Hornby PLC Grant of Options (7025E)

TIDMHRN

RNS Number : 7025E

Hornby PLC

09 November 2020

Hornby PLC

(the "Company" or the "Group")

Implementation of new Long-Term Incentive Plan

Hornby PLC (AIM; HRN), t he international hobby products Group , today announces that, upon the recommendation of the Group's remuneration committee, the Board has approved the implementation of a new Long-Term Incentive Plan ("LTIP"). The scheme is designed to incentivise the Company's executive directors and certain other members of the senior management team (the "Participants").

The LTIP has been established to encourage long-term value creation for the Group's shareholders and to align the interests of the Participants with shareholders. Awards under the LTIP take the form of contingent rights to acquire the Company's ordinary shares at an exercise price of 1 pence each.

The awards under the LTIP may become available for exercise on or after 31 March 2022. Awards are subject to strict conditions relating to the performance of the Group.

Further details of the Long-Term Incentive Plan

Under the terms of the LTIP, awards are subject to strict vesting criteria. These are linked to the Company's performance over pre-established dates.

The potential level of vesting will be determined by the level of Operating Profit announced in the 2021/22 Group results, expected on or around June 2022, the maximum aggregate number of 10,683,384 options vesting if the maximum Operating Profit hurdle is achieved by the Company and a pro-rata per cent. of the maximum level of options vesting if certain reduced Operating Profit hurdles are achieved.

Under the terms of the LTIP, the total equity pool under option in a cumulative ten-year period (including shares already issued in relation to previous option exercises), shall not exceed 15%. Following implementation of the LTIP, 6.4% of the Company's total issued share capital will be held under option.

Details of the initial award under the LTIP are as follows:

 
           PARTICIPANT              LTIP OPTIONS   LTIP OPTIONS AS % 
                                                    OF CURRENT ISSUED 
                                                      SHARE CAPITAL 
 Lyndon Davies - Chief Executive 
  Officer                            2,670,846            1.6% 
                                   -------------  ------------------- 
 Kirstie Gould - Chief Financial 
  Officer                            2,670,846            1.6% 
                                   -------------  ------------------- 
 Timothy Mulhall - Group 
  Sales Director                     2,670,846            1.6% 
                                   -------------  ------------------- 
 Simon Davies-Kohler - Product 
  and Marketing Director             2,670,846            1.6% 
                                   -------------  ------------------- 
 TOTAL                               10,683,384           6.4% 
                                   -------------  ------------------- 
 

The notification below is made in accordance with the requirements of the EU Market Abuse Regulation.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

 
 1.   Details of PDMR / person closely associated with them ( 
       'PCA') 
 a)   Name                                    1. Lyndon Davies 
                                               2. Kirstie Gould 
                                               3. Timothy Mulhall 
                                               4. Simon Davies-Kohler 
     ---------------------------------  ------------------------------------------ 
 2.   Details of PDMR / person closely associated with them ( 
       'PCA') 
     ----------------------------------------------------------------------------- 
 a)   Position / status                       1. Chief Executive Officer 
                                               2. Chief Financial Officer 
                                               3. Group Sales Director 
                                               4. Product and Marketing Director 
     ---------------------------------  ------------------------------------------ 
 b)   Initial notification               Initial notification 
       / amendment 
     ---------------------------------  ------------------------------------------ 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------------- 
 a)   Name                                 Hornby PLC 
     -----------------------------------  ---------------------------------------- 
 b)   LEI                                  549300WP2GJODSTKY488 
     -----------------------------------  ---------------------------------------- 
 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 
     ----------------------------------------------------------------------------- 
 c)   Description                        Ordinary shares of GBP0.01 each 
       of the financial 
       instrument                         ISIN: GB00B01CZ652 
     ---------------------------------  ------------------------------------------ 
 d)   Nature of the                      Grant of options 
       transaction 
     ---------------------------------  ------------------------------------------ 
 e)   Price(s) and                         Price(s)      Volume(s) 
       volume(s)                                 1. 1p    2,670,846 
                                                  2. 1p    2,670,846 
                                                  3. 1p    2,670,846 
                                                  4. 1p    2,670,846 
     ---------------------------------  ------------------------------------------ 
 f)   Aggregated information 
 
       Aggregated volume                   10,683,384 
 
       Price                               1p per share 
     ---------------------------------  ------------------------------------------ 
 g)   Date of the                        9 November 2020 
       transaction 
     ---------------------------------  ------------------------------------------ 
 h)   Place of the                       Off market transaction 
       transaction 
     ---------------------------------  ------------------------------------------ 
 
 

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November 09, 2020 10:15 ET (15:15 GMT)