Grant of Options
Pennant International Group plc has granted a total of 1,060,527 options over new ordinary shares to its CEO, Phil Walker, and CFO, Darren Wiggins, as part of its Enterprise Management scheme. These options, granted on 12 May 2026, are subject to performance conditions related to share price targets of 40p, 50p, and 65p, as well as adjusted profit before tax targets exceeding current market expectations. Vesting will occur 50% on the third anniversary and 50% on the fourth anniversary of the grant, contingent on meeting these conditions and an annualized recurring revenue hurdle tied to the launch of the Auxilium software.
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Pennant International Group plc (AIM:PEN), the systems support software and training solutions company, announces the grant of a total of 1,060,527 options (the "Options") over new ordinary shares of 5p each in the Company ("Ordinary Shares") to Phil Walker, CEO, and Darren Wiggins, CFO, as set out below.
The Options have been granted by the Remuneration Committee with performance criteria set to further align the executive management team's interests with Pennant's shareholders as they deliver on the three-year strategy, previously announced.
| Number of Options granted | Options as a % of current issued share capital | Total Options held | |
|---|---|---|---|
| Phil Walker (CEO) | 710,527 | 1.49% | 1,000,000 |
| Darren Wiggins (CFO) | 350,000 | 0.73% | 750,000 |
The Options have been granted under the Company's existing Enterprise Management scheme. They may vest 50% on the 3rd anniversary and 50% on the 4th anniversary of grant, with the number of Options vested dependent on the achievement of 6 main performance conditions, 3 related to share price targets ("SP Condition") and 3 related to adjusted profit before tax targets which are in excess of current market expectations (the "PBT Condition"). The SP Condition and PBT Condition have equal weighting on the portion vested.
An SP Condition will be satisfied provided the Company's share price meets or exceeds the relevant target for at least 30 consecutive trading days during a review period, the 3 targets being 40p, 50p and 65p. A review period is the period of two months following the publication of the Company's audited annual results in respect of FY26, FY27 and FY28.
The PBT Condition may be satisfied provided specified adjusted PBT targets are met or exceeded in respect of the Company's full year results for FY26, FY27 & FY28.
With the imminent launch of the fully integrated Auxilium software, the options will only vest if an annualized recurring revenue hurdle is met. The Remuneration Committee believe this aligns the desired improved results with the success of the software sales being a key determinant of those results.
| a) | Name | Pennant International Group plc |
| b) | LEI | 2138005AIIUYSRP5O254 |
| a) | Description of the financial instrument, type of instrument | Options over Ordinary Shares of 5p each |
| Identification code | GB0002570660 | |
| b) | Nature of the transaction | Grant of Options |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| nil | 710,527 | |
| d) | Aggregated information | |
| - Aggregated volume | ||
| N/A - single transaction | ||
| - Price | ||
| e) | Date of the transaction | 12 May 2026 |
| f) | Place of the transaction | Outside a trading venue |
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 | Options over Ordinary Shares of 5p each |
| Identification code | GB0002570660 | |
| b) | Nature of the transaction | Grant of Options |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| nil | 350,000 | |
| d) | Aggregated information | |
| - Aggregated volume | ||
| N/A - single transaction | ||
| - Price | ||
| e) | Date of the transaction | 12 May 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.