Exercise & Grant of Options, PDMR Dealings and TVR
Altitude Group plc announced the exercise of 256,284 nil cost share options and the lapse of 1,088,276 others due to unmet performance conditions, with Chief Operating Officer Deborah Wilkinson exercising 129,600 options. The company also granted 3,744,945 new nil cost options to employees, including Executive Chairman Alexander Brennan (560,000), Chief Strategy Officer Martin Varley (560,000), Deborah Wilkinson (640,000), and Chief Financial Officer Drew Whibley (640,000), all subject to vesting based on share price and earnings per share targets. Following these events, the total issued share capital will be 73,170,458 ordinary shares.
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Altitude Group plc (AIM: ALT), the leading end-to-end solutions provider for branded merchandise, announces the following exercise of options granted to certain employees and the grant of new options to employees on 27 November 2025.
Exercise of Share Options
Following the partial achievement of certain performance conditions relating to nil cost share options (the "2022 Options") over ordinary shares of 0.4p each ("Ordinary Shares"), 2022 Options over a total of 256,284 Ordinary Shares have been exercised (the "2022 Option Exercise"). To the extent that the performance conditions were not satisfied, the balance of 1,088,276 of the 2022 Options have lapsed. This includes the following 2022 Option Exercise by a PDMR:
| Name | Role | Number of 2022 Options Exercised | Number of 2022 Options Lapsed | Resulting Shareholding | Resulting Shareholding (%) |
|---|---|---|---|---|---|
| Deborah Wilkinson | Chief Operating Officer | 129,600 | 270,400 | 884,380 | 1.2% |
Grant of Share Options
The Company has granted options over 3,744,945 Ordinary Shares (the "2025 Options") to employees, including those PDMRs listed in the table below:
| Name | Role | Number of 2025 Options |
|---|---|---|
| Alexander Brennan | Executive Chairman | 560,000 |
| Martin Varley | Chief Strategy Officer | 560,000 |
| Deborah Wilkinson | Chief Operating Officer | 640,000 |
| Drew Whibley | Chief Financial Officer | 640,000 |
The 2025 Options are exercisable at nil cost and will vest on the achievement of the following targets within the 3 year period following the date of grant (the "Performance Period"):
Share Price Target - 20% of the 2025 Options will vest if the closing price of an Ordinary Share is at least 40 pence for a period of 5 continuous days during the Performance Period with up to a further 20% vesting, on a straight line basis, if the closing price of an Ordinary Share is between 40 pence and 50 pence (or higher) for a period of 5 continuous days during the Performance Period. In each case, any dividend payments made on Ordinary Shares during the Performance Price will be added to the share price for the purpose of making this calculation.
Earnings per Share Target - 30% of the 2025 Options will vest if adjusted earnings per share for the year ended 31 March 2028 are at least 3.00 pence with up to a further 30% vesting, on a straight-line basis, if adjusted earnings per share for the year ended 31 March 2028 are between 3.00 pence and 3.85 pence (or higher).
Once vested, the 2025 Options will be exercisable between the third and fifth anniversary of the date of grant and will expire two years after the third anniversary of grant.
In aggregate the 2025 Options, when added to other employee options already in existence, will result in employee options existing in relation to approximately 7.3% of the issued share capital of the Company, all of which are subject to the achievement of Share Price and Earnings per Share Targets, which are set at or above those that apply to the 2025 Options.
Admission and Total Voting Rights
Application has been made for the 256,284 new Ordinary Shares pursuant to the 2022 Option Exercise to be admitted to trading on AIM and dealings are expected to commence on 2 December 2025 ("Admission").
The new Ordinary Shares will rank pari passu with the existing shares of the Company. Following Admission, the Company's issued share capital will consist of 73,170,458 Ordinary Shares.
Accordingly, the figure of 73,170,458 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 to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.
| Zeus (Nominated Adviser & Broker) Dan Bate / James Edis (Investment Banking) Dominic King (Corporate Broking) | Tel: 0203 829 5000 | ||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name: | Deborah Wilkinson | |
| 2 | Reason for the notification | ||
| a) | Position/Status: | Chief Operating Officer | |
| b) | Initial Notification/Amendment: | Initial Notification | |
| a) | Name: | Altitude Group plc | |
| b) | LEI: | 213800VACSTYYSI39R89 | |
| a) | Description of the financial instrument: Identification code: | Ordinary shares of 0.4p GB00B0LSFV82 | |
| b) | Nature of the transaction: | Exercise of Options | |
| c) | Price(s) and volume(s): | Price(s) | Volume(s) |
| Nil | 129,600 | ||
| d) | Aggregated volume: Price: | See above | |
| e) | Date of the Transaction: | 27 November 2025 | |
| f) | Place of the Transaction: | Off Market | |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name: | Alexander Brennan | |
| 2 | Reason for the notification | ||
| a) | Position/Status: | Executive Chairman | |
| b) | Initial Notification/Amendment: | Initial Notification | |
| a) | Name: | Altitude Group plc | |
| b) | LEI: | 213800VACSTYYSI39R89 | |
| a) | Description of the financial instrument: Identification code: | Ordinary shares of 0.4p GB00B0LSFV82 | |
| b) | Nature of the transaction: | Grant of Options | |
| c) | Price(s) and volume(s): | Price(s) | Volume(s) |
| Nil | 560,000 | ||
| d) | Aggregated volume: Price: | See above | |
| e) | Date of the Transaction: | 27 November 2025 | |
| f) | Place of the Transaction: | Off Market | |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name: | Martin Varley | |
| 2 | Reason for the notification | ||
| a) | Position/Status: | Chief Strategy Officer | |
| b) | Initial Notification/Amendment: | Initial Notification | |
| a) | Name: | Altitude Group plc | |
| b) | LEI: | 213800VACSTYYSI39R89 | |
| a) | Description of the financial instrument: Identification code: | Ordinary shares of 0.4p GB00B0LSFV82 | |
| b) | Nature of the transaction: | Grant of Options | |
| c) | Price(s) and volume(s): | Price(s) | Volume(s) |
| Nil | 560,000 | ||
| d) | Aggregated volume: Price: | See above | |
| e) | Date of the Transaction: | 27 November 2025 | |
| f) | Place of the Transaction: | Off Market | |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name: | Deborah Wilkinson | |
| 2 | Reason for the notification | ||
| a) | Position/Status: | Chief Operating Officer | |
| b) | Initial Notification/Amendment: | Initial Notification | |
| a) | Name: | Altitude Group plc | |
| b) | LEI: | 213800VACSTYYSI39R89 | |
| a) | Description of the financial instrument: Identification code: | Ordinary shares of 0.4p GB00B0LSFV82 | |
| b) | Nature of the transaction: | Grant of Options | |
| c) | Price(s) and volume(s): | Price(s) | Volume(s) |
| Nil | 640,000 | ||
| d) | Aggregated volume: Price: | See above | |
| e) | Date of the Transaction: | 27 November 2025 | |
| f) | Place of the Transaction: | Off Market | |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name: | Drew Whibley | |
| 2 | Reason for the notification | ||
| a) | Position/Status: | Chief Financial Officer | |
| b) | Initial Notification/Amendment: | Initial Notification | |
| a) | Name: | Altitude Group plc | |
| b) | LEI: | 213800VACSTYYSI39R89 | |
| a) | Description of the financial instrument: Identification code: | Ordinary shares of 0.4p GB00B0LSFV82 | |
| b) | Nature of the transaction: | Grant of Options | |
| c) | Price(s) and volume(s): | Price(s) | Volume(s) |
| Nil | 640,000 | ||
| d) | Aggregated volume: Price: | See above | |
| e) | Date of the Transaction: | 27 November 2025 | |
| f) | Place of the Transaction: | Off Market |
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