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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Midwich Group Plc | LSE:MIDW | London | Ordinary Share | GB00BYSXWW41 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
15.00 | 3.61% | 430.00 | 424.00 | 430.00 | 427.00 | 410.00 | 425.00 | 3,115,213 | 16:35:06 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Services, Nec | 1.2B | 15.29M | 0.1481 | 28.83 | 440.88M |
TIDMMIDW
RNS Number : 2336G
Midwich Group PLC
23 November 2020
23 November 2020
Midwich Group plc
("Midwich", the "Company" or "the Group")
Grant of Share Options
Midwich Group (AIM: MIDW), a specialist audio visual distributor to the trade market with operations across the UK and Ireland, Continental Europe, Asia-Pacific and North America, today announces that it has granted 297,116 nominal cost options over ordinary shares of GBP0.01 each in the Company under the Midwich Group plc 2016 Long Term Incentive Plan (the "LTIP Award") to Stephen Lamb, CFO.
Performance conditions and vesting
The performance conditions have been designed to ensure alignment between the incentivisation of the Executive Directors and the interests of the Company's shareholders.
The LTIP Award is subject to performance conditions linked to the Company's profitability, such that a base award of 66,026 ordinary shares in the Company will only vest if adjusted profit before tax in the financial year ending 31 December 2022 exceeds the adjusted profit before tax for the year ending 31 December 2019.
The balance of the LTIP Award will vest in tranches subject to the achievement of stretching profit targets for the year ending 31 December 2022. The LTIP Award will ordinarily vest in 2023 and is exercisable for up to 10 years from the date of grant. The base award is subject to a two-year holding period from the date of vesting. The LTIP Award is conditional on the cancellation of the 2018 and 2019 performance share options.
The Notification of Dealing Forms can be found below. These notifications are made under article 19 of the Market Abuse Regulation ("MAR").
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/ Initial notification Amendment ----------------------------- ----------------------------- 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 Ordinary shares of GBP0.01 the Financial each Instrument ----------------------------- ----------------------------- (b) Identification GB00BYSXWW41 code of the Financial Instrument ----------------------------- ----------------------------- (c) Nature of the Grant of options transaction ----------------------------- ----------------------------- (d) Price(s) and Price(s) Volume(s) volume(s) ------------- -------------- 1p 297,116 ------------- -------------- (e) Aggregated information * Aggregated volume n/a - Price ----------------------------- ----------------------------- (f) Date of the transaction 23 November 2020 ----------------------------- ----------------------------- (g) Place of the London Stock Exchange transaction ----------------------------- -----------------------------
For further information:
Midwich Group plc Tel: +44 (0) 13 7964 Stephen Fenby, Managing Director 9200 Stephen Lamb, Finance Director Investec Bank plc (NOMAD and Joint Broker Tel: +44 (0) 20 7597 to Midwich) 5970 James Rudd Carlton Nelson Berenberg (Joint Broker to Midwich) Tel: +44 (0) 20 3207 Ben Wright 7800 Mark Whitmore Alix Mecklenberg-Solodkoff FTI Consulting Tel: +44 (0) 20 3727 Alex Beagley 1000 Tom Hufton Rafaella de Freitas
About Midwich Group
Midwich is a specialist AV distributor to the trade market, with operations in the UK and Ireland, Continental Europe and 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, Continental Europe, 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
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November 23, 2020 12:00 ET (17:00 GMT)
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