- Title:
LTIP Options Grant - Time:
07:00:08 - Date:
6 Jul 2021 - Category:
Director/PDMR dealings - ID:
2384E
6 July 2021
Midwich Group plc
("Midwich" or "the Group")
LTIP Options Grant
Midwich (AIM: MIDW), a global specialist audio visual distributor to the trade market, today announces that it has granted 51,500 nominal cost options over ordinary shares of £0.01 each in the Company under the Midwich Group plc 2016 Long Term Incentive Plan (the "LTIP Award") to Stephen Lamb, Group Finance Director.
Performance conditions and vesting
The LTIP Award is subject to challenging performance conditions linked to growth in the Group's profitability and will ordinarily vest in 2024. The award is exercisable for up to 10 years from the date of grant and is subject to a two-year holding period from the date of vesting.
| 1. |
Details of the person discharging managerial responsibilities/person closely associated |
||
| (a) |
Name |
Stephen Lamb |
|
| 2. |
Reason for the notification |
||
| (a) |
Position/status |
Group Finance Director |
|
| (b) |
Initial notification/ Amendment |
Initial notification |
|
| 3. |
Details of the issuer |
||
| (a) |
Name |
Midwich Group Plc |
|
| (b) |
LEI |
213800TUH2ZU68PZZN12 |
|
| 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 |
Ordinary shares of £0.01 each |
|
| (b) |
Identification code of the Financial Instrument |
GB00BYSXWW41 |
|
| (c) |
Nature of the transaction |
Grant of options |
|
| (d) |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
|
|
|
1p |
51,500 |
|
|
|
|
|
| (e) |
Aggregated information
- Aggregated volume
- Price |
N/A
|
|
| (f) |
Date of the transaction |
5 July 2021 |
|
| (g) |
Place of the transaction |
London Stock Exchange |
|
For further information:
| Midwich Group plc Stephen Fenby, Managing Director Stephen Lamb, Finance Director
|
Tel: +44 (0) 13 7964 9200 |
| Investec Bank plc (NOMAD and Joint Broker to Midwich) Carlton Nelson Ben Griffiths
|
Tel: +44 (0) 20 7597 5970 |
| Berenberg (Joint Broker to Midwich) Ben Wright Mark Whitmore Alix Mecklenberg-Solodkoff
|
Tel: +44 (0) 20 3207 7800 |
| FTI Consulting Alex Beagley Tom Hufton Rafaella de Freitas |
Tel: +44 (0) 20 3727 1000
|
About Midwich Group
Midwich is a specialist AV distributor to the trade market, with operations in the UK and Ireland, EMEA, Asia Pacific and North America. The Group's long-standing relationships with over 500 vendors, including blue-chip organisations, support a comprehensive product portfolio across major audio visual categories such as large format displays, projectors, digital signage and professional audio. The Group operates as the sole or largest in-country distributor for a number of its vendors in their respective product sets.
The Directors attribute this position to the Group's technical expertise, extensive product knowledge and strong customer service offering built up over a number of years. The Group has a large and diverse base of over 20,000 customers, most of which are professional AV integrators and IT resellers serving sectors such as corporate, education, retail, residential and hospitality. Although the Group does not sell directly to end users, it believes that the majority of its products are used by commercial and educational establishments rather than consumers.
Initially a UK only distributor, the Group now has around 1,000 employees across the UK and Ireland, EMEA, Asia Pacific and North America. A core component of the Group's growth strategy is further expansion of its international operations and footprint into strategically targeted jurisdictions.
For further information, please visit www.midwichgroupplc.com
LTIP Options Grant07:00:086 Jul 2021Director/PDMR dealings2384E