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Share Name Share Symbol Market Type Share ISIN Share Description
Ten Lifestyle Group Plc LSE:TENG London Ordinary Share GB00BF188X60 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50 -0.63% 79.00 78.50 79.00 79.00 79.00 79.00 5,895 14:01:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 49.1 -7.3 -10.3 - 64

Ten Lifestyle Group PLC Share Option Grants / PDMR Dealing

10/07/2020 7:00am

UK Regulatory (RNS & others)


Ten Lifestyle (LSE:TENG)
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From Apr 2020 to Oct 2020

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TIDMTENG

RNS Number : 6031S

Ten Lifestyle Group PLC

10 July 2020

10 July 2020

Ten Lifestyle Group plc

("Ten" or the "Group")

Share Option Grants / PDMR Dealing

Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled global concierge platform for the world's wealthy and mass affluent, announces a second initiative whereby the Group has granted share options in exchange for voluntary salary sacrifice.

Background

The Group's business model derives its revenue substantially from service delivery rather than conversion of bookings.

As outlined in our Half-year Report on 14 May 2020, we continue to generate revenue by developing services relevant to our members, the customers of our contracted corporate clients, by adapting to our member's changing needs across each market throughout the various phases of the COVID-19 pandemic.

Given the ongoing uncertainty, we are continuing to drive efficiencies and prudently manage cost in the business. This includes implementing a second voluntary salary sacrifice initiative in exchange for share options, as detailed below.

Cash at the end of H1 2020 (February 2020) was GBP 9.6m. M aintaining healthy corporate revenue alongside prudent cost management, whilst continuing investment in the technology platform, has enabled us to broadly maintain cash at this level at the end of June 2020, despite very low levels of commission from suppliers(1) .

(1) Ten's revenue from its supplier base, such as hotels, airlines, and event promoters which sometimes pay commission to Ten constituted 12% of Net Revenue for the 2019 financial year, as reported in the 2019 Annual Report and Accounts.

Share Option Grants and PDMR Dealings

On 30 March 2020, the Group announced a salary sacrifice initiative whereby it had granted a total of 3,708,966 options over ordinary shares of 0.1p each ("Ordinary Shares").

As part of the Group's continued cost-saving measures, a second salary sacrifice initiative has been offered to the Group's employees and contractors.

Accordingly, on 9 July 2020, the Group granted options over a total of 1,343,639 Ordinary Shares with an exercise price of GBP1.20, exercisable for up to three years from the date of grant (the "Options"), to certain employees and contractors of the Group including 'persons discharging managerial responsibilities' ("PDMRs") as listed below. For every GBP1 of salary certain employees and contractors forego over a 4-month period they will receive three Options.

The exercise price and number of Options granted have been determined using the Black Scholes model for option pricing to ensure that the total economic value of these Options is equal to the value of the total salary foregone.

Over 80 individuals have chosen to participate in the second salary sacrifice initiative, including the PDMRs listed below. The total cash saving to the Group over the 4-month period will be GBP0.5m.

 
       PDMR                  Position            Number of new     Resulting total options 
                                                 Options granted      held over Ordinary 
                                                                            Shares 
                         Chief Executive 
 Alex Cheatle                 Officer               149,500               1,232,375 
                    -------------------------  -----------------  ------------------------ 
                     Group Chief Operational 
                         Officer and Chief 
                         Executive Officer 
 Andrew Long                  (Asia)                135,787                810,436 
                    -------------------------  -----------------  ------------------------ 
                         Client Services 
 Sarah Hornbuckle            Director                36,005                251,721 
                    -------------------------  -----------------  ------------------------ 
                         Chief Financial 
 Alan Donald                  Officer                58,200                316,908 
                    -------------------------  -----------------  ------------------------ 
 Toby Gauvain               President                87,500                444,167 
                    -------------------------  -----------------  ------------------------ 
 

The notification below, made in accordance with the Market Abuse Regulation, provides further details in relation to these PDMR dealings.

   For further information, please visit https://www.tengroup.com/   or contact: 
 
 Ten Lifestyle Group Plc 
  Alex Cheatle, Chief Executive Officer           +44 (0)20 7850 
  Alan Donald, Chief Financial Officer            2796 
 Peel Hunt LLP, Nominated Advisor and Broker 
  Edward Knight 
  George Sellar                                 +44 (0) 20 7418 
  Nick Prowting                                  8900 
 
 
 
 1      Details of the person discharging managerial responsibilities 
         / person closely associated 
 a)     Name                               Alex Cheatle 
       ---------------------------------  ------------------------------------------- 
 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                                Ten Lifestyle Group Plc 
       ---------------------------------  ------------------------------------------- 
 b)     LEI                                213800YK94ZUOJUMN686 
       ---------------------------------  ------------------------------------------- 
 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                 Options over Ordinary shares of 0.1p 
         financial instrument,              each 
         type of instrument 
       ---------------------------------  ------------------------------------------- 
 
        Identification code                ISIN: GB00BF188X60 
       ---------------------------------  ------------------------------------------- 
 
 b)     Nature of the transaction          Issue of Options 
       ---------------------------------  ------------------------------------------- 
 c)     Price(s) and volume(s)               Price(s)                Volume(s) 
----   ---------------------------------   ----------------------  ---------------- 
     Exercise price 
      of GBP1.20                                                    149,500 
    -------------------------------------------------------------  ---------------- 
 
 d)     Aggregated information 
       ----------------------------------------------------------  ------------------ 
 
   - Aggregated volume                149,500 
  ---------------------------------  ------------------------------------------------ 
 
   - Price                            NA 
  ---------------------------------  ------------------------------------------------ 
 
 e)     Date of the transaction            9 July 2020 
       ---------------------------------  ------------------------------------------- 
 f)     Place of the transaction           Outside a trading venue 
       ---------------------------------  ------------------------------------------- 
 
 
 1      Details of the person discharging managerial responsibilities 
         / person closely associated 
 a)     Name                               Andrew Long 
       ---------------------------------  ------------------------------------------- 
 2      Reason for the notification 
       ------------------------------------------------------------------------------ 
 a)     Position/status                     Group Chief Operational Officer and 
                                             Chief Executive Officer (Asia) 
       ---------------------------------  ------------------------------------------- 
 b)     Initial notification                Initial Notification 
         /Amendment 
       ---------------------------------  ------------------------------------------- 
 3      Details of the issuer, emission allowance market participant, 
         auction platform, auctioneer or auction monitor 
       ------------------------------------------------------------------------------ 
 a)     Name                                Ten Lifestyle Group Plc 
       ---------------------------------  ------------------------------------------- 
 b)     LEI                                213800YK94ZUOJUMN686 
       ---------------------------------  ------------------------------------------- 
 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                 Options over Ordinary shares of 0.1p 
         financial instrument,              each 
         type of instrument 
       ---------------------------------  ------------------------------------------- 
 
        Identification code                ISIN: GB00BF188X60 
       ---------------------------------  ------------------------------------------- 
 
 b)     Nature of the transaction          Issue of Options 
       ---------------------------------  ------------------------------------------- 
 c)     Price(s) and volume(s)               Price(s)                Volume(s) 
----   ---------------------------------   ----------------------  ---------------- 
     Exercise price 
      of GBP1.20                                                    135,787 
    -------------------------------------------------------------  ---------------- 
 
 d)     Aggregated information 
       ----------------------------------------------------------  ------------------ 
 
   - Aggregated volume                135,787 
  ---------------------------------  ------------------------------------------------ 
 
   - Price                            NA 
  ---------------------------------  ------------------------------------------------ 
 
 e)     Date of the transaction            9 July 2020 
       ---------------------------------  ------------------------------------------- 
 f)     Place of the transaction           Outside a trading venue 
       ---------------------------------  ------------------------------------------- 
 
 
 1      Details of the person discharging managerial responsibilities 
         / person closely associated 
 a)     Name                               Sarah Hornbuckle 
       ---------------------------------  ------------------------------------------- 
 2      Reason for the notification 
       ------------------------------------------------------------------------------ 
 a)     Position/status                     Client Services Director 
       ---------------------------------  ------------------------------------------- 
 b)     Initial notification                Initial Notification 
         /Amendment 
       ---------------------------------  ------------------------------------------- 
 3      Details of the issuer, emission allowance market participant, 
         auction platform, auctioneer or auction monitor 
       ------------------------------------------------------------------------------ 
 a)     Name                                Ten Lifestyle Group Plc 
       ---------------------------------  ------------------------------------------- 
 b)     LEI                                213800YK94ZUOJUMN686 
       ---------------------------------  ------------------------------------------- 
 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                 Options over Ordinary shares of 0.1p 
         financial instrument,              each 
         type of instrument 
       ---------------------------------  ------------------------------------------- 
 
        Identification code                ISIN: GB00BF188X60 
       ---------------------------------  ------------------------------------------- 
 
 b)     Nature of the transaction          Issue of Options 
       ---------------------------------  ------------------------------------------- 
 c)     Price(s) and volume(s)               Price(s)                Volume(s) 
----   ---------------------------------   ----------------------  ---------------- 
     Exercise price 
      of GBP1.20                                                    36,005 
    -------------------------------------------------------------  ---------------- 
 
 d)     Aggregated information 
       ----------------------------------------------------------  ------------------ 
 
   - Aggregated volume                36,005 
  ---------------------------------  ------------------------------------------------ 
 
   - Price                            NA 
  ---------------------------------  ------------------------------------------------ 
 
 e)     Date of the transaction            9 July 2020 
       ---------------------------------  ------------------------------------------- 
 f)     Place of the transaction           Outside a trading venue 
       ---------------------------------  ------------------------------------------- 
 
 
 1      Details of the person discharging managerial responsibilities 
         / person closely associated 
 a)     Name                               Alan Donald 
       ---------------------------------  ------------------------------------------- 
 2      Reason for the notification 
       ------------------------------------------------------------------------------ 
 a)     Position/status                     Chief Finance Officer 
       ---------------------------------  ------------------------------------------- 
 b)     Initial notification                Initial Notification 
         /Amendment 
       ---------------------------------  ------------------------------------------- 
 3      Details of the issuer, emission allowance market participant, 
         auction platform, auctioneer or auction monitor 
       ------------------------------------------------------------------------------ 
 a)     Name                                Ten Lifestyle Group Plc 
       ---------------------------------  ------------------------------------------- 
 b)     LEI                                213800YK94ZUOJUMN686 
       ---------------------------------  ------------------------------------------- 
 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                 Options over Ordinary shares of 0.1p 
         financial instrument,              each 
         type of instrument 
       ---------------------------------  ------------------------------------------- 
 
        Identification code                ISIN: GB00BF188X60 
       ---------------------------------  ------------------------------------------- 
 
 b)     Nature of the transaction          Issue of Options 
       ---------------------------------  ------------------------------------------- 
 c)     Price(s) and volume(s)               Price(s)                Volume(s) 
----   ---------------------------------   ----------------------  ---------------- 
     Exercise price 
      of GBP1.20                                                    58,200 
    -------------------------------------------------------------  ---------------- 
 
 d)     Aggregated information 
       ----------------------------------------------------------  ------------------ 
 
   - Aggregated volume                58,200 
  ---------------------------------  ------------------------------------------------ 
 
   - Price                            NA 
  ---------------------------------  ------------------------------------------------ 
 
 e)     Date of the transaction            9 July 2020 
       ---------------------------------  ------------------------------------------- 
 f)     Place of the transaction           Outside a trading venue 
       ---------------------------------  ------------------------------------------- 
 
 
 1      Details of the person discharging managerial responsibilities 
         / person closely associated 
 a)     Name                               Toby Gauvain 
       ---------------------------------  ------------------------------------------- 
 2      Reason for the notification 
       ------------------------------------------------------------------------------ 
 a)     Position/status                     President 
       ---------------------------------  ------------------------------------------- 
 b)     Initial notification                Initial Notification 
         /Amendment 
       ---------------------------------  ------------------------------------------- 
 3      Details of the issuer, emission allowance market participant, 
         auction platform, auctioneer or auction monitor 
       ------------------------------------------------------------------------------ 
 a)     Name                                Ten Lifestyle Group Plc 
       ---------------------------------  ------------------------------------------- 
 b)     LEI                                213800YK94ZUOJUMN686 
       ---------------------------------  ------------------------------------------- 
 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                 Options over Ordinary shares of 0.1p 
         financial instrument,              each 
         type of instrument 
       ---------------------------------  ------------------------------------------- 
 
        Identification code                ISIN: GB00BF188X60 
       ---------------------------------  ------------------------------------------- 
 
 b)     Nature of the transaction          Issue of Options 
       ---------------------------------  ------------------------------------------- 
 c)     Price(s) and volume(s)               Price(s)                Volume(s) 
----   ---------------------------------   ----------------------  ---------------- 
     Exercise price 
      of GBP1.20                                                    87,500 
    -------------------------------------------------------------  ---------------- 
 
 d)     Aggregated information 
       ----------------------------------------------------------  ------------------ 
 
   - Aggregated volume                87,500 
  ---------------------------------  ------------------------------------------------ 
 
   - Price                            NA 
  ---------------------------------  ------------------------------------------------ 
 
 e)     Date of the transaction            9 July 2020 
       ---------------------------------  ------------------------------------------- 
 f)     Place of the 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 rns@lseg.com or visit www.rns.com.

END

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July 10, 2020 02:00 ET (06:00 GMT)

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