Ten Entertainment Group PLC (LON:TEG)

Ten Entertainment Group PLC (LON:TEG)


Share Price
226.00 p
Change
2.5 (1.12 %)
Market Cap
£146.90 m
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Ten Entertainment Group PLC RNS Release

Performance Share Plan Awards


RNS Number : 5581Z
Ten Entertainment Group PLC
20 May 2019
 

20 May 2019

Ten Entertainment Group plc

 

Performance Share Plan Awards

 

Ten Entertainment Group plc (the "Company") announces that on Friday 17 May 2019 its Executive Directors were granted the following share awards as nominal-cost options over ordinary shares of £0.01 each in the Company ("Shares") under the Company's Performance Share Plan ("PSP"). The awards have been granted in accordance with the remuneration policy approved by shareholders and set out in the Company's Annual Report which was published on 11 April 2019.

 

Director

Position

Number of Share      Awards Granted

Duncan Garrood

Chief Executive Officer

200,000

Antony Smith

Chief Financial Officer

133,333

Graham Blackwell

Chief Commercial Officer

123,333

 

These awards (the "PSP Awards") are subject to two performance conditions which will be measured following the announcement of results for the year to 2 January 2022 ("FY2021").

 

The first performance condition applying to the PSP Awards will be based on Earnings per Share of the Company ("EPS") and will apply to 50 per cent. of the total number of Share Awards granted.

 

EPS - Financial Year 2021

Percentage of the total number of Share Awards granted that will vest

Less than 25.65 pence

0%

25.65 pence

12.5%

Between 25.65 and 27.30 pence

Pro-rata on straight-line basis between 12.5% and 50%

More than 27.30 pence

50%

 

The EPS measure is based on adjusted fully diluted EPS as stated in the Company's accounts and is subject to such adjustments as the Remuneration Committee in its discretion determines are fair and reasonable.

 

The second performance condition will be based on Total Shareholder Return ("TSR") of the Company over the period from the date of grant to the announcement of results for FY2021 relative to a comparator group of companies and will apply to the remaining 50 per cent. of Share Awards granted.

 

It is intended that 12.5 per cent. of the total number of Share Awards will vest on achievement of median TSR performance and that 50 per cent. of such will vest on achievement of upper quartile performance. There will be straight line vesting between these points.

 

Set out below are the notifications, made in accordance with the requirements of the EU Market Abuse Regulation, in relation to the PSP

 

Enquiries:

Ten Entertainment Group plc

Duncan Garrood,  Chief Executive Officer

Antony Smith, Chief Financial Officer

 

via Instinctif Partners

Instinctif Partners

Matthew Smallwood

Tom Berger

Tel: 020 7457 2020

 

 

1 - Details of the person discharging managerial responsibilities / person closely associated

Name

Duncan Garrood

2 - Reason for the notification

Position

Chief Executive Officer

Reason for the notification

Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity

Ten Entertainment Group PLC

Legal Entity Identifier code

213800SL9HJUQ5BGPX17

4 - Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted

Description of financial instrument, type of instrument

Ordinary Shares of 1p each

Identification code

ISIN: GB00BF020D33

Nature of the transaction

Grant of PSP Performance Share Award.  The Award is structured as a nominal cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied.

Price(s) and volume(s)

Price(s)

Volume(s)

nil

200,000

 

Aggregated information and volume price

Total volume of shares: 200,000

Total price GBP £nil

Date of transaction

17 May 2019   UK BST

Place of transaction

Outside a trading venue

 

1 - Details of the person discharging managerial responsibilities / person closely associated

Name

Antony Smith

2 - Reason for the notification

Position

Chief Financial Officer

Reason for the notification

Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity

Ten Entertainment Group PLC

Legal Entity Identifier code

213800SL9HJUQ5BGPX17

4 - Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted

Description of financial instrument, type of instrument

Ordinary Shares of 1p each

Identification code

ISIN: GB00BF020D33

Nature of the transaction

Grant of PSP Performance Share Award.  The Award is structured as a nominal cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied.

Price(s) and volume(s)

Price(s)

Volume(s)

nil

133,333

 

Aggregated information and volume price

Total volume of shares: 133,333

Total price GBP £nil

Date of transaction

17 May 2019   UK BST

Place of transaction

Outside a trading venue

 

 

1 - Details of the person discharging managerial responsibilities / person closely associated

Name

Graham Blackwell

2 - Reason for the notification

Position

Chief Commercial Officer

Reason for the notification

Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity

Ten Entertainment Group PLC

Legal Entity Identifier code

213800SL9HJUQ5BGPX17

4 - Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted

Description of financial instrument, type of instrument

Ordinary Shares of 1p each

Identification code

ISIN: GB00BF020D33

Nature of the transaction

Grant of PSP Performance Share Award.  The Award is structured as a nominal cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied.

Price(s) and volume(s)

Price(s)

Volume(s)

nil

123,333

 

Aggregated information and volume price

Total volume of shares: 123,333

Total price GBP £nil

Date of transaction

17 May 2019   UK BST

Place of transaction

Outside a trading venue

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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