Award of Options
Executive directors granted EMI options over ordinary shares with vesting tied to share price milestones.
- CEO options granted 289,473 shares
- CFO options granted 400,000 shares
- Commercial & Risk Director options granted 100,000 shares
- Exercise price per share 28.5p
- First vesting milestone 50p share price (50% of options)
Select text to share a quote on X · sign in to keep highlights & notes in your PEN notes
Pennant International Group plc (AIM: PEN) (the "Company") announces that it has granted new EMI options over unissued ordinary shares of 5p each in the capital of the Company ("ordinary shares") to its executive directors, as per the table below (the "New Options"):
| Director | Role | Number of ordinary shares under each New Option |
|---|---|---|
| Philip Walker | Chief Executive Officer | 289,473 |
| Darren Wiggins | Chief Financial Officer | 400,000 |
| David Clements | Commercial & Risk Director | 100,000 |
The New Options are subject to vesting conditions tied to achieving growth in the Company's share price, vesting in tranches as and when certain milestones are achieved and the share price sustained at that level for at least 30 days, as follows:
| Target share price | % of New Options vesting |
|---|---|
| 50p | 50% |
| 75p | 25% |
| 100p | 25% |
In order for the New Options to vest, the target share price(s) must be achieved during the three years following the date of grant (the "Performance Period") and to the extent that the New Options have not vested during the Performance Period, the rights over the unissued shares will lapse. Any shares that are acquired pursuant to exercise of the New Options must be held by the relevant executive director for at least the Performance Period. The exercise price under the New Options is 28.5 per share.
The New Options are subject to further conditions contained in the Company's EMI scheme document, as approved by shareholder vote in 2019. Each executive director's New Options lapse should his employment cease.
The tables below provide further details for each PDMR.
| a) | Name | Pennant International Group plc |
| b) | LEI | 2138005AIIUYSRP5O254 |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of 5p each |
| Identification code | GB0002570660 | |
| b) | Nature of the transaction | Option award |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| Award of shares | £0.285 | 289,473 |
| d) | Aggregated information | Award of shares |
| - Aggregated volume | 289,473 | |
| - Price | £82,499.81 | |
| e) | Date of the transaction | 11 November 2024 |
| f) | Place of the transaction | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Darren Wiggins |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Financial Officer |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | Pennant International Group plc |
| b) | LEI | 2138005AIIUYSRP5O254 |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of 5p each |
| Identification code | GB0002570660 | |
| b) | Nature of the transaction | Option award |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| Award of shares | £0.285 | 400,000 |
| d) | Aggregated information | Award of shares |
| - Aggregated volume | 400,000 | |
| - Price | £114,000 | |
| e) | Date of the transaction | 11 November 2024 |
| f) | Place of the transaction | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | David Clements |
| 2 | Reason for the notification | |
| a) | Position/status | Commercial & Risk Director |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | Pennant International Group plc |
| b) | LEI | 2138005AIIUYSRP5O254 |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of 5p each |
| Identification code | GB0002570660 | |
| b) | Nature of the transaction | Option award |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| Award of shares | £0.285 | 100,000 |
| d) | Aggregated information | Award of shares |
| - Aggregated volume | 100,000 | |
| - Price | £28,500 | |
| e) | Date of the transaction | 11 December 2024 |
| 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.