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MIDW Midwich Group Plc

430.00
15.00 (3.61%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

Midwich Group PLC Grant of Share Options (2336G)

23/11/2020 5:00pm

UK Regulatory


Midwich (LSE:MIDW)
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From Mar 2019 to Mar 2024

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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

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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(END) Dow Jones Newswires

November 23, 2020 12:00 ET (17:00 GMT)

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