Grant and Surrender of Options

30 June 2021

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

SpaceandPeople PLC

("SpaceandPeople" or the "Company")

Grant and Surrender of Options

1.         Grant of New Options

SpaceandPeople (AIM: SAL) the retail, promotional and brand experience specialist, announces that it has today granted options (the "New Options") over a total of 855,000 ordinary shares of 1 pence each in the Company ("Ordinary Shares") under its existing share option scheme (the "Scheme").

The New Options are exercisable at a price of 12.5 pence per share, being the closing share price on the day immediately preceding the date of grant of the New Options and will vest no earlier than 30 June 2024. The New Options expire on the tenth anniversary of the date of grant. 

The New Options become exercisable on the third anniversary of grant, subject to continued employment and, to the extent specified in the table below, the satisfaction of certain performance conditions. These performance conditions (which have been set by the Remuneration Committee of the Company) relate to the achievement of specified financial targets that will be assessed over the year to 31 December 2021.

Details of the above grants (including confirmation of the New Options granted to the Company's executive directors) are as follows:

2.         Surrender of Existing Options

SpaceandPeople also announces that, today, Nancy Cullen, Gregor Dunlay and Andrew Keiller have surrendered, for no consideration, the following options over Ordinary Shares (the "Surrendered Options") that were previously granted to them pursuant to the terms of the Scheme.

The above surrenders have been made in recognition of the fact that the performance conditions that needed to be satisfied in order for the relevant entitlements to vest are highly unlikely to be met.  As a consequence, the relevant directors have elected to give up their rights in order to create additional "headroom" under the Scheme's dilution limits, thereby enabling options to be granted to a broader selection of the Company's employees.  For the avoidance of doubt, the New Options detailed above have not been granted in consideration of this surrender.

3.         Details of resultant holdings

Details of the directors' resultant holdings of Ordinary Shares and options over Ordinary Shares are as follows:

The total number of Ordinary Shares over which options have been granted is 1,405,818 representing 7.2% per cent. of the Company's existing issued share capital.

Enquiries

SpaceandPeople plc

Gregor Dunlay, Chief Financial Officer                                        0845 241 8215

Zeus Capital Limited (Nominated Adviser and Broker)

David Foreman, Jamie Peel, Rishi Majithia                                  020 3829 5000 

The following notifications are intended to satisfy the Company's obligations under Article 19(3) of EU Regulation No 596/2014 (the Market Abuse Regulation).