Property Franchise Group PLC (The) Grant of Options (6450Z)

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RNS Number : 6450Z

Property Franchise Group PLC (The)

17 May 2023

17 May 2023

THE PROPERTY FRANCHISE GROUP PLC

(the "Company" or the "Group")

Grant of Options

The Property Franchise Group PLC, the UK's largest property franchisor, today announces that it has granted nominal cost options over 255,952 ordinary shares in the Company to its Chief Executive Officer, Chief Financial Officer and members of its senior management team under the TPFG Share Option Plan. These awards recognise each of their roles and responsibilities in developing and implementing the Company's strategic plans and are designed to continue to incentivise them appropriately.

The awards will be subject to two performance conditions; adjusted basic earnings per share adjusted for exceptional income/costs, amortisation arising on consolidation and share-based payment charges ("adjusted EPS") and total shareholder return ("TSR") over the 3 years to 31 December 2025. Each performance condition will apply to 50% of the awards being made.

In respect of adjusted EPS, growth of 20% over the three-year period will be required for threshold vesting of the award (the "collar"), with growth of 42% or higher required for full vesting of the award (the "cap"). In respect of TSR, growth of 48% over the three-year period will be required for threshold vesting of the award (the "collar"), with growth of 72% or higher required for full vesting of the award (the "cap"). Straight-line vesting applies between the collar and the cap for both performance conditions.

The maximum awards for directors and PDMRs are stated below:

 
 Name              Position                        Number of shares 
                                                    subject to awards 
 Gareth Samples    Chief Executive Officer              109,127 
                  ------------------------------  ------------------- 
 David Raggett     Chief Financial Officer               63,492 
                  ------------------------------  ------------------- 
 Nick Neill        Managing Director of EweMove          12,000 
                  ------------------------------  ------------------- 
 

Immediately prior to these awards the Company's issued share capital was 32,041,966 ordinary shares and it had outstanding awards granted under prior incentive schemes of 2,213,000 ordinary shares.

Further detail is provided below in accordance with Article 19.3 of the EU Market Abuse Regulation.

 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name                                  1. Gareth Samples 
                                             2. David Raggett 
                                             3. Nick Neill 
     ------------------------------------  ------------------------------------------- 
 2    Reason for the notification 
     --------------------------------------------------------------------------------- 
 a)   Position/status                       1. PDMR, Chief Executive Officer 
                                             2. PDMR, Chief Financial Officer 
                                             3. PDMR, Managing Director of EweMove 
     ------------------------------------  ------------------------------------------- 
 b)   Initial notification                  Initial Notification 
       /Amendment 
     ------------------------------------  ------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     --------------------------------------------------------------------------------- 
 a)   Name                                  The Property Franchise Group PLC 
     ------------------------------------  ------------------------------------------- 
 b)   LEI                                   2138008J5PTJ8C77I535 
     ------------------------------------  ------------------------------------------- 
 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                    Ordinary Shares of 1 pence each 
       financial instrument, 
       type of instrument 
 
       Identification code                   ISIN: GB00BH0WFH67 
     ------------------------------------  ------------------------------------------- 
 b)   Nature of the transaction             Grant of nil cost options over Company's 
                                             shares 
     ------------------------------------  ------------------------------------------- 
 c)   Price(s) and volume(s)                 Price(s)                Volume(s) 
     ------------------------------------  ----------------------  ------------------- 
                                            1. 1p each               1. 109,127 
                                             2. 1p each               2. 63,492 
                                             3. 1p each               3. 12,000 
     ------------------------------------  ----------------------  ------------------- 
 d)   Aggregated information 
 
       - Aggregated volume                    184,619 
 
       - Price                                1p each 
     ------------------------------------  ------------------------------------------- 
 e)   Date of the transaction               16 May 2023 
     ------------------------------------  ------------------------------------------- 
 f)   Place of the transaction              Outside a trading venue 
     ------------------------------------  ------------------------------------------- 
 

For further information, please contact:

 
 The Property Franchise Group PLC 
  Gareth Samples, Chief Executive Officer 
  David Raggett, Chief Financial Officer      01202 405549 
 Canaccord Genuity Limited (Nominated 
  Adviser and Joint Broker) 
  Max Hartley 
  Tom Diehl                                   0207 523 8000 
 Singer Capital Markets (Joint Broker) 
  Rick Thompson 
  James Fischer                              020 7496 3000 
 Alma PR 
  Justine James 
  Joe Pederzolli                              0203 405 0209 
 

About The Property Franchise Group PLC:

The Property Franchise Group PLC (AIM: TPFG) is the largest property franchisor in the UK and manages the second largest estate agency network and portfolio of lettings properties in the UK.

The Company was founded in 1986 and has since grown to a diverse portfolio of nine brands operating throughout the UK, comprising longstanding high-street focused brands and a hybrid, no sale no fee agency.

The Property Franchise Group's brands are Martin & Co, EweMove, Hunters, CJ Hole, Ellis & Co, Parkers, Whitegates, Mullucks & Country Properties.

Headquartered in Bournemouth, UK, the Company was listed on AIM on the London Stock Exchange in 2013. More information is available at www.propertyfranchise.co.uk

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May 17, 2023 02:00 ET (06:00 GMT)