NWF Group PLC Award of Options and Issue of Equity (0002V)

TIDMNWF

RNS Number : 0002V

NWF Group PLC

04 August 2020

NWF Group plc

NWF Group plc ('NWF', 'the Group' or 'the Company')

Award of Options and Issue of Equity under Company Performance Share Plan

NWF Group plc, the specialist distributor of fuel, food and feed across the UK, announces the following awards have been approved under the terms of the established NWF Company Performance Share Plan (the "Plan").

Richard Whiting, Chief Executive of NWF, will receive an award of a conditional right over a maximum of 147,927 ordinary shares of 25 pence each of the Company ("Shares") at a price of 205 pence per Share, being the mid-market price at the close of business on 3 August 2020. This award is subject to the following performance targets:

1. if the reported headline basic earnings per share for the three financial years ending 31 May 2023

increases by RPI plus 2% per annum then 44,378   Shares will be issued under the Plan; and 

2. the maximum of 147,927 Shares will be issued if the reported headline basic earnings per share increases by RPI plus 8% per annum for the three financial years ending 31 May 2023.

Following the award, Richard Whiting will be interested in 473,828 conditional awards over Shares.

Chris Belsham, Group Finance Director of NWF, will receive an award of a conditional right over a maximum of 88,902 ordinary shares of 25 pence each of the Company ("Shares") at a price of 205 pence per Share, being the mid-market price at the close of business on 3 August 2020. This award is subject to the following performance targets:

1. if the reported headline basic earnings per share for the three financial years ending 31 May 2023

increases by RPI plus 2% per annum then 26,671   Shares will be issued under the Plan; and 

2. the maximum of 88,902 Shares will be issued if the reported headline basic earnings per share increases by RPI plus 8% per annum for the three financial years ending 31 May 2023.

Following the award, Chris Belsham will be interested in 284,720 conditional awards over Shares.

Rob Andrew, Group Company Secretary of NWF, will receive an award of a conditional right over a maximum of 66,707 Shares at a price of 205 pence per Share, being the mid-market price at the close of business on 3 August 2020. This award is subject to the following performance targets:

1. if the reported headline basic earnings per share for the three financial years ending 31 May 2023 increases by RPI plus 2% per annum then 20,012 Shares will be issued under the Plan; and

2. the maximum of 66,707 Shares will be issued if the reported headline basic earnings per share increases by RPI plus 8% per annum for the three financial years ending 31 May 2023.

Following the award, Rob Andrew will be interested in 213,633 conditional awards over Shares.

The Plan was established for the purpose of incentivising and retaining the Company's eligible executive management. Shares awarded under the Plan are subject to a performance criteria that requires NWF to meet a minimum reported basic earnings per share target over a three year period. The Remuneration Committee has responsibility for determining the award of Shares and the performance targets under the Plan.

Issue of Equity

The Company announces that it will issue 253,525 Shares in respect of awards previously made under the Plan. Following the satisfaction of performance conditions, 101,688 Shares will be issued in respect of Richard Whiting, who will then have an interest of 412,455 Shares representing 0.84% of the issued share capital of the Company. 61,085 Shares will be issued in respect of Chris Belsham who will then have an interest of 80,710 Shares representing 0.16% of the issued share capital of the Company. 45,814 Shares will be issued in respect of Rob Andrew who will then have an interest in 137,667 Shares representing 0.28% of the issued share capital of the Company.

Application has been made for the 253,525 new Shares to be admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 am on 7 August 2020.

Total Voting Rights

In accordance with the FCA's Disclosure Guidance and Transparency Rules (DTR 5.6.1) the Company notifies that following Admission, its issued share capital will consist of 49,003,965 Shares. There are no shares held in treasury. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 
 Rob Andrew                Reg Hoare/James Bavister   Mike Bell/Ed Allsopp 
 Group Company Secretary   MHP Communications         Peel Hunt LLP 
 NWF Group plc             Tel: [phone]         (Nominated Adviser) 
 Tel: [phone]                                   Tel: [phone] 
 

The information below (set out in accordance with the requirements of the EU Market Abuse Regulation) provides further detail:

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             Richard Whiting 
     -------------------------------  --------------------------------------------------------------- 
 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                             NWF Group plc 
     -------------------------------  --------------------------------------------------------------- 
 b)   LEI                              213800ARRZNN1WVZ9M70 
     -------------------------------  --------------------------------------------------------------- 
 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 the                    1) Options over Shares in NWF Group plc 
       financial instrument,                 2) Shares in NWF Group plc 
       type of instrument 
      Identification code              GB0006523608 
     -------------------------------  --------------------------------------------------------------- 
 b)   Nature of the transaction             1) Award of options under the Company's 
                                             Performance Share Plan 
                                             2) Issue of shares under the Company's Performance 
                                             Share Plan 
     -------------------------------  --------------------------------------------------------------- 
 c)   Price(s) and volume(s) 
                                              Price(s)   Volume(s) 
                                           1   Nil        147,927 
                                              ---------  ---------- 
                                           2   Nil        101,688 
                                              ---------  ---------- 
     -------------------------------    --------------------------------------------------------- 
 d)   Aggregated information 
 
      - Aggregated volume              n/a 
 
      - Price 
 
       - Total 
 
 e)   Date of the transaction          4 August 2020 
     -------------------------------  --------------------------------------------------------------- 
 f)   Place of the transaction         Outside of a trading venue 
     -------------------------------  --------------------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             Chris Belsham 
     -------------------------------  --------------------------------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------------------------------------ 
 a)   Position/status                  Group Finance Director 
     -------------------------------  --------------------------------------------------------------- 
 b)   Initial notification             Initial notification 
       /Amendment 
     -------------------------------  --------------------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------------------------------ 
 a)   Name                             NWF Group plc 
     -------------------------------  --------------------------------------------------------------- 
 b)   LEI                              213800ARRZNN1WVZ9M70 
     -------------------------------  --------------------------------------------------------------- 
 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 the                    1) Options over Shares in NWF Group plc 
       financial instrument,                 2) Shares in NWF Group plc 
       type of instrument 

      Identification code              GB0006523608 
     -------------------------------  --------------------------------------------------------------- 
 b)   Nature of the transaction             1) Award of options under the Company's 
                                             Performance Share Plan 
                                             2) Issue of shares under the Company's Performance 
                                             Share Plan 
     -------------------------------  --------------------------------------------------------------- 
 c)   Price(s) and volume(s) 
                                              Price(s)   Volume(s) 
                                           1   Nil        88,902 
                                              ---------  ---------- 
                                           2   Nil        61,085 
                                              ---------  ---------- 
     -------------------------------    --------------------------------------------------------- 
 d)   Aggregated information 
 
      - Aggregated volume              n/a 
 
      - Price 
 
       - Total 
 
 e)   Date of the transaction          4 August 2020 
     -------------------------------  --------------------------------------------------------------- 
 f)   Place of the transaction         Outside of a trading venue 
     -------------------------------  --------------------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             Rob Andrew 
     -------------------------------  --------------------------------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------------------------------------ 
 a)   Position/status                  Group Company Secretary 
     -------------------------------  --------------------------------------------------------------- 
 b)   Initial notification             Initial notification 
       /Amendment 
     -------------------------------  --------------------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------------------------------ 
 a)   Name                             NWF Group plc 
     -------------------------------  --------------------------------------------------------------- 
 b)   LEI                              213800ARRZNN1WVZ9M70 
     -------------------------------  --------------------------------------------------------------- 
 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 the                    1) Options over Shares in NWF Group plc 
       financial instrument,                 2) Shares in NWF Group plc 
       type of instrument 
      Identification code              GB0006523608 
     -------------------------------  --------------------------------------------------------------- 
 b)   Nature of the transaction             1) Award of options under the Company's 
                                             Performance Share Plan 
                                             2) Issue of shares under the Company's Performance 
                                             Share Plan 
     -------------------------------  --------------------------------------------------------------- 
 c)   Price(s) and volume(s) 
                                              Price(s)   Volume(s) 
                                           1   Nil        66,707 
                                              ---------  ---------- 
                                           2   Nil        45,814 
                                              ---------  ---------- 
     -------------------------------    --------------------------------------------------------- 
 d)   Aggregated information 
 
      - Aggregated volume              n/a 
 
      - Price 
 
       - Total 
 
 e)   Date of the transaction          4 August 2020 
     -------------------------------  --------------------------------------------------------------- 
 f)   Place of the transaction         Outside of a trading venue 
     -------------------------------  --------------------------------------------------------------- 
 

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August 04, 2020 02:00 ET (06:00 GMT)