Benchmark Holdings PLC New Long Term Incentive Plan and PDMR Dealing (5506W)
December 12 2023 - 12:50PM
UK Regulatory
TIDMBMK
RNS Number : 5506W
Benchmark Holdings PLC
12 December 2023
12 December 2023
Benchmark Holdings plc
("Benchmark", the "Company" or the "Group")
New Long Term Incentive Plan and PDMR Dealing
Benchmark, the aquaculture biotechnology company, today
announces that the Board of Directors has agreed to establish and
adopt the Benchmark Holdings Plc Long Term Incentive Plan ("New
LTIP") for the senior management team following the expiry of the
Company's previous LTIP at the end of its 10-year life.
The Non-Executive Directors have consulted with certain major
shareholders of the Group on the New LTIP with a view to creating a
simple incentive plan that aligns the potential rewards with
shareholder returns and acts as an attractive scheme to retain the
senior management team and incentivise shareholder value
creation.
Under the terms of the New LTIP, each recipient receiving the
awards made on 12 December 2023 was granted both a Restricted
Shares award and Performance Shares award over ordinary shares of
0.1p each. The awards granted to PDMRs of the Company were as
follows:
Director No. of shares over which awards
granted
Trond Williksen (CEO) Restricted Shares: 1,825,420
Performance Shares: 1,216,940
--------------------------------
Septima Maguire (CFO) Restricted Shares: 1,244,230
Performance Shares: 829,490
--------------------------------
The awards will ordinarily vest and become exercisable at an
exercise price of 0.1p per share two years after grant subject to
continued service and, for the Performance Shares, to the extent
performance conditions are achieved. Participants who leave
employment before vesting will lose their award, subject to certain
limited 'good leaver' conditions.
Performance conditions for the Performance Shares awards
The Performance Shares awards conditions set threshold to
stretch targets in respect of the Company's total shareholder
return ("TSR") over the two-year period following the grant of the
awards. No portion of the Performance Shares awards shall vest
unless the Company's TSR over the performance period reaches the
threshold target.
Absolute TSR Growth Vesting of performance shares
Below 188%(1) 0%
==============================
At 188% 20%
==============================
Between 188% and 20% - 100% on a straight-line
269%(2) basis
==============================
At 269% or above 100%
==============================
[1] Equivalent to an end share price of 70p from a three-month
average base position of 37.17p
2 Equivalent to an end share price of 100p from a three-month
average base position 37.17p
The forecast maximum dilution from the New LTIP is 1.6%.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES (PDMR) AND PERSONS CLOSELY
ASSOCIATED WITH THEM
The information set out below is provided in accordance with the
requirements of Article 19(3) of the Market Abuse Regulation (EU)
No 596/2014.
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Trond Williksen
-------------------------------- ---------------------------------------
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: Benchmark Holdings plc
-------------------------------- ---------------------------------------
) LEI: 2138001UQHM4VZGXUJ19
-------------------------------- ---------------------------------------
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 Ordinary shares of 0.1 pence each in
financial instrument, the Company
type of instrument: ISIN: GB00BGHPT808
Identification code:
-------------------------------- ---------------------------------------
b) Nature of the transaction: Options over ordinary shares granted
under the Benchmark Holdings PLC Long
Term Incentive Plan with an exercise
price of 0.1p per share
-------------------------------- ---------------------------------------
c) Price(s) and volume(s): Type Price Volume(s)
------
Ordinary shares Nil 1,825,420
Nil 1,216,940
------------------------ ----------
-------------------------------- ---------------------------------------
d) Aggregated information:
* Aggregated volume: Volume: 3,042,360
* Price:
-------------------------------- ---------------------------------------
e) Date of the transaction: 12 December 2023
-------------------------------- ---------------------------------------
f) Place of the transaction: Outside of a trading venue
-------------------------------- ---------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Septima Maguire
-------------------------------- ---------------------------------------
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: Benchmark Holdings plc
-------------------------------- ---------------------------------------
b) LEI: 2138001UQHM4VZGXUJ19
-------------------------------- ---------------------------------------
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 Ordinary shares of 0.1 pence each in
financial instrument, the Company
type of instrument: ISIN: GB00BGHPT808
Identification code:
-------------------------------- ---------------------------------------
b) Nature of the transaction: Options over ordinary shares granted
under the Benchmark Holdings PLC Long
Term Incentive Plan with an exercise
price of 0.1p per share
-------------------------------- ---------------------------------------
c) Price(s) and volume(s): Type Price Volume(s)
------
Ordinary shares Nil 1,244,230
Nil 829,490
------------------------ ----------
-------------------------------- ---------------------------------------
d) Aggregated information:
* Aggregated volume: Volume: 2,073,720
* Price:
-------------------------------- ---------------------------------------
e) Date of the transaction: 12 December 2023
-------------------------------- ---------------------------------------
f) Place of the transaction: Outside of a trading venue
-------------------------------- ---------------------------------------
Enquiries
Benchmark Holdings plc Tel: 0114 240 9939
Trond Williksen, CEO
Septima Maguire, CFO
Ivonne Cantu, Investor Relations
D eutsche Numis (Broker and NOMAD) Tel: 020 7260 1000
Freddie Barnfield, Duncan Monteith, Sher
Shah
MHP Tel: 020 3128 8004
Katie Hunt, Reg Hoare benchmark@mhpgroup.com
About Benchmark
Benchmark's mission is to enable aquaculture producers to
improve their sustainability and profitability. We bring together
biology and technology, to develop innovative products which
improve yield, quality and animal health and welfare for our
customers. We do this by improving the genetic make-up, health and
nutrition of their stock - from broodstock and hatchery through to
nursery and grow out. Benchmark has a broad portfolio of products
and solutions, including salmon eggs, live feed (Artemia), diets
and probiotics and sea lice treatments. Find out more at
www.benchmarkplc.com
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END
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