		LEI	213800YK94ZUOJUMN686
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	Options over Ordinary shares of 0.1p each
		Identification code	ISIN: GB00BF188X60
b)		Nature of the transaction	Issue of Options
c)		Price(s) and volume(s)		Price(s)	Volume(s)
				Exercise price of £1.20	36,005
d)		Aggregated information
		- Aggregated volume	36,005
		- Price	NA
e)		Date of the transaction	9 July 2020
f)		Place of the transaction	Outside a trading venue

 

 

1		Details of the person discharging managerial responsibilities / person closely associated
a)		Name	Alan Donald
2		Reason for the notification
a)		Position/status	Chief Finance Officer
b)		Initial notification /Amendment	Initial Notification
3		Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)		Name	Ten Lifestyle Group Plc
b)		LEI	213800YK94ZUOJUMN686
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	Options over Ordinary shares of 0.1p each
		Identification code	ISIN: GB00BF188X60
b)		Nature of the transaction	Issue of Options
c)		Price(s) and volume(s)		Price(s)	Volume(s)
				Exercise price of £1.20	58,200
d)		Aggregated information
		- Aggregated volume	58,200
		- Price	NA
e)		Date of the transaction	9 July 2020
f)		Place of the transaction	Outside a trading venue

 

1		Details of the person discharging managerial responsibilities / person closely associated
a)		Name	Toby Gauvain
2		Reason for the notification
a)		Position/status	President
b)		Initial notification /Amendment	Initial Notification
3		Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)		Name	Ten Lifestyle Group Plc
b)		LEI	213800YK94ZUOJUMN686
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	Options over Ordinary shares of 0.1p each
		Identification code	ISIN: GB00BF188X60
b)		Nature of the transaction	Issue of Options
c)		Price(s) and volume(s)		Price(s)	Volume(s)
				Exercise price of £1.20	87,500
d)		Aggregated information
		- Aggregated volume	87,500
		- Price	NA
e)		Date of the transaction	9 July 2020
f)		Place of the transaction	Outside a trading venue