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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tp Group Plc | LSE:TPG | London | Ordinary Share | GB0030591514 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.20 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMTPG
RNS Number : 6140E
TP Group PLC
09 May 2017
9 May 2017
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
TP Group plc
("TP Group" or the "Company" or the "Group")
Replacement and grant of share options
TP Group (AIM: TPG), the specialist services and engineering group, announces a number of measures relating to share options following a review of executive incentives conducted by the Company's Remuneration Committee in consultation with its major shareholders.
All share options held by Phil Cartmell and Simon Kings were cancelled on 9 May 2017 (the "Cancelled Options") and new share options, as detailed below, were granted to them and Derren Stroud on the same date (the "New Options"). In addition, share options have been granted to a number of key senior managers within the business. The Remuneration Committee has taken these steps in order to retain key individuals and to incentivise the Group's leadership to drive increased shareholder value.
Cancelled Options
Hot Features
Premium
Director Number of Exercise Lapse date
options price
9 December
Phil Cartmell 3,000,000 15p 2020
4,000,000 10p 9 April 2024
2,300,000 10p 21 May 2025
5 October
Simon Kings 250,000 10p 2024
New Options
The New Options are exercisable at a price of 7p (representing the closing mid-market price of an ordinary share on 8 May 2017) are split into three tranches, and are subject to the following conditions:
-- Each tranche will vest evenly over three years -- Each tranche is subject to performance criteria as follows:
o Tranche 1 being that Company's share price is no less than 9.1p for 20 consecutive dealing days on or before the 3(rd) anniversary of the date of grant.
o Tranche 2 will vest if Company's share price is no less than 10.5p for 20 consecutive dealing days between the 1(st) and 4(th) anniversary of the date of grant
o Tranche 3 will vest if Company's share price is no less than 12.1p for 20 consecutive dealing days between the 2(nd) and 5(th) anniversary of the date of grant.
The Remuneration Committee has sole discretion in determining whether the performance criteria thresholds have been met and, in doing so, has the discretion to add to the share price (averaged over the 20 dealing days described above) the amount of any dividends paid over the relevant period. If unexercised, all of the New Options will lapse on 9 May 2027.
New Options
Director Option Date of Number of Performance
tranche vesting options criteria
price
Tranche 9 May
Phil Cartmell 1 2018 4,224,647 9.1p
Tranche 9 May
1 2019 4,224,647 9.1p
Tranche 9 May
1 2020 4,224,648 9.1p
Tranche 9 May
2 2019 2,112,323 10.5p
Tranche 9 May
2 2020 2,112,324 10.5p
Tranche 9 May
2 2021 2,112,324 10.5p
Tranche 9 May
3 2020 1,056,161 12.1p
Tranche 9 May
3 2021 1,056,162 12.1p
Tranche 9 May
3 2022 1,056,162 12.1p
Total 22,179,398
Tranche 9 May
Derren Stroud 1 2018 1,901,091 9.1p
Tranche 9 May
1 2019 1,901,091 9.1p
Tranche 9 May
1 2020 1,901,092 9.1p
Tranche 9 May
2 2019 950,545 10.5p
Tranche 9 May
2 2020 950,546 10.5p
Tranche 9 May
2 2021 950,546 10.5p
Tranche 9 May
3 2020 475,272 12.1p
Tranche 9 May
3 2021 475,273 12.1p
Tranche 9 May
3 2022 475,273 12.1p
Total 9,980,729
Tranche 9 May
Simon Kings 1 2018 1,901,091 9.1p
Tranche 9 May
1 2019 1,901,091 9.1p
Tranche 9 May
1 2020 1,901,092 9.1p
Tranche 9 May
2 2019 950,545 10.5p
Tranche 9 May
2 2020 950,546 10.5p
Tranche 9 May
2 2021 950,546 10.5p
Tranche 9 May
3 2020 475,272 12.1p
Tranche 9 May
3 2021 475,273 12.1p
Tranche 9 May
3 2022 475,273 12.1p
Total 9,980,729
Following the share option cancellations and new option grants outlined above, new option grants to key senior management and including existing options, the total number of ordinary shares under option is 53,611,735, which represents approximately 12.7 per cent. of the Company's existing issued share capital.
Further information is provided below in accordance with Article 19 of the Market Abuse Regulation.
1 Details of the person discharging managerial
responsibilities / person closely associated
--- -------------------------------------------------------------
a) Name Phil Cartmell
--- ------------------------- ----------------------------------
2 Reason for the notification
--- -------------------------------------------------------------
a) Position/status Chief Executive Officer
--- ------------------------- ----------------------------------
b) Initial notification Initial
/Amendment
--- ------------------------- ----------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- -------------------------------------------------------------
a) Name TP Group plc
--- ------------------------- ----------------------------------
b) LEI N/A
--- ------------------------- ----------------------------------
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 Options over ordinary shares
the financial of 1p each
instrument, type
of instrument ISIN: GB0030591514
Identification
code
--- ------------------------- ----------------------------------
b) Nature of the Grant of options
transaction
--- ------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------ -----------
Exercise price
of 7p per share 22,179,398
------------------ -----------
--- ------------------------- ----------------------------------
d) Aggregated information
- Aggregated volume N/A - single transaction
- Price
--- ------------------------- ----------------------------------
e) Date of the transaction 9 May 2017
--- ------------------------- ----------------------------------
f) Place of the transaction Outside a trading venue
--- ------------------------- ----------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
--- -------------------------------------------------------------
a) Name Derren Stroud
--- ------------------------- ----------------------------------
2 Reason for the notification
--- -------------------------------------------------------------
a) Position/status Chief Financial Officer
--- ------------------------- ----------------------------------
b) Initial notification Initial
/Amendment
--- ------------------------- ----------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- -------------------------------------------------------------
a) Name TP Group plc
--- ------------------------- ----------------------------------
b) LEI N/A
--- ------------------------- ----------------------------------
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 Options over ordinary shares
the financial of 1p each
instrument, type
of instrument
ISIN: GB0030591514
Identification
code
--- ------------------------- ----------------------------------
b) Nature of the Grant of options
transaction
--- ------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------ ----------
Exercise price
of 7p per share 9,980,729
------------------ ----------
--- ------------------------- ----------------------------------
d) Aggregated information
- Aggregated volume N/A - single transaction
- Price
--- ------------------------- ----------------------------------
e) Date of the transaction 9 May 2017
--- ------------------------- ----------------------------------
f) Place of the transaction Outside a trading venue
--- ------------------------- ----------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
--- ------------------------------------------------------------
a) Name Simon Kings
--- ------------------------- ---------------------------------
2 Reason for the notification
--- ------------------------------------------------------------
a) Position/status Executive Director
--- ------------------------- ---------------------------------
b) Initial notification Initial
/Amendment
--- ------------------------- ---------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ------------------------------------------------------------
a) Name TP Group plc
--- ------------------------- ---------------------------------
b) LEI N/A
--- ------------------------- ---------------------------------
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 Options over ordinary shares
the financial of 1p each
instrument, type
of instrument
ISIN: GB0030591514
Identification
code
--- ------------------------- ---------------------------------
b) Nature of the Grant of options
transaction
--- ------------------------- ---------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------ ----------
Exercise price
of 7p per share 9,980,729
------------------ ----------
--- ------------------------- ---------------------------------
d) Aggregated information
- Aggregated volume N/A - single transaction
- Price
--- ------------------------- ---------------------------------
e) Date of the transaction 9 May 2017
--- ------------------------- ---------------------------------
f) Place of the transaction Outside a trading venue
--- ------------------------- ---------------------------------
For further information, please contact:
TP Group plc Tel: 01753 285 810 Phil Cartmell, Chief Executive Officer Derren Stroud, Chief Financial Officer www.tpgroup.uk.com Cenkos Tel: 020 7397 8980 Mark Connelly / Callum Davidson www.cenkos.com Vigo Communications Tel: 020 7830 9700 Jeremy Garcia / Fiona Henson www.vigocomms.com
Notes to Editors
TP Group designs and develops advanced technologies, engineers complex equipment and systems, and provides support throughout their operational life. The Company's shares have been traded on AIM since July 2001.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCALMMTMBJMBAR
(END) Dow Jones Newswires
May 09, 2017 06:45 ET (10:45 GMT)
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