Ten Entertainment Group PLC Notification of Transactions by PDMRs (6964B)

TIDMTEG

RNS Number : 6964B

Ten Entertainment Group PLC

11 June 2021

11 June 2021

Ten Entertainment Group plc

Notification of Transactions by Persons Discharging Managerial Responsibilities ("PDMRs")

Ten Entertainment Group plc (the "Company") announces that on 11 June 2020, the Performance Share Plan awards granted in the 2018 scheme on 11 June 2018 have vested. The awards were granted to the three Executive Directors at the time, of which only Graham Blackwell is still with the Company. Continuous employment over the term of the scheme is a performance condition and thus only Graham Blackwell can exercise his options.

The Remuneration Committee reviewed the other performance conditions of the scheme with 50% applying to Earning per Share (EPS) and 50% to Total Shareholder Return (TSR). Only the TSR performance condition was met and the extent to which the award would vest is calculated in accordance with the below table:

 
 TSR performance against Comparator      Percentage of Award that vests 
  Group Companies 
 Below Median                                          0% 
                                      ------------------------------------ 
 Median                                               12.5% 
                                      ------------------------------------ 
 Between Median and Upper Quartile     Between 12.5% and 50% on a straight 
                                                    line basis 
                                      ------------------------------------ 
 Upper Quartile and above                              50% 
                                      ------------------------------------ 
 

The Company falls between Median and Upper Quartile and so the percentage of awards vesting was calculated on a straight-line basis and 21.9% of the TSR vests. The total award to Graham Blackwell was 95,149 options and so the Remuneration Committee have approved the vesting of 20,814 ordinary shares in the Company. The Company has elected to settle the awards via the issuance of ordinary shares.

Following the vesting of shares in respect of the Company's awards under the 2018 Performance Share Plan, application was made to the UK Listing Authority and the London Stock Exchange plc for 20,814 ordinary shares of 1p each in the Company ("Shares") to be admitted to the Official List.

After the allotment of the shares to the Company's employee share account, all 20,814 shares were disposed of by Graham Blackwell at an aggregated price of 243.52 pence per Ordinary Share.

The Shares will rank pari passu with the Company's existing ordinary shares. Following admission of the Shares, the Company will have a total of 68,367,784 ordinary shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interests in, the Company under the FCA's Disclosure and Transparency Rules.

Further details regarding the share awards are set out within the Directors' Remuneration Report within the Company's 2020 Annual Report. This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation

 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a.   Name                             Graham Blackwell 
     -------------------------------  ------------------------------------- 
 2.   Reason for the notification 
     ---------------------------------------------------------------------- 
 a.   Position/status                  Chief Commercial Officer 
     -------------------------------  ------------------------------------- 
 b.   Initial notification/Amendment   Initial Notification 
     -------------------------------  ------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ---------------------------------------------------------------------- 
 a.   Name                             Ten Entertainment Group PLC 
     -------------------------------  ------------------------------------- 
 b.   LEI                              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; and (iv) each place where transactions 
       have been conducted 
     ---------------------------------------------------------------------- 
 a.   Description of the Financial     Ordinary Shares of 1p each 
       instrument, type 
       of instrument 
       Identification code              ISIN: GB00BF020D33 
     -------------------------------  ------------------------------------- 
 b.   Nature of the transaction             (1) Award of performance shares 
                                             (2) Sale of shares 
     -------------------------------  ------------------------------------- 
 c.   Price(s) and volume(s)             Price(s)           Volume(s) 
                                               (1) nil       20,814 
                                                            ---------- 
                                               (2) 243.52p   20,814 
                                                            ---------- 
     -------------------------------  ------------------------------------- 
 d.   Aggregated information           N/A 
        *    Aggregated volume 
 
 
        *    Price 
     -------------------------------  ------------------------------------- 
 e.   Date of the transaction          11 June 2021 
     -------------------------------  ------------------------------------- 
 f.   Place of the transaction         London Stock Exchange, Main Market 
                                        (XLON) 
     -------------------------------  ------------------------------------- 
 
 
 Enquiries: 
  Ten Entertainment Group plc                   via Instinctif Partners 
  Graham Blackwell, Chief Executive Officer 
  Antony Smith, Chief Financial Officer 
  and Company Secretary 
 Instinctif Partners                          Tel: [phone] 
  Matthew Smallwood, Jack Devoy 
 

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June 11, 2021 11:24 ET (15:24 GMT)