Issue of Options
Malvern International PLC has restructured its share option awards to better align management incentives with shareholder returns by cancelling existing options and issuing new ones. A total of 2,635,000 new options are being granted to 12 management team members, representing approximately 7.9% of the current issued share capital, with an exercise price of 21 pence per share. These options have a ten-year life and vest in tranches after two or three years, contingent on achieving tiered share prices of 45p, 80p, 120p, and 150p. Executive directors Richard Mace and Daniel Chaffer, along with PDMR Stephen Harvey, are receiving 520,000, 380,000, and 100,000 options respectively.
Select text to share a quote on X · sign in to keep highlights & notes in your MLVN notes
Malvern International plc (AIM: MLVN), the global learning and skills development partner, announces that it has restructured its share option awards to provide better aligned management incentives with shareholder returns.
As at 1 October 2025 the Company had outstanding options awards for 11 management personnel over 2,152,000 shares, representing 8.8% of the Company's issued share capital at that date. These options had exercise prices of between 10p and 24p and were subject to tiered vesting conditions on the attainment of share prices between 50p and 150p. Some of these options have subsequently lapsed. The Remuneration Committee believes the remaining were not providing a meaningful retention incentive for management and were not aligning their potential financial benefits with those of shareholders. Therefore all existing options are being cancelled.
New options are being granted to 12 members of the management team, including two executive directors and another person discharging managerial responsibility ("PDMR"). In aggregate, 2,635,000 options are being granted, which will represent approximately 7.9% of the Company's current issued share capital.
The options will have a ten year life and an exercise price of 21 pence per share, being the closing price of the Company's shares on 15 July 2026. All the awards vest in tranches after two or three years, subject to the attainment of certain tiered share prices. Of the options being awarded:
- 854,000 will vest at 45p;
- 734,000 will vest at 80p;
- 598,000 will vest at 120p; and
- 449,000 will vest at 150p.
The table below shows the awards being made to Richard Mace and Daniel Chaffer (executive directors) and Stephen Harvey (PDMR).
| Director, PDMR | Position | Options |
| Richard Mace | Executive director -CEO | 520,000 |
| Daniel Chaffer | Executive Director - CFO Designate | 380,000 |
| Stephen Harvey | PDMR - Chief Development Officer | 100,000 |
| 2 | Reason for the notification | |
| a) | Position/status | (a) Director (b) Director (c) Director |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | MALVERN INTERNATIONAL PLC |
| b) | LEI | 213800VWAV2HXY1OUT29 |
| a) | Description of the financial instrument, type of instrument Identification code | Options over Ordinary Shares ISIN: GB00BNBVJZ07 |
| b) | Nature of the transaction | Issue of options |
| c) | Price(s) and volume(s) | Name Exercise Price Volume Richard Mace 21p 520,000 Daniel Chaffer 21p 380,000 Stephen Harvey 21p 100,000 |
| d) | Aggregated information - Aggregated volume - Price | 1,000,000 21p |
| e) | Date of the transaction | 15 July 2026 |
| f) | Place of the transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.