Ten Entertainment Group PLC Performance Share Plan Awards (1141K)

TIDMTEG

RNS Number : 1141K

Ten Entertainment Group PLC

11 December 2018

11 December 2018

Ten Entertainment Group plc

Performance Share Plan Awards

Ten Entertainment Group plc (the "Company") announces that on 10 December 2018 Duncan Garrood was granted the following share awards as nominal-cost options over ordinary shares of GBP0.01 each in the Company ("Shares") under the Company's 2018 Performance Share Plan ("PSP"). The awards have been granted in accordance with the remuneration policy approved by shareholders and set out in the Company's Annual Report which was published on 4 April 2018.

 
 Director          Position                   Number of Share 
                                               Awards Granted 
 Duncan Garrood    Chief Executive Officer            111,940 
 

These awards (the "PSP Awards") are subject to two performance conditions which will be measured following the announcement of results for the year to 27 December 2020 ("FY2020").

The first performance condition applying to the PSP Awards will be based on Earnings per Share of the Company ("EPS") and will apply to 50 per cent. of the total number of Share Awards granted.

 
 EPS - Financial Year 2020        Percentage of the total number 
                                   of Share Awards granted that 
                                   will vest 
 Less than 24.50 pence            0% 
                                 ------------------------------- 
 24.50 pence                      12.5% 
                                 ------------------------------- 
 Between 24.50 and 26.69 pence    Pro-rata on straight-line 
                                   basis between 12.5% and 50% 
                                 ------------------------------- 
 More than 26.69 pence            50% 
                                 ------------------------------- 
 

The EPS measure is based on adjusted fully diluted EPS as stated in the Company's accounts and is subject to such adjustments as the Remuneration Committee in its discretion determines are fair and reasonable.

The second performance condition will be based on Total Shareholder Return ("TSR") of the Company over the period from the date of grant to the announcement of results for FY2020 relative to a comparator group of companies and will apply to the remaining 50 per cent. of Share Awards granted.

It is intended that 12.5 per cent. of the total number of Share Awards will vest on achievement of median TSR performance and that 50 per cent. of such will vest on achievement of upper quartile performance. There will be straight-line vesting between these points.

Set out below are the notifications, made in accordance with the requirements of the EU Market Abuse Regulation, in relation to the PSP.

Enquiries:

Ten Entertainment Group plc via Instinctif partners

Mark Willis, Chief Financial Officer

Instinctif Partners Tel: [phone]

Matthew Smallwood

Tom Berger

 
 1 - Details of the person discharging managerial responsibilities / person closely associated 
 Name                                                      Duncan Garrood 
                                                          ------------------------------------------------------------ 
 2 - Reason for the notification 
 Position                                                  Chief Executive Officer 
                                                          ------------------------------------------------------------ 
 Reason for the notification                               Initial Notification 
                                                          ------------------------------------------------------------ 
 3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer 
  or auction monitor 
 Full name of the entity                                   Ten Entertainment Group PLC 
                                                          ------------------------------------------------------------ 
 Legal Entity Identifier code                              213800SL9HJUQ5BGPX17 
                                                          ------------------------------------------------------------ 
 4 - Details of the transaction(s): section to be repeated for (i) each type of instrument; 
  (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been 
  conducted 
 Description of financial instrument, type of instrument   Ordinary Shares of 1p each 
                                                          ------------------------------------------------------------ 
 Identification code                                       ISIN: GB00BF020D33 
                                                          ------------------------------------------------------------ 
 Nature of the transaction                                 Grant of PSP Performance Share Award. The Award is 
                                                           structured as a nominal cost option which 
                                                           shall ordinarily vest and become exercisable subject to 
                                                           continued service and to the extent 
                                                           to which the performance conditions set for the Award are 
                                                           satisfied. 
                                                          ------------------------------------------------------------ 
 Price(s) and volume(s)                                     Price(s)    Volume(s) 
                                                             nil         111,940 
                                                          ------------------------------------------------------------ 
 Aggregated information and volume price                   Total volume of shares: 111,940 
                                                            Total price GBP GBPnil 
                                                          ------------------------------------------------------------ 
 Date of transaction                                       10 December 2018 UK BST 
                                                          ------------------------------------------------------------ 
 Place of transaction                                      Outside a trading venue 
                                                          ------------------------------------------------------------ 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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December 11, 2018 06:00 ET (11:00 GMT)