Share Name Share Symbol Market Type Share ISIN Share Description
Michelmersh Brick Holdings Plc LSE:MBH London Ordinary Share GB00B013H060 ORD 20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  7.00 8.14% 93.00 90.00 96.00 93.00 87.00 87.00 58,495 09:46:59
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 53.5 10.4 9.4 9.9 86

Michelmersh Brick Holdings PLC Grant of Options

02/01/2020 7:00am

UK Regulatory (RNS & others)


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RNS Number : 9993X

Michelmersh Brick Holdings PLC

02 January 2020

2 January 2020

Michelmersh Brick Holdings Plc

("Michelmersh" or the "Company")

Grant of Options

Michelmersh (AIM: MBH), the specialist brick manufacturer, today announces that, on 24 December 2019, the Remuneration Committee of the Company approved a new long-term share incentive plan (the "2019 LTIP"). The 2019 LTIP is in line with previous share incentive schemes adopted by the Company and seeks to align the interests of key employees with Shareholders through to 2026.

Following the approval of the 2019 LTIP, the Remuneration Committee of the Company granted 3,000,000 nil paid options over ordinary shares of 20 pence each in the capital of the Company ("New Options") to the following Directors:

The New Options vest in 2026, subject to achieving annual and cumulative EPS targets between 2021-25 that rise by 3 per cent annually. The existing options held by the Directors vest in 2020 and 2023, and this grant ensures the continuity of long-term incentives.

The Remuneration Committee has also amended the quantum of options issued to the three Executive Directors under the Company's Long-Term Incentive Plan 2017 ("2017 LTIP"). The total number of options has been reduced from 3,750,000 to 3,000,000, with the reduction split equally across the three Executive Directors, and amending the options, previously exercisable at a price of 20 pence per share, to be nil paid. As previously disclosed, the options vest in 2023. Full details on the reduced options is set out below:

 
                             Existing       Amendment                 Total options 
                              options   to 2017 Grant   New Options            held 
 Director                        held                       granted 
 Frank Hanna, Joint CEO    1, 600,000       (250,000)     1,000,000       2,350,000 
 Peter Sharp, Joint CEO    1, 600,000       (250,000)     1,000,000       2,350,000 
 Stephen Morgan, CFO        1,550,000       (250,000)     1,000,000       2,300,000 
 

Frank Hanna and Stephen Morgan each hold 41,000 options issued under a CSOP scheme in 2014 exercisable at 72.75 pence.

Following the above grants, the Company has a total of 8,835,529 ordinary shares currently under option, representing approximately 9.6 per cent of the Company's issued share capital.

For further information, please contact:

Enquiries:

 
 Michelmersh Brick Holdings Plc 
  Frank Hanna, Joint CEO 
  Stephen Morgan, Finance Director    07384 259407 
 Canaccord Genuity Limited (NOMAD 
  and Broker) 
  Bobbie Hilliam 
  Georgina McCooke                    020 7523 8150 
 Yellow Jersey PR                     07747 788 221 
  Charles Goodwin                      07544 275 882 
  Harriet Jackson 
  Annabel Atkins 
 

About Michelmersh Brick Holdings PLC:

Michelmersh Brick Holdings PLC is a business with seven market leading brands: Blockleys, Carlton, Charnwood, Freshfield Lane, Michelmersh, Hathern Terra Cotta and Floren. These divisions operate within a fully integrated business combining the manufacture of clay bricks and pavers. The Group also includes a landfill operator, New Acres Limited, and seeks to develop future landfill and development opportunities on ancillary land assets.

Established in 1997 the Company has grown through acquisition and organic growth into a profitable and asset rich business, producing over 120 million clay bricks and pavers per annum. Michelmersh currently owns most of the UK's premium manufacturing brands and is a leading specification brick and clay paving manufacturer.

Michelmersh strives to be a well invested, long term, sustainable, environmentally responsible business. Opportunity, training and security for all employees, whilst meeting the needs of stakeholders are at the forefront of everything we do. We aim to lead the way in producing some of Britain's premium clay products and enhancing our environment by adding value to the architectural landscape for generations to come.

We are Michelmersh Brick Holdings PLC: we are "Britain's Brick Specialist".

Please visit the Group's websites at: www.mbhplc.co.uk and www.bimbricks.com

 
 1     Details of the person discharging managerial responsibilities/person 
        closely associated 
 a)    Name:                                          Frank Hanna 
      ---------------------------------------------  ------------------------------------------------- 
 2     Reason for the notification 
      ------------------------------------------------------------------------------------------------ 
 a)    Position/Status:                               Joint Chief Executive 
      ---------------------------------------------  ------------------------------------------------- 
 b)    Initial Notification/Amendment:                Initial Notification 
      ---------------------------------------------  ------------------------------------------------- 
 3     Details of the issuer, emission allowance market participation, 
        auction platform, auctioneer or auction monitor 
      ------------------------------------------------------------------------------------------------ 
 a)    Name:                                          Michelmersh Brick Holdings plc 
      ---------------------------------------------  ------------------------------------------------- 
 b)    LEI:                                           213800CIFQFPAHIQE695 
      ---------------------------------------------  ------------------------------------------------- 
 4.    Details of 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                                    Options over ordinary shares of 20 pence each 
        of the financial                               in the capital of the Company 
        instrument: 
        Identification                                 ISIN: GB00B013H060 
        code: 
      ---------------------------------------------  ------------------------------------------------- 
 b)    Nature of                                      Grant of options 
        the transaction: 
      ---------------------------------------------  ------------------------------------------------- 
 c)    Price(s) and                                   Price(s)                  Volume(s) 
        volume(s): 
      ---------------------------------------------  ------------------------  ----------------------- 
   -                                                                            1,000,000 
  ---------------------------------------------------------------------------  ----------------------- 
 d)    Aggregated                                     n/a - single transaction 
        volume: 
        Price: 
      ---------------------------------------------  ------------------------------------------------- 
 e)    Date of the                                    24 December 2019 
        Transaction: 
      ---------------------------------------------  ------------------------------------------------- 
 f)    Place of the                                   LSE 
        Transaction: 
      ---------------------------------------------  ------------------------------------------------- 
 
 
 1     Details of the person discharging managerial responsibilities/person 
        closely associated 
 a)    Name:                                          Frank Hanna 
      ---------------------------------------------  ---------------------------------------------------- 
 2     Reason for the notification 
      --------------------------------------------------------------------------------------------------- 
 a)    Position/Status:                               Joint Chief Executive 
      ---------------------------------------------  ---------------------------------------------------- 
 b)    Initial Notification/Amendment:                Initial Notification 
      ---------------------------------------------  ---------------------------------------------------- 
 3     Details of the issuer, emission allowance market participation, 
        auction platform, auctioneer or auction monitor 
      --------------------------------------------------------------------------------------------------- 
 a)    Name:                                          Michelmersh Brick Holdings plc 
      ---------------------------------------------  ---------------------------------------------------- 
 b)    LEI:                                           213800CIFQFPAHIQE695 
      ---------------------------------------------  ---------------------------------------------------- 
 4.    Details of 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                                    Options over ordinary shares of 20 pence each 
        of the financial                               in the capital of the Company 
        instrument: 
        Identification                                 ISIN: GB00B013H060 
        code: 
      ---------------------------------------------  ---------------------------------------------------- 
 b)    Nature of                                      Amendment of option grant pursuant to 2017 
        the transaction:                               LTIP - previously 1,250,000 options exercisable 
                                                       at 20 pence per share. Now 1,000,000 nil paid 
                                                       options. 
      ---------------------------------------------  ---------------------------------------------------- 
 c)    Price(s) and                                   Price(s)                   Volume(s) 
        volume(s): 
      ---------------------------------------------  -------------------------  ------------------------- 
   -                                                                             1,000,000 
  ----------------------------------------------------------------------------  ------------------------- 
 d)    Aggregated                                     n/a - single transaction 
        volume: 
        Price: 
      ---------------------------------------------  ---------------------------------------------------- 
 e)    Date of the                                    24 December 2019 
        Transaction: 
      ---------------------------------------------  ---------------------------------------------------- 
 f)    Place of the                                   LSE 
        Transaction: 
      ---------------------------------------------  ---------------------------------------------------- 
 
 
 1     Details of the person discharging managerial responsibilities/person 
        closely associated 
 a)    Name:                                          Peter Sharp 
      ---------------------------------------------  ------------------------------------------------- 
 2     Reason for the notification 
      ------------------------------------------------------------------------------------------------ 
 a)    Position/Status:                               Joint Chief Executive 
      ---------------------------------------------  ------------------------------------------------- 
 b)    Initial Notification/Amendment:                Initial Notification 
      ---------------------------------------------  ------------------------------------------------- 
 3     Details of the issuer, emission allowance market participation, 
        auction platform, auctioneer or auction monitor 
      ------------------------------------------------------------------------------------------------ 
 a)    Name:                                          Michelmersh Brick Holdings plc 
      ---------------------------------------------  ------------------------------------------------- 
 b)    LEI:                                           213800CIFQFPAHIQE695 
      ---------------------------------------------  ------------------------------------------------- 
 4.    Details of 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                                    Options over ordinary shares of 20 pence each 
        of the financial                               in the capital of the Company 
        instrument: 
        Identification                                 ISIN: GB00B013H060 
        code: 
      ---------------------------------------------  ------------------------------------------------- 
 b)    Nature of                                      Grant of options 
        the transaction: 
      ---------------------------------------------  ------------------------------------------------- 
 c)    Price(s) and                                   Price(s)                  Volume(s) 
        volume(s): 
      ---------------------------------------------  ------------------------  ----------------------- 
   -                                                                            1,000,000 
  ---------------------------------------------------------------------------  ----------------------- 
 d)    Aggregated                                     n/a - single transaction 
        volume: 
        Price: 
      ---------------------------------------------  ------------------------------------------------- 
 e)    Date of the                                    24 December 2019 
        Transaction: 
      ---------------------------------------------  ------------------------------------------------- 
 f)    Place of the                                   LSE 
        Transaction: 
      ---------------------------------------------  ------------------------------------------------- 
 
 
 1     Details of the person discharging managerial responsibilities/person 
        closely associated 
 a)    Name:                                          Peter Sharp 
      ---------------------------------------------  ---------------------------------------------------- 
 2     Reason for the notification 
      --------------------------------------------------------------------------------------------------- 
 a)    Position/Status:                               Joint Chief Executive 
      ---------------------------------------------  ---------------------------------------------------- 
 b)    Initial Notification/Amendment:                Initial Notification 
      ---------------------------------------------  ---------------------------------------------------- 
 3     Details of the issuer, emission allowance market participation, 
        auction platform, auctioneer or auction monitor 
      --------------------------------------------------------------------------------------------------- 
 a)    Name:                                          Michelmersh Brick Holdings plc 
      ---------------------------------------------  ---------------------------------------------------- 
 b)    LEI:                                           213800CIFQFPAHIQE695 
      ---------------------------------------------  ---------------------------------------------------- 
 4.    Details of 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                                    Options over ordinary shares of 20 pence each 
        of the financial                               in the capital of the Company 
        instrument: 
        Identification                                 ISIN: GB00B013H060 
        code: 
      ---------------------------------------------  ---------------------------------------------------- 
 b)    Nature of                                      Amendment of option grant pursuant to 2017 
        the transaction:                               LTIP - previously 1,250,000 options exercisable 
                                                       at 20 pence per share. Now 1,000,000 nil paid 
                                                       options. 
      ---------------------------------------------  ---------------------------------------------------- 
 c)    Price(s) and                                   Price(s)                   Volume(s) 
        volume(s): 
      ---------------------------------------------  -------------------------  ------------------------- 
   -                                                                             1,000,000 
  ----------------------------------------------------------------------------  ------------------------- 
 d)    Aggregated                                     n/a - single transaction 
        volume: 
        Price: 
      ---------------------------------------------  ---------------------------------------------------- 
 e)    Date of the                                    24 December 2019 
        Transaction: 
      ---------------------------------------------  ---------------------------------------------------- 
 f)    Place of the                                   LSE 
        Transaction: 
      ---------------------------------------------  ---------------------------------------------------- 
 
 
 1     Details of the person discharging managerial responsibilities/person 
        closely associated 
 a)    Name:                                          Stephen Morgan 
      ---------------------------------------------  ------------------------------------------------- 
 2     Reason for the notification 
      ------------------------------------------------------------------------------------------------ 
 a)    Position/Status:                               Chief Financial Officer 
      ---------------------------------------------  ------------------------------------------------- 
 b)    Initial Notification/Amendment:                Initial Notification 
      ---------------------------------------------  ------------------------------------------------- 
 3     Details of the issuer, emission allowance market participation, 
        auction platform, auctioneer or auction monitor 
      ------------------------------------------------------------------------------------------------ 
 a)    Name:                                          Michelmersh Brick Holdings plc 
      ---------------------------------------------  ------------------------------------------------- 
 b)    LEI:                                           213800CIFQFPAHIQE695 
      ---------------------------------------------  ------------------------------------------------- 
 4.    Details of 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                                    Options over ordinary shares of 20 pence each 
        of the financial                               in the capital of the Company 
        instrument: 
        Identification                                 ISIN: GB00B013H060 
        code: 
      ---------------------------------------------  ------------------------------------------------- 
 b)    Nature of                                      Grant of options 
        the transaction: 
      ---------------------------------------------  ------------------------------------------------- 
 c)    Price(s) and                                   Price(s)                  Volume(s) 
        volume(s): 
      ---------------------------------------------  ------------------------  ----------------------- 
   -                                                                            1,000,000 
  ---------------------------------------------------------------------------  ----------------------- 
 d)    Aggregated                                     n/a - single transaction 
        volume: 
        Price: 
      ---------------------------------------------  ------------------------------------------------- 
 e)    Date of the                                    24 December 2019 
        Transaction: 
      ---------------------------------------------  ------------------------------------------------- 
 f)    Place of the                                   LSE 
        Transaction: 
      ---------------------------------------------  ------------------------------------------------- 
 
 
 1     Details of the person discharging managerial responsibilities/person 
        closely associated 
 a)    Name:                                          Stephen Morgan 
      ---------------------------------------------  ---------------------------------------------------- 
 2     Reason for the notification 
      --------------------------------------------------------------------------------------------------- 
 a)    Position/Status:                               Chief Financial Officer 
      ---------------------------------------------  ---------------------------------------------------- 
 b)    Initial Notification/Amendment:                Initial Notification 
      ---------------------------------------------  ---------------------------------------------------- 
 3     Details of the issuer, emission allowance market participation, 
        auction platform, auctioneer or auction monitor 
      --------------------------------------------------------------------------------------------------- 
 a)    Name:                                          Michelmersh Brick Holdings plc 
      ---------------------------------------------  ---------------------------------------------------- 
 b)    LEI:                                           213800CIFQFPAHIQE695 
      ---------------------------------------------  ---------------------------------------------------- 
 4.    Details of 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                                    Options over ordinary shares of 20 pence each 
        of the financial                               in the capital of the Company 
        instrument: 
        Identification                                 ISIN: GB00B013H060 
        code: 
      ---------------------------------------------  ---------------------------------------------------- 
 b)    Nature of                                      Amendment of option grant pursuant to 2017 
        the transaction:                               LTIP - previously 1,250,000 options exercisable 
                                                       at 20 pence per share. Now 1,000,000 nil paid 
                                                       options. 
      ---------------------------------------------  ---------------------------------------------------- 
 c)    Price(s) and                                   Price(s)                   Volume(s) 
        volume(s): 
      ---------------------------------------------  -------------------------  ------------------------- 
   -                                                                             1,000,000 
  ----------------------------------------------------------------------------  ------------------------- 
 d)    Aggregated                                     n/a - single transaction 
        volume: 
        Price: 
      ---------------------------------------------  ---------------------------------------------------- 
 e)    Date of the                                    24 December 2019 
        Transaction: 
      ---------------------------------------------  ---------------------------------------------------- 
 f)    Place of the                                   LSE 
        Transaction: 
      ---------------------------------------------  ---------------------------------------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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