Franchise Brands PLC Grant of options & director holdings (0117Z)

TIDMFRAN

RNS Number : 0117Z

Franchise Brands PLC

10 May 2023

10 May 2023

Franchise Brands PLC

("Franchise Brands" , the "Group" or the "Company")

Grant of options and award of SARs to directors and employees

Franchise Brands (AIM: FRAN), a multi-brand international franchise business, announces that following the acquisition of Pirtek Europe Ltd., its Remuneration Committee yesterday approved the grant of up to 5,000,000 share options and share acquisition rights ("SARs") to employees and directors, all with an exercise price of GBP1.80 per share (being the closing mid-market price of an ordinary share on 9 May 2023).

These grants will be awarded pursuant to the Company Share Option Plan ("CSOP") or as non-approved options or as SARs, and are all are exercisable after three years for a period of seven years, subject to satisfaction of the following performance conditions:

1) 20 per cent. can be exercised after reported fully diluted adjusted earnings per share ("EPS") achieves compound annual growth of 8 per cent. over each of the next three financial years to 31 December 2025;

2) 100 per cent. can be exercised after reported fully diluted adjusted EPS achieves compound annual growth of 15 per cent. over each of the next three financial years to 31 December 2025; and

3) between 20 per cent. and 100 per cent. can be exercised pro rata to EPS growth achieved between the targets in 1) and 2) above.

The SARs are conditional bonuses whose value will be calculated by reference to the amount by which the price of the Company's ordinary shares has risen above the grant price at the date of exercise, thus providing holders of SARs (non-UK employees) the same reward value as if the SARs were share options. The qualifying conditions and timing of vesting are identical to those within the share option schemes for UK employees. All SARs are to be settled in cash when exercised.

Certain directors of the Company have been granted options as set out below:

 
 Director                   Number of new  Total options over 
                     non-approved options     ordinary shares 
                                  granted            now held 
 
 Peter Molloy                     150,000             776,530 
  Andrew Mallows                   50,000             550,682 
 Julia Choudhury                  100,000             266,061 
 Colin Rees                       100,000             335,834 
 Tim Harris                       100,000             266,061 
 

Enquiries:

 
                                                    + 44 (0) 1625 507 
 Franchise Brands plc                                910 
 Stephen Hemsley, Executive Chairman 
 Andrew Mallows, Interim Chief Financial 
  Officer 
 Julia Choudhury, Corporate Development Director 
 
 Allenby Capital Limited (Nominated Adviser         [phone] 
  and Joint Broker)                                  5656 
 Jeremy Porter / George Payne (Corporate 
  Finance) 
  Amrit Nahal (Sales & Corporate Broking) 
 
                                                    [phone] 
 Dowgate Capital Limited (Joint Broker)              7715 
 James Serjeant / Russell Cook / Nicholas 
  Chambers 
                                                    [phone] 
 Stifel Nicolaus Europe Limited (Joint Broker)       7699 
 Matthew Blawat / Francis North 
                                                    [phone] 
 MHP Group (Financial PR)                            8100 
 Katie Hunt/Catherine Chapman                       [phone] 
                                                    [e-mail] 
 

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

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                         Peter Molloy 
                                    Andrew Mallows 
                                    Julia Choudhury 
                                    Colin Rees 
                                    Tim Harris 
     ---------------------------  ------------------------------------------------------------------ 
 2    Reason for the notification 
     ----------------------------------------------------------------------------------------------- 
 a)   Position/status              Directors of Franchise Brands 
                                    PLC 
     ---------------------------  ------------------------------------------------------------------ 
 b)   Initial notification         Initial notification 
       /Amendment 
     ---------------------------  ------------------------------------------------------------------ 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------------------------------- 
 a)   Name                         Franchise Brands PLC 
     ---------------------------  ------------------------------------------------------------------ 
 b)   LEI                          213800CFRX6CJ8LCKN37 
     ---------------------------  ------------------------------------------------------------------ 
 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               Ordinary shares of 0.5p each 
       the financial instrument,    in Franchise Brands PLC 
       type of instrument           Identification code (ISIN) 
       Identification               for Franchise Brands PLC 
       code                         ordinary shares: GB00BD6P7Y24 
     ---------------------------  ------------------------------------------------------------------ 
 b)   Nature of the transaction    Grant of non-approved share 
                                    options 
     ---------------------------  ------------------------------------------------------------------ 
 c)   Price(s) and volume(s)       Exercise price: GBP1.80 Director           Number of non-approved 
                                                               options granted 
 
                                     Peter Molloy                      150,000 
                                      Andrew Mallows                    50,000 
                                     Julia Choudhury                   100,000 
                                     Colin Rees                        100,000 
                                     Tim Harris                        100,000 
     ---------------------------  ------------------------------------------------------------------ 
 d)   Aggregated information       n/a 
       - Aggregated volume 
       - Price 
     ---------------------------  ------------------------------------------------------------------ 
 e)   Date of the transaction      9 May 2023 
     ---------------------------  ------------------------------------------------------------------ 
 f)   Place of the transaction     Outside of a trading venue 
     ---------------------------  ------------------------------------------------------------------ 
 

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May 10, 2023 12:54 ET (16:54 GMT)