Midwich Group PLC LTIP Options Grant (2384E)

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RNS Number : 2384E

Midwich Group PLC

06 July 2021

6 July 2021

Midwich Group plc

("Midwich" or "the Group")

LTIP Options Grant

Midwich (AIM: MIDW), a global specialist audio visual distributor to the trade market, today announces that it has granted 51,500 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 will ordinarily vest in 2024. The award is exercisable for up to 10 years from the date of grant and is 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                              Grant of options 
         transaction 
       -----------------------------------------  ---------------------------------- 
 (d)    Price(s) and                               Price(s)          Volume(s) 
         volume(s) 
                                                  ----------------  ---------------- 
                                                   1p                51,500 
                                                  ----------------  ---------------- 
 
 (e)    Aggregated information                     N/A 
 
          *    Aggregated volume 
 
 
         - Price 
       -----------------------------------------  ---------------------------------- 
 (f)    Date of the transaction                    5 July 2021 
       -----------------------------------------  ---------------------------------- 
 (g)    Place of the                               London Stock Exchange 
         transaction 
       -----------------------------------------  ---------------------------------- 
 

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 
  Mark Whitmore 
  Alix Mecklenberg-Solodkoff 
 FTI Consulting                              Tel: +44 (0) 20 
  Alex Beagley                                3727 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, EMEA, 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, 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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July 06, 2021 02:00 ET (06:00 GMT)