Grant of Restricted Stock Units
Manx Financial Group PLC has announced the grant of 929,792 Restricted Stock Units (RSUs) to selected executives and senior management, with a performance period ending December 31, 2028, contingent on continued employment and meeting performance conditions related to profit before tax, total shareholder return, and the new deposit system. Notably, director Douglas Grant received 253,593 RSUs, potentially increasing his holding to 2.88% of the enlarged share capital, while director James Smeed was granted 160,542 RSUs, potentially bringing his stake to 0.53%, and PDMR Haseeb Qureshi received 164,315 RSUs, also potentially reaching 0.53%. These awards are designed to incentivize and retain key personnel and align their interests with shareholders.
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Manx Financial Group PLC (AIM: MFX), the diversified UK banking and financial services group, announces that the Remuneration Committee has approved the grant of awards over an aggregate of 929,792 ordinary shares of no par value in the Company in the form of Restricted Stock Units (“RSUs”) under the Manx Financial Group PLC Restricted Stock Unit Plan 2022 as previously approved by Shareholders.
In approving the awards, the Remuneration Committee acted independently, and the Executive Directors did not participate in the decision-making process in respect of their proposed awards.
The awards have been made to selected executives and senior management of the Group and are intended to support the retention and incentivisation of key individuals, align participants with the interests of shareholders and promote the delivery of the Group’s long-term strategic objectives.
The RSUs are subject to a performance period ending 31 December 2028 and will vest subject to continued employment and the satisfaction of applicable performance conditions. The performance framework comprises cumulative profit before tax, absolute total shareholder return/share price performance and delivery of the Group’s new deposit system.
The awards have a nil exercise price and are subject to the terms of the Company’s Restricted Stock Unit Plan 2022, as amended from time to time.
Douglas Grant, a director and PDMR of the Company, was issued 253,593 RSUs. He currently owns 3,372,638 Ordinary Shares in the Company representing a holding of 2.70%. Following the grant, he would hold a total of 3,626,231 Ordinary Shares on a fully diluted basis, assuming full vesting of the RSUs granted under the Plan, representing 2.88% of the Company’s enlarged share capital on that basis.
James Smeed, a director and PDMR of the Company, was issued 160,542 RSUs. He currently owns 505,854 Ordinary Shares in the Company representing a holding of 0.40%. Following the grant, he would hold a total of 666,396 Ordinary Shares on a fully diluted basis, assuming full vesting of the RSUs granted under the Plan, representing 0.53% of the Company’s enlarged share capital on that basis.
Haseeb Qureshi, a PDMR of the Company, was issued 164,315 RSUs. He currently owns 505,854 Ordinary Shares in the Company representing a holding of 0.40%. Following the grant, he would hold a total of 670,169 Ordinary Shares on a fully diluted basis, assuming full vesting of the RSUs granted under the Plan, representing 0.53% of the Company’s enlarged share capital on that basis.
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