Mulberry Group PLC Grant of Options (6374K)

TIDMMUL

RNS Number : 6374K

Mulberry Group PLC

11 July 2017

Mulberry Group plc ("Mulberry" or the "Company")

Renaming of "Mulberry Group PLC Long Term Incentive Plan" to "Mulberry Group plc 2017 Performance Share Plan" and Grant of Options under the renamed plan

On 10 July 2017 the Board of Mulberry (the "Board") approved certain amendments to the Mulberry Group PLC Long Term Incentive Plan and its renaming to the Mulberry Group plc 2017 Performance Share Plan (the "Plan").

On the same date, the Remuneration Committee of the Board (the "Remuneration Committee) granted options (the "New Options") over ordinary shares of 5 pence each in the Company ("Ordinary Shares") to certain directors and other senior management of the Company under the Plan as set out below:

 
 Name                       Maximum number of New 
                                          Options 
-------------------------  ---------------------- 
 Thierry Andretta (CEO)                   200,000 
-------------------------  ---------------------- 
 Neil Ritchie (CFO)                        50,000 
-------------------------  ---------------------- 
 Other senior management 
  employees                               130,500 
-------------------------  ---------------------- 
 

The New Options are granted as nil cost options with no exercise price and shall vest upon the achievement by the Company of certain revenue and profit before interest and tax ("PBIT") targets set by the Remuneration Committee for the financial year ending 31 March 2020 (the "Results"). The number of New Options vesting shall be dependent on the Company's performance against these targets, with equal weighting given to revenue and PBIT. 25% of the New Options will vest provided the Results meet the lower end of the target range, increasing on a prorated basis to full vesting in the event that the Results meet the upper end of the target range.

The New Options will only vest following the announcement by the Company of its consolidated audited results for the year ending 31 March 2020 and the determination by the Remuneration Committee of the extent to which the vesting conditions have been met. Any resultant vesting of the New Options is, therefore, expected to occur by the end of July 2020 (the "Vesting Date"). The New Options will be exercisable between the Vesting Date and 10 July 2027.

Following the grant of New Options, Thierry Andretta and Neil Ritchie, both directors of the Company, hold options over Ordinary Shares as follows:

 
 Name               Options under        Maximum number 
                     the Mulberry        of New Options 
                        Group plc    under the Mulberry 
                  2008 Unapproved        Group plc 2017 
                     Share Option           Performance 
                             Plan            Share Plan 
--------------  -----------------  -------------------- 
 Thierry 
  Andretta                300,415               200,000 
--------------  -----------------  -------------------- 
 Neil Ritchie              24,500                50,000 
--------------  -----------------  -------------------- 
 

The Company publicly discloses the following notifications:

 
 1    Details of the person discharging managerial 
       responsibilities / person closely associated 
---  --------------------------------------------------------------- 
 a)   Name                      Thierry Andretta 
---  ------------------------  ------------------------------------- 
 2    Reason for the notification 
---  --------------------------------------------------------------- 
 a)   Position/status           Chief Executive Officer 
---  ------------------------  ------------------------------------- 
 b)   Initial notification      Initial notification 
       /Amendment 
---  ------------------------  ------------------------------------- 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  --------------------------------------------------------------- 
 a)   Name                      Mulberry Group plc 
---  ------------------------  ------------------------------------- 
 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            Options over Ordinary Shares 
       the financial 
       instrument, type 
       of instrument             GB0006094303 
 
       Identification 
       code 
---  ------------------------  ------------------------------------- 
 b)   Nature of the             Award made pursuant to the 
       transaction               Mulberry Group plc 2017 Performance 
                                 Share Plan 
---  ------------------------  ------------------------------------- 
 c)   Price(s) and                Price(s)    Volume(s) 
       volume(s)                  ----------  ---------- 
                                   nil         200,000 
                                  ----------  ---------- 
---  ------------------------  ------------------------------------- 
 d)   Aggregated information 
 
       - Aggregated               NA 
       volume 
 
       - Price 
---  ------------------------  ------------------------------------- 
 e)   Date of the transaction   10 July 2017 
---  ------------------------  ------------------------------------- 
 f)   Place of the              Outside a trading venue 
       transaction 
---  ------------------------  ------------------------------------- 
 
 
 1    Details of the person discharging managerial 
       responsibilities / person closely associated 
---  --------------------------------------------------------------- 
 a)   Name                      Neil Ritchie 
---  ------------------------  ------------------------------------- 
 2    Reason for the notification 
---  --------------------------------------------------------------- 
 a)   Position/status           Chief Financial Officer 
---  ------------------------  ------------------------------------- 
 b)   Initial notification      Initial notification 
       /Amendment 
---  ------------------------  ------------------------------------- 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  --------------------------------------------------------------- 
 a)   Name                      Mulberry Group plc 
---  ------------------------  ------------------------------------- 
 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            Options over Ordinary Shares 
       the financial 
       instrument, type 
       of instrument             GB0006094303 
 
       Identification 
       code 
---  ------------------------  ------------------------------------- 
 b)   Nature of the             Award made pursuant to the 
       transaction               Mulberry Group plc 2017 Performance 
                                 Share Plan 
---  ------------------------  ------------------------------------- 
 c)   Price(s) and                Price(s)    Volume(s) 
       volume(s)                  ----------  ---------- 
                                   nil         50,000 
                                  ----------  ---------- 
---  ------------------------  ------------------------------------- 
 d)   Aggregated information 
 
       - Aggregated               NA 
       volume 
 
       - Price 
---  ------------------------  ------------------------------------- 
 e)   Date of the transaction   10 July 2017 
---  ------------------------  ------------------------------------- 
 f)   Place of the              Outside a trading venue 
       transaction 
---  ------------------------  ------------------------------------- 
 

FOR FURTHER DETAILS PLEASE CONTACT:

 
Bell Pottinger 
 Daniel de Belder 
 / Elizabeth Snow     0203 772 2561 
 
Mulberry Investor 
 Relations 
 Allegra Perry        0207 605 6795 
 
GCA Altium 
 Sam Fuller / Tim 
 Richardson           0207 484 4040 
 
Barclays 
 Nicola Tennent / 
 Thomas Dugarin       0203 134 9801 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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July 11, 2017 02:00 ET (06:00 GMT)