Accrol Group Holdings PLC Vesting of FY2019 Share Option Awards (1493Q)
October 17 2019 - 3:00AM
UK Regulatory
TIDMACRL
RNS Number : 1493Q
Accrol Group Holdings PLC
17 October 2019
The information contained within this announcement is deemed by
the Group to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
17 October 2019
Accrol Group Holdings plc
("Accrol", the "Company" or the "Group")
AIM: ACRL
Vesting of FY2019 Share Option Awards
Accrol, the leading independent tissue converter in the UK,
announces that the Remuneration Committee of the Board of Directors
(the "Remuneration Committee") has reviewed, amended and approved
revised terms of the Accrol Group Management Incentive Plan
("MIP"). The details of the approved MIP were set out in RNS 1608O,
released by the Company on 15 May 2018.
During the financial year ended 30 April 2019 ("FY19"), it
became clear that external factors, primarily extreme and
unpredictable fluctuations in foreign exchange rates, were having a
disproportionate and unexpected impact on the ability for MIP
participants to fulfil the key performance conditions of the MIP.
The Remuneration Committee was concerned that, without adjustment
to these performance conditions, key employees could not be
appropriately rewarded, nor new key employees recruited, for their
significant efforts in delivering a successful turnaround.
Accordingly, a variation to the terms allows the MIP awards,
relating to FY19 ("FY19 MIP Awards"), to vest on an adjusted EBITDA
basis, which has been calculated using the USD/Sterling exchange
rate budgeted prior to the commencement of that financial year of
$1.40 to the pound. In return for this variation, the participants
have agreed to a lock in period, applying to all share options
vesting pursuant to the FY19 MIP Awards, meaning the underlying
shares cannot be sold until post the 2021 financial year end.
Following this variation, Accrol announces the vesting of
options held by employees of the Company (the "Options") in respect
of a total of 9,836,679 new ordinary shares of GBP0.001 each in the
Company (the "Ordinary Shares"), representing approximately 5% of
the current issued share capital of the Company. The Options have
an exercise price of GBP0.001 (being the nominal value of an
Ordinary Share).
Certain options over Ordinary Shares which formed part of the
MIP Awards have been cancelled to reduce the overall dilution
arising from the MIP. As a result, the total number of Ordinary
Shares which can be issued pursuant to the MIP, including those
subject to both base case and stretch case hurdles and including
those Options that have already vested pursuant to the FY19 MIP
Awards (as detailed above), has been reduced and now represents up
to 13.1% of the Company's issued share capital (previously up to
14.2% of the issued share capital).
Following the vesting of the Options, the below directors and
PDMRs have the following interests in the share capital of the
Company:
Director Position Ordinary Number of Total number
Shares held Ordinary Shares of Ordinary
over which Shares held
Options vested if and when
Options exercised
in full
Dan Wright Executive Chairman 3,077,808 3,195,584 6,273,392
-------------------- ------------- ----------------- -------------------
Gareth Chief Executive
Jenkins Officer 610,000 5,609,716 6,219,716
-------------------- ------------- ----------------- -------------------
Chief Operating
Mark Dewhurst Officer - 1,031,379 1,031,379
-------------------- ------------- ----------------- -------------------
For further information, please contact:
Accrol Group Holdings plc
Dan Wright, Executive Chairman Tel: +44 (0) 1254 278 844
Gareth Jenkins, Chief Executive Officer
Zeus Capital Limited (Nominated Adviser
& Broker)
Dan Bate / Andrew Jones Tel: +44 (0) 161 831 1512
Dominic King / John Goold Tel: +44 (0) 203 829 5000
Belvedere Communications Limited
Cat Valentine (cvalentine@belvederepr.com) Tel: +44 (0) 7715 769 078
Keeley Clarke (kclarke@belvederepr.com) Tel: +44 (0) 7967 816 525
Llew Angus (langus@belvederpr.com) Tel: +44 (0) 7407 023 147
Notes to Editors
New Group website: www.accrol.com
Accrol Group Holdings plc is a leading tissue converter and
supplier of toilet rolls, kitchen rolls and facial tissues, as well
as other tissue products, to major discounters and grocery
retailers throughout the UK.
Our vision is to deliver the best possible value to the UK
consumer on essential everyday tissue products. We are shaking up
the traditional tissue brands by delivering the quality the
consumer demands for the price they want to pay.
The business operates from four sites in Lancashire:
-- A manufacturing, storage and distribution facility in Blackburn;
-- A storage and administrative centre in Blackburn;
-- A facial tissue plant, also in Blackburn; and
-- A manufacturing, storage and distribution facility in Leyland.
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END
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