Grant of Share Options and PDMR
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Grant of Share Options and Notification of Transactions of persons discharging managerial responsibilities ("PDMRs")
Begbies Traynor Group plc ("the Company"), announces that the board has made a grant of nominal value share options over 1,325,000 ordinary shares of 5 pence each in the Company ("Options") pursuant to the Company's Share Option Scheme 2022. The awards vest after four years conditional on meeting financial performance measures and are conditional on the option holder remaining with the Company during the performance period. Following the exercise of the Options there is an additional two-year holding period for the shares.
The allocation includes awards to two of the Company's executive directors who are classified as PDMRs, Mark Fry and Nick Taylor, who have each been granted 450,000 Options with the following performance conditions: One third of these Options will vest in the event that the level of total shareholder return over the four year performance period equals or exceeds the median position of the FTSE AIM All Share Index over the same period. The remaining two thirds of these Options will be assessed with reference to compound annual growth in adjusted diluted earnings per share ("EPS Growth") when measured over the same four-year performance period, with one third of the award vesting if 5% EPS Growth is achieved and the balance of the award vesting proportionately between 5-15% EPS Growth.
The remaining Options over 425,000 ordinary shares have been granted to senior Company employees and these have the same stretching financial performance measures.
This award of Options follows the grant of similar nominal value share options over 4,915,000 ordinary shares of 5 pence each in the Company which were granted to members of the Company's business recovery and financial advisory partner group in October 2023 ("Partner Options").
If all of the Options, together with all of the Partner Options were exercised in full, this would represent approximately 3.92% of the Company's issued share capital.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name | 1. Mark Fry 2. Nick Taylor | |
| 2 | Reason for the notification | ||
| a) | Position/status | 1. Executive director and PDMR, Head of Business Recovery and Advisory 2. Executive director and PDMR, Group Finance Director | |
| b) | Initial notification /Amendment | Initial Notification | |
| a) | Name | Begbies Traynor Group plc | |
| b) | LEI | 21380075TB4ROF7KWK30 | |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of 5 pence each | |
| b) | Nature of the transaction | Grant of share options under the Group's Share Option Scheme 2022 | |
| c) | Price(s) and volume(s) | Price(s) | Volume(s) |
| 1. 0.05p per Ordinary share 2. 0.05p per Ordinary share | 1. 450,000 2. 450,000 | ||
| d) | Aggregated information - Aggregated volume - Price | N/A (Single transaction) | |
| e) | Date of the transaction | 1. 28 February 2024 2. 28 February 2024 | |
| f) | Place of the transaction | Grant of options occurred outside a trading venue |
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