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Walker Greenbank - Grant of Awards under LTIP

RNS Number : 0400F
Walker Greenbank PLC
11 November 2020
 

For immediate release

11 November 2020

 

 

WALKER GREENBANK PLC

("Walker Greenbank" or the "Company")

 

 

Grant of Awards under LTIP

 

 

Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group, announces that on 11 November 2020 it granted nil-cost options (the "Awards") over ordinary shares of 1 pence each in the Company (the "Shares") to eight persons discharging managerial responsibilities ("PDMR") under the Walker Greenbank PLC 2015 Long Term Incentive Plan (the "LTIP").

Details of the Awards are set out below:

Director/ PDMR

Number of Shares under Award on the basis of achieving the maximum performance targets

Lisa Montague, Chief Executive Officer

292,500

Michael Williamson, Chief Financial Officer

122,757

Mauricio Solojudin, Global Commercial Director

68,695

Nigel Hunt, Global Marketing & Digital Director

64,338

Ben Naylor, Group Operations Director

49,632

Claire Vallis, Creative Director

57,375

Carla Barnett, Group HR Director

50,222

Caroline Geary, Company Secretary

19,538

 

To help ensure the participants do not receive potential windfall gains as a result of the impact of COVID-19, a share price of 68.0 pence per Share was used when calculating the grant. This is based on the average share price for the three months prior to 1 March 2020 and for the three months up to 31 October 2020. No payment was required for the grant of the Awards.

The LTIP was approved by shareholders at the 2015 AGM. The Awards are subject to the satisfaction of three performance condition underpins. Two underpins measure the financial performance of the Company by way of Earnings before Interest and Tax (EBIT) and Free Cash Flow over a three year period, ending 31 January 2023. The third underpin is a continuous improvement in sustainability, based on a reduction of carbon footprint and contribution to the UN Sustainable Development Goals.

The Awards for Lisa Montague and Michael Williamson shall vest in three tranches as set out below:

Tranche as a percentage of the Award

Normal Vesting Date of each tranche of the Award

40%

11 November 2023

30%

11 November 2024

30%

11 November 2025

 

The Awards for the other PDMRs shall vest in three tranches as set out below

Tranche as a percentage of the Award

Normal Vesting Date of each tranche of the Award

40%

11 November 2023

40%

11 November 2024

20%

11 November 2025

 

Further details of the performance measures will be set out in the Company's 2021 Annual Report and Accounts.

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Lisa Montague

2.

Reason for the notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial notification

3.

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

a)

Name

Walker Greenbank PLC

b)

LEI

213800A8K2WOUZJIQL93

4.

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

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of 1 pence each

 

GB0003061511

b)

Nature of the transaction

Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions.

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

292,500

d)

Aggregated information

 

 

Not applicable - single transaction

e)

Date of the transaction

11 November 2020

f)

Place of the transaction

Outside a trading venue

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Michael Williamson

2.

Reason for the notification

a)

Position/status

Chief Financial Officer

b)

Initial notification/Amendment

Initial notification

3.

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

a)

Name

Walker Greenbank PLC

b)

LEI

213800A8K2WOUZJIQL93

4.

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

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of 1 pence each

 

GB0003061511

b)

Nature of the transaction

Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions.

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

122,757

d)

Aggregated information

 

 

Not applicable - single transaction

e)

Date of the transaction

11 November 2020

f)

Place of the transaction

Outside a trading venue

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

 Mauricio Soldujin

2.

Reason for the notification

a)

Position/status

Global Commercial Director

b)

Initial notification/Amendment

Initial notification

3.

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

a)

Name

Walker Greenbank PLC

b)

LEI

213800A8K2WOUZJIQL93

4.

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

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of 1 pence each

 

GB0003061511

b)

Nature of the transaction

Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions.

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

68,695

d)

Aggregated information

 

 

Not applicable - single transaction

e)

Date of the transaction

11 November 2020

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Nigel Hunt

2.

Reason for the notification

a)

Position/status

Global Marketing & Digital Director

b)

Initial notification/Amendment

Initial notification

3.

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

a)

Name

Walker Greenbank PLC

b)

LEI

213800A8K2WOUZJIQL93

4.

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

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of 1 pence each

 

GB0003061511

b)

Nature of the transaction

Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions.

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

64,338

d)

Aggregated information

 

 

Not applicable - single transaction

e)

Date of the transaction

11 November 2020

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Ben Naylor

2.

Reason for the notification

a)

Position/status

Group Operations Director

b)

Initial notification/Amendment

Initial notification

3.

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

a)

Name

Walker Greenbank PLC

b)

LEI

213800A8K2WOUZJIQL93

4.

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

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of 1 pence each

 

GB0003061511

b)

Nature of the transaction

Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions.

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

49,632

d)

Aggregated information

 

 

Not applicable - single transaction

e)

Date of the transaction

11 November 2020

f)

Place of the transaction

Outside a trading venue

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Claire Vallis

2.

Reason for the notification

a)

Position/status

Creative Director

b)

Initial notification/Amendment

Initial notification

3.

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

a)

Name

Walker Greenbank PLC

b)

LEI

213800A8K2WOUZJIQL93

4.

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

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of 1 pence each

 

GB0003061511

b)

Nature of the transaction

Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions.

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

57,375

d)

Aggregated information

 

 

Not applicable - single transaction

e)

Date of the transaction

11 November 2020

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Carla Barnett

2.

Reason for the notification

a)

Position/status

Group HR Director

b)

Initial notification/Amendment

Initial notification

3.

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

a)

Name

Walker Greenbank PLC

b)

LEI

213800A8K2WOUZJIQL93

4.

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

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of 1 pence each

 

GB0003061511

b)

Nature of the transaction

Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions.

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

50,222

d)

Aggregated information

 

 

Not applicable - single transaction

e)

Date of the transaction

11 November 2020

f)

Place of the transaction

Outside a trading venue

 

 

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Caroline Geary

2.

Reason for the notification

a)

Position/status

Company Secretary

b)

Initial notification/Amendment

Initial notification

3.

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

a)

Name

Walker Greenbank PLC

b)

LEI

213800A8K2WOUZJIQL93

4.

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

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of 1 pence each

 

GB0003061511

b)

Nature of the transaction

Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions.

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

19,538

d)

Aggregated information

 

 

Not applicable - single transaction

e)

Date of the transaction

11 December 2019

f)

Place of the transaction

Outside a trading venue

 

For further information:

 

Walker Greenbank PLC

+44 (0)1895 221068

Lisa Montague, Chief Executive Officer

Michael Williamson, Chief Financial Officer 


Caroline Geary, Company Secretary




Investec Bank plc (Nominated Adviser and Broker)

+44 (0) 20 7597 5970

David Anderson / Alex Wright


Henry Reast




Buchanan

+44 (0) 20 7466 5000

Mark Court / Toto Berger / Charlotte Slater


 

Notes for editors:

 

About Walker Greenbank

 

Walker Greenbank PLC is a luxury interior furnishings company that designs, manufactures and markets wallpapers, fabrics and paints. In addition, the Company derives significant licensing income from the use of its designs on a wide range of interior products such as bed linen, rugs and tableware.

 

Walker Greenbank's brands include Zoffany, Sanderson, Morris & Co., Harlequin, Scion, Anthology, Clarke & Clarke and Studio G.

 

The Company has a strong UK manufacturing base comprising a wallpaper factory in Loughborough and a fabric printing factory in Lancaster. Both factories manufacture for the Company and for other wallpaper and fabric brands.

 

Walker Greenbank employs approximately 600 people and its products are sold in more than 85 countries worldwide. It has showrooms in London, New York, Chicago, Paris, and Dubai.

 

Walker Greenbank trades on the AIM market of the London Stock Exchange under the ticker symbol WGB.

 

For further information please visit: www.walkergreenbank.com/

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