Science in Sport PLC Grant of Options (6874A)

TIDMSIS

RNS Number : 6874A

Science in Sport PLC

01 October 2020

1(st) October 2020

SCIENCE IN SPORT PLC

("SiS" or the "Company" or "Group")

Grant of Options

Science in Sport plc (AIM: SIS), the premium performance nutrition company serving elite athletes, sports enthusiasts and the gym lifestyle community, announces that, under the terms of the Company's long term incentive plan ("LTIP") and short term incentive plan ("STIP") the Board has approved the award of and granted nil cost options over 5,093,586 ordinary shares of 10 pence each ("Ordinary Shares"). The LTIP and STIP awards are in respect of the Company's performance during 2019 and in lieu of cash bonuses.

Short term incentive plan

Under the STIP for the 2019 financial year options have now been granted over 1,889,085 ordinary shares (the "STIP 2019 Awards") based on achievement of performance targets for 2019. There are no outstanding performance conditions in respect of the STIP 2019 Awards which are now exercisable. The STIP 2019 Awards were made to certain directors and senior employees of the Group in lieu of any cash bonus in accordance with previous awards. Details of the STIP 2019 Awards to PDMRs are set out below.

Long term incentive plan

Under the terms of the LTIP and based on achievement of performance targets for the 2019 financial year, options have been granted over 3,204,501 Ordinary Shares (the "LTIP 2019 Awards"). The LTIP 2019 Awards vest and become exercisable in 2022. The value of the share options is maximised at the Hurdle Rate, which is 20% above the five day average market price following release of the 2019 financial results, being 40 pence ( the "Hurdle Rate").

Under the LTIP individuals are also awarded shares in SIS (Science In Sport) Ltd, a wholly owned subsidiary of the Company ('Growth Shares'), which are exchangeable for Ordinary Shares.

If, at the time of exercise, the Company's share price is less than or equal to the Hurdle Rate, 3,204,501 options under the LTIP will be exercisable in full and issued at the prevailing share price, and no Growth Shares will be exchanged.

If, at the time of exercise, the Company's share price is above the Hurdle Rate, options under the LTIP are exchangeable in full at the Hurdle Rate. In addition, awardees may exchange Growth Shares whose value is the share price appreciation over the Hurdle Rate. The value of the Growth Share (i.e., the appreciation over the Hurdle Rate) can be exchanged for the equivalent value of Ordinary Shares in SIS plc. Below the Hurdle Rate the Growth Shares have no value and will fall away.

In all cases, a maximum of 3,204,501 new Ordinary Shares will become issuable pursuant to the LTIP and awards of Growth Shares.

Details of the STIP and LTIP 2019 Awards to PDMRs are set out below:

Share option awards made to PDMRs:

 
 Name             Position           2019 LTIP   2019 STIP 
                                       Awards      Awards 
                  Chief Executive 
 Stephen Moon      Officer           1,555,612   1,108,070 
                  Chief Financial 
 James Simpson         Officer          nil       49,805 
               Total                 1,555,612   1,157,875 
 

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

For further information:

 
 Science in Sport plc 
  Stephen Moon, Chief Executive Officer 
  James Simpson, Chief Financial 
  Officer                                  [phone] 
 Liberum 
  Nominated adviser and broker 
  Bidhi Bhoma 
  James Greenwood 
  William Hall                             [phone] 
 Buchanan Communications                   [phone] 
  Financial PR                              [e-mail] 
  Mark Court 
  Vicky Hayns 
  Tilly Abraham 
 

About Science in Sport plc

Science in Sport plc is a leading sports nutrition business that develops, manufactures and markets innovative nutrition products for professional athletes, sports and fitness enthusiasts and the gym lifestyle community. The Company has two highly regarded brands: PhD Nutrition, a premium protein brand targeting gym lifestyle and sports enthusiasts, and SiS, a leading brand among elite athletes and professional sports teams.

The two brands are sold internationally through multiple retail channels, both traditional and online, including major supermarkets and high street chains, specialist sports retailers and e-commerce sites including Amazon and the brands' websites. They enable the Company to address the full breadth of the performance nutrition market currently estimated at approximately GBP10 billion worldwide.

PhD is one of the UK's leading protein brands with a reputation for high quality and product innovation. The brand has grown rapidly, based on its core protein powders, since its launch in 2005. The range now comprises powders, bars, flapjacks, drinks and other products including the high protein, low sugar range, PhD Smart. PhD brand ambassadors include endurance athlete Ross Edgley, WBA international champion Jordan Gill, Team GB Olympic sprinter Asha Philip and leading fitness influencer Obi Vincent. The PhD brand is an official partner to the Tough Mudder Challenge and Race Series.

SiS, founded in 1992, has a core range comprising gels, powders and bars focused on energy, hydration and endurance. SiS is the official sports nutrition supplier to many professional teams and organisations including Team INEOS Cycling, Team Ineos UK (America's Cup Team), British Cycling, Cycling Australia, USA Cycling and USA Triathlon. SiS supplies more than 100 professional football clubs in the UK, Europe and USA, and is an official partner Manchester United Football. SiS brand ambassadors include Olympians Sir Chris Hoy MBE, Mark Cavendish MBE and Adam Peaty MBE.

Science in Sport is headquartered in London. Its shares joined the AIM market of the London Stock Exchange in August 2013 and trade under the ticker symbol SIS.

For further information, please visit www.scienceinsport.com

 
 1.   Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name: Stephen Moon 
     --------------------------------------------------------------------- 
 2.   Reason for the notification 
     --------------------------------------------------------------------- 
 a)   Position/status: Chief Executive Officer 
     --------------------------------------------------------------------- 
 b)   Initial notification/Amendment: Initial Notification 
     --------------------------------------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     --------------------------------------------------------------------- 
 a)   Name: Science In Sport plc 
     --------------------------------------------------------------------- 
 b)   LEI: 213800FWYWBJFJPPJ981 
     --------------------------------------------------------------------- 
 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 financial instrument, type of instrument: 
       Ordinary shares of 10p each. 
       Identification code: GB00BBPV5329 
     --------------------------------------------------------------------- 
 b)   Nature of the transaction: Grant of nil-cost options to 
       acquire ordinary shares of 10p each under the Company's 
       Long Term Incentive Plan and Short Term Incentive Plan 
     --------------------------------------------------------------------- 
 c)   Price(s) and volume(s): Price(s)   Volume(s)   Scheme 
        Nil cost   1,555,612   LTIP 
                  ----------  ------- 
        Nil cost   1,108,070   STIP 
                  ----------  ------- 
     --------------------------------------------------------------------- 
 d)   Aggregated information: Options over 2,663,682 Ordinary 
       Shares of 10p each 
     --------------------------------------------------------------------- 
 e)   Date of the transaction: 30 September 2020 
     --------------------------------------------------------------------- 
 f)   Place of the transaction: Off-market transaction 
     --------------------------------------------------------------------- 
 
 
 1.   Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name: James Simpson 
     --------------------------------------------------------------------- 
 2.   Reason for the notification 
     --------------------------------------------------------------------- 
 a)   Position/status: Chief Financial Officer 
     --------------------------------------------------------------------- 
 b)   Initial notification/Amendment: Initial Notification 
     --------------------------------------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     --------------------------------------------------------------------- 
 a)   Name: Science In Sport plc 
     --------------------------------------------------------------------- 
 b)   LEI: 213800FWYWBJFJPPJ981 
     --------------------------------------------------------------------- 
 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 financial instrument, type of instrument: 
       Ordinary shares of 10p each. 
       Identification code: GB00BBPV5329 
     --------------------------------------------------------------------- 

 b)   Nature of the transaction: Grant of nil-cost options to 
       acquire ordinary shares of 10p each under the Company's 
       Short Term Incentive Plan 
     --------------------------------------------------------------------- 
 c)   Price(s) and volume(s): Price(s)    Volume(s) 
        Nil cost    49,805 
                   ---------- 
     --------------------------------------------------------------------- 
 d)   Aggregated information: N/A 
     --------------------------------------------------------------------- 
 e)   Date of the transaction: 30 September 2020 
     --------------------------------------------------------------------- 
 f)   Place of the transaction: Off-market transaction 
     --------------------------------------------------------------------- 
 

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October 01, 2020 02:00 ET (06:00 GMT)