Midwich Group PLC Grant of options (5440J)

TIDMMIDW

RNS Number : 5440J

Midwich Group PLC

16 August 2023

16 August 2023

Midwich Group plc

("Midwich", the "Company" or "the Group")

Grant of options

Midwich (AIM: MIDW), a global specialist audio visual distributor to the trade market, announces that, on 16 August 2023, it granted 128,889 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, Group Finance Director.

Performance conditions and vesting

The LTIP Award is subject to challenging performance conditions linked to growth in the Group's profitability and earnings per share and will ordinarily vest in 2026. The award is exercisable for up to 10 years from the date of grant and part of the award subject to a two-year holding period from the date of vesting.

 
 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 each 
         the Financial Instrument 
       -----------------------------------------  ---------------------------------- 
 (b)    Identification                             GB00BYSXWW41 
         code of the Financial 
         Instrument 
       -----------------------------------------  ---------------------------------- 
 (c)    Nature of the transaction                  Grant of options 
       -----------------------------------------  ---------------------------------- 
 (d)    Price(s) and volume(s)                     Price(s)          Volume(s) 
                                                  ----------------  ---------------- 
                                                   1p                128,889 
                                                  ----------------  ---------------- 
 
 (e)    Aggregated information 
          *    Aggregated volume                     n/a 
 
 
         - Price 
       -----------------------------------------  ---------------------------------- 
 (f)    Date of the transaction                    16 August 2023 
       -----------------------------------------  ---------------------------------- 
 (g)    Place of the transaction                   London Stock Exchange 
       -----------------------------------------  ---------------------------------- 
 

For further information:

 
 Midwich Group plc                           Tel: +44 (0) 13 
  Stephen Fenby, Managing Director            7964 9200 
  Stephen Lamb, Finance Director 
 Investec Bank plc (NOMAD and Joint Broker   Tel: +44 (0) 20 
  to Midwich)                                 7597 5970 
  Carlton Nelson 
  Ben Griffiths 
 Berenberg (Joint Broker to Midwich)         Tel: +44 (0) 20 
  Ben Wright                                  3207 7800 
  Richard Andrews 
                                             Tel: +44 (0) 20 
   FTI Consulting                             3727 1000 
   Alex Beagley 
   Tom Hufton 
   Rafaella de Freitas 
 

About Midwich Group

Midwich is a specialist AV distributor to the trade market, with operations in EMEA, the UK and Ireland, Asia Pacific and North America. The Group's long-standing relationships with over 600 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 1,800 employees across the UK and Ireland, EMEA, 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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August 16, 2023 10:08 ET (14:08 GMT)