Norman Broadbent PLC Grant of Options (4772H)

TIDMNBB

RNS Number : 4772H

Norman Broadbent PLC

28 July 2023

Norman Broadbent plc

("Norman Broadbent or the "Company")

Grant of Options

and

Director/PDMR Shareholding

Norman Broadbent (AIM: NBB), a leading London quoted Executive Search and Interim Management firm offering a diversified portfolio of integrated Leadership Acquisition & Advisory Services, announces that, on 28 July 2023 (the "Date of Grant"), it granted options over, in aggregate, 4,148,148 ordinary shares of GBP0.01 each ("Ordinary Shares") in the Company ("Options") to both Executive Directors and certain employees (the "Grant") under its Enterprise Management Incentive Option Scheme 2022 (the "Scheme"). The Options are exercisable at nil pence per Ordinary Share.

The Options granted under the Scheme vest over a 3-year period (25 per cent. of the Grant are deemed to have vested on 18 March 2023*). Once vested, the Options can be exercised within 7 years of the Date of Grant date subject to the following two sets of performance criteria:

-- 50 per cent. of the vested Options are exercisable on a scaled basis following the price of an Ordinary Share achieving an average of between 10p and 19p over any three-month period prior to 30 June 2026 ("Share Price Vesting Options"); and

-- The remaining 50 per cent. of the vested Options are exercisable on a scaled basis following the achievement by the Company of audited EBITDA in the range of greater than GBP500,000 to GBP1,250,000 in any financial year from the Date of Grant to 31 December 2025 ("EBITDA Vesting Options").

The following table sets out details of the Options that have been granted to the Executive Directors and one person discharging managerial responsibilities ("PDMR"):

 
                                                                                               Percentage   Percentage 
                                                                                                   of the       of the 
                                         Number        Number          Total           Total    Company's    Company's 
                                       of Share     of EBITDA         Number          Number     Existing        Fully 
   Name of                                Price       Vesting     of Options      of Options       Issued      Diluted 
   Individual        Director/PDMR      Vesting       Options        granted            held       Shares        Share 
                                        Options       granted                      following        Under      Capital 
                                        granted                                        Grant       Option       held** 
                                                                                                     held 
 Kevin Davidson                CEO      299,076       299,072        598,148       2,548,148         4.1%         3.4% 
 Mehr Malik                    CFO      850,000       850,000      1,700,000       1,700,000         2.8%         2.3% 
                           COO and 
 Sean Bergin                  PDMR      125,000       125,000        250,000       1,700,000         2.8%         2.3% 
----------------  ----------------  -----------  ------------  -------------  --------------  -----------  ----------- 
 Total                                1,274,076     1,274,072      2,548,148       5,948,148         9.7%         8.0% 
 

*anniversary of original grant of options

**assuming that no further Ordinary Shares are issued between the date of this announcement and the exercise of the Options.

In addition, a further 1,600,000 options over Ordinary Shares have been granted to certain of the Company's employees.

Following the Grant, there are 12,148,148 options over Ordinary Shares outstanding representing 19.7 per cent. of the Company's issued share capital. At the date of this announcement, the Company has 61,817,543 Ordinary Shares in issue.

The FCA notification, made in accordance with the requirements of the UK Market Abuse Regulation is appended further below.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

 
  1   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                         Kevin Davidson   CEO 
                                    Mehr Malik       CFO 
                                    Sean Bergin      COO 
     -------------------------  --------------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------------ 
 a)   Position/status            See 1a) above 
     -------------------------  --------------------------------------------- 
 b)   Initial notification       Initial notification 
       /Amendment 
     -------------------------  --------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------ 
 a)   Name                       Norman Broadbent Plc 
     -------------------------  --------------------------------------------- 
 b)   LEI                        213800E5YN5TA934XA23 
     -------------------------  --------------------------------------------- 
 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 of GBP0.01 
       the financial              each in Norman Broadbent Plc 
       instrument, type           Identification code (ISIN) for Norman 
       of instrument              Broadbent Plc ordinary shares: GB00B3VF4Y66 
       Identification 
       code 
     -------------------------  --------------------------------------------- 
 b)   Nature of the              Grant of options 
       transaction 
     -------------------------  --------------------------------------------- 
 c)   Price(s) and volume(s)     Name              Price(s)    Volume(s) 
                                  Kevin Davidson       nil        598,148 
                                  Mehr Malik           nil      1,700,000 
                                  Sean Bergin          nil        250,000 
     -------------------------  --------------------------------------------- 
 d)   Aggregated information     N/A 
       - Aggregated volume 
       - Price 
     -------------------------  --------------------------------------------- 
 e)   Date of the transactions   Options put in place as of 28 July 2023 
     -------------------------  --------------------------------------------- 
 f)   Place of the transaction   Outside a trading venue 
     -------------------------  --------------------------------------------- 
 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For further information, please contact:

   Norman Broadbent plc                           [phone] 

Kevin Davidson, CEO

Mehr Malik, CFO

   Shore Capital  (Nominated Adviser and Broker)                    020 7408 4090 

Tom Griffiths / Tom Knibbs (Corporate Advisory)

Henry Willcocks (Corporate Broking)

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July 28, 2023 02:00 ET (06:00 GMT)