Grant of Options and PDMR Dealing
Altitude Group plc has granted share options to two directors, with Non-Executive Director Max Roberts receiving 1,000,000 options exercisable at 22.50 pence, subject to time-based and share price performance conditions, and Chief Financial Officer Richard Sowerby receiving 300,000 options exercisable at nil cost, contingent on share price targets and adjusted earnings per share of at least 3.00 pence by March 2029.
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Altitude Group plc (AIM: ALT), a technology and services provider specialising in end-to-end solutions for the branded merchandise and promotional products industry, announces the following grant of options over ordinary shares of 0.4p each in the Company ("Ordinary Shares") to certain directors of the Company.
Grant of Share Options
The Company has granted options over Ordinary Shares to the PDMRs listed in the table below:
| Name | Role | Number of Options |
|---|---|---|
| Max Roberts | Non-Executive Director | 1,000,000 |
| Richard Sowerby | Chief Financial Officer | 300,000 |
Max Roberts's options are exercisable at 22.50 pence, and are subject to satisfaction of the following vesting conditions:
- 1/3rd will vest in three equal tranches on the first, second and third anniversaries of 30 June 2026, subject to the director's continued employment on each relevant vesting date;
- 1/3rd will vest if the closing price of an Ordinary Share is 45.00 pence or higher for a period of five continuous days during, on or before 30 June 2029; and
- 1/3rd will vest if the closing price of an Ordinary Share is 67.50 pence or higher for a period of five continuous days during, on or before 30 June 2029.
Once vested, the options will be exercisable between 30 June 2029 and 30 June 2031.
Richard Sowerby's options are exercisable at nil cost and will vest on 3 July 2029, subject to the satisfaction of the performance conditions set out below:
- Share Price Target - 20% of the options will vest if the weighted average price of an Ordinary Share over a one-month period within the final three months concluding on 3 July 2029 is at least 40 pence, with up to a further 20% vesting on a straight-line basis if the weighted average price over the same measurement window is between 40 pence and 50 pence (or higher). In each case, any dividend payments made on Ordinary Shares prior to 3 July 2029 will be added to the share price for the purpose of making this calculation.
- Earnings per Share Target - 30% of the options will vest if adjusted earnings per share for the year ended 31 March 2029 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 2029 are between 3.00 pence and 3.85 pence (or higher).
Once vested, the options will be exercisable between 3 July 2029 and 3 July 2031
| Altitude Group plc Alexander Brennan, Non-Executive Chairman Richard Sowerby, Chief Financial Officer Deborah Wilkinson, Chief Operating Officer | Via Singer Capital Markets | |||||
| Singer Capital Markets | Tel: +44 (0) 20 7496 3000 | |||||
| James Moat / James Fischer / Carl Diebitsch | ||||||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a. | Name | Richard Sowerby | ||||
| 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, type of instrument Identification code | Ordinary Shares of 0.4p each GB00B0LSFV82 | ||||
| b. | Nature of the transaction | Grant of Options over Ordinary Shares | ||||
| c. | Price(s) and volume(s) | Price(s) Volume(s) Nil 300,000 | ||||
| d. | Aggregated information · Aggregated volume · Price | N/A - single transaction | ||||
| f. | Place of the transaction | Outside a trading venue | ||||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a. | Name | Max Roberts | ||||
| 2. | Reason for the notification | |||||
| a. | Position/status | Independent Non-Executive Director | ||||
| b. | Initial notification /Amendment | Initial notification | ||||
| a. | Name | Altitude Group plc | ||||
| b. | LEI | 213800VACSTYYSI39R89 | ||||
| a. | Description of the Financial instrument, type of instrument Identification code | Ordinary Shares of 0.4p each GB00B0LSFV82 | ||||
| b. | Nature of the transaction | Grant of Options over Ordinary Shares | ||||
| c. | Price(s) and volume(s) |
| ||||
| d. | Aggregated information · Aggregated volume · Price | N/A - single transaction | ||||
| f. | Place of the transaction | Outside a trading venue | ||||
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