TIDMBONH
RNS Number : 2524C
Bonhill Group PLC
10 October 2022
10 October 2022
Bonhill Group plc
("Bonhill", the "Company" or the "Group")
Grant of Options,
Retention Bonuses
and
Related Party Transaction
Bonhill Group plc (AIM: BONH), a leading B2B media business
specialising in financial services providing media, events and data
& analytics, announces that on 7 October 2022 (the "Date of
Grant") its remuneration committee ("Remuneration Committee")
granted options (the "New Options") over a total of 6,000,000 new
ordinary shares of 1 penny each in the Company ("Ordinary Shares")
to the following executive Directors and certain members of its
senior management team:
Resulting total
Number of Ordinary number of Ordinary
Shares over Shares over
which New Options which total
Name Position held granted options currently
held
Patrick Ponsford Group CEO 500,000 2,000,000
-------------------- --------------------- --------------------
John French Executive Director 1,500,000 1,500,000
-------------------- --------------------- --------------------
Certain members of
senior management
team - 4,000,000 4,000,000
-------------------- --------------------- --------------------
6,000,000 7,500,000
--------------------
The New Options were granted under the Bonhill Group 2018
Employee Share Option Plan (the "Plan") and have an exercise price
of 5.75p per share, being the closing mid-price per Ordinary Share
on 6 October 2022, the last dealing day prior to the Date of Grant.
The New Options were granted as EMI tax favoured options or non-tax
favoured options as relevant.
The New Options will vest and become exercisable from the second
anniversary of the Date of Grant, subject to the grantee's
continued service within the Group (save for good leavers) and a
performance condition being met. In order for the performance
condition to be met, the volume weighted average price of the
Ordinary Shares for the last 30 dealing days of the vesting period
("30 day VWAP") must equal or exceed 11p per share. The calculation
can be adjusted to have appropriate regard for any dividend
payments or capital adjustments which may occur over the vesting
period. Once vested, the New Options will typically remain
exercisable until the tenth anniversary of the Date of Grant. In
the event of a change of control of the Company, the New Options'
vesting period may accelerate, in which case the relevant offer
price per share may be used instead of 30 day VWAP.
Following recent lapses of previously granted options over
Ordinary Shares to a former director and former members of the
Company's senior management team and the grant of the New Options,
the Company now has options outstanding over a total of 17,230,311
Ordinary Shares, representing approximately 14.8 per cent. of the
Company's issued share capital. Options over a further 1,589,881
Ordinary Shares which were previously granted to certain former
members of the Company's senior management team are due to lapse in
December 2022 and options over a further 6,140,430 Ordinary Shares
which were previously granted to a former director and former
members of the Company's senior management team will have lapsed by
early April 2023. Following these lapses, the only options
outstanding will then be the New Options, as outlined above,
together with existing options held by Sarah Thompson, Group CFO,
over 2 million Ordinary Shares at an exercise price of 1p per share
and existing options held by Patrick Ponsford, Group CEO, over 1.5
million Ordinary Shares at an exercise price of 1p per share.
Full details of all outstanding options are set out below in the
Appendix.
Retention Bonus
In addition, on the Date of Grant, the Remuneration Committee
approved terms under which Patrick Ponsford, Group CEO, and John
French, Executive Director, may receive the payment of a cash bonus
on the sale of the Company (the "Transaction") should a sale occur
on or prior to 31 December 2023 (the "Retention Bonus"). The
Retention Bonus will be payable following completion of the
Transaction and subject to deductions for applicable taxes.
The size of any cash bonus which might be payable to each of
Patrick Ponsford and John French will be based on a multiple of
their annual salary and determined by the value of the offer price
per share ("Offer Price") payable for the Company achieved as set
out below:
Offer Price thresholds
("GBP") Base Salary Multiple
0.12 0.5x
---------------------
0.15 1.0x
---------------------
0.20 2.0x
---------------------
0.25 or above 3.0x
---------------------
Where the Offer Price is between two of the thresholds set out
in the table above, the Base Salary Multiple will be pro-rated on a
straight-line basis between the closest lower and upper Offer Price
thresholds.
In the event that the Transaction occurs over more than one
'simultaneous' phase or tranche then any payment under the
Retention Bonus will only be payable once all phases or tranches of
the Transaction have been completed.
Eligibility for consideration for any cash bonus under the
Retention Bonus is contingent on continued service by each of
Patrick Ponsford and John French in their respective current roles
prior to payment save that exceptions may apply at the discretion
of the Remuneration Committee.
In the event of: (i) a variation of the share capital of the
Company; and/or (ii) a demerger, special dividend or other similar
event which affects the market price of Ordinary Shares to a
material extent, adjustments may be made to the terms of the
Retention Bonus as appropriate.
Payment of any Retention Bonus will be overseen by the
Remuneration Committee which is comprised of the Company's
independent Non-Executive Directors. The Remuneration Committee
retains discretion as to the nature, terms and operation of the
Retention Bonus generally.
Related Party Transaction
The combined award of the New Options and agreement to pay the
Retention Bonus (together the "Award and Payment") to each of
Patrick Ponsford, Group CEO, and John French, Executive Director,
(together, the "Executive Directors") is deemed to be a related
party transaction pursuant to the AIM Rules for Companies. The
independent Directors of the Company, being all of the Company's
Non-Executive Directors consider, having consulted with the
Company's nominated adviser, Shore Capital and Corporate, that the
Award and Payment to the Executive Directors is fair and reasonable
in so far as the shareholders of the Company are concerned.
Appendix
Number
of Ordinary
Shares Expiry Date
under outstanding or date due Exercise
Date of Name of Option holder options Vesting to lapse Price
Grant Date
--------------
16.08.18 Simon Stilwell (Ex-CEO) 7,440 16.08.21 05.04.23 80.0p
---------------------------- ------------------- ---------- --------------
16.08.18 Simon Stilwell (Ex-CEO) 7,441 16.08.22 05.04.23 80.0p
---------------------------- ------------------- ---------- --------------
16.08.18 Lawrence Gosling (Ex-PDMR) 7,440 16.08.21 23.12.22 80.0p
---------------------------- ------------------- ---------- --------------
16.08.18 Lawrence Gosling (Ex-PDMR) 7,441 16.08.22 23.12.22 80.0p
---------------------------- ------------------- ---------- --------------
16.08.18 Simon Stilwell (Ex-CEO) 376,000 16.08.21 16.02.23 1.0p
---------------------------- ------------------- ---------- --------------
16.08.18 Lawrence Gosling (Ex-PDMR) 75,000 16.08.21 23.12.22 1.0p
---------------------------- ------------------- ---------- --------------
26.10.20 Simon Stilwell (Ex-CEO) 1,166,774 27.10.23 05.04.23 1.0p
---------------------------- ------------------- ---------- --------------
26.10.20 Simon Stilwell (Ex-CEO) 1,166,775 27.10.24 05.04.23 1.0p
---------------------------- ------------------- ---------- --------------
Sarah Thompson (Group
26.10.20 CFO) 1,000,000 27.10.23 26.10.30 1.0p
---------------------------- ------------------- ---------- --------------
Sarah Thompson (Group
26.10.20 CFO) 1,000,000 27.10.24 26.10.30 1.0p
---------------------------- ------------------- ---------- --------------
26.10.20 Lawrence Gosling (Ex-PDMR) 750,000 27.10.23 23.12.22 1.0p
---------------------------- ------------------- ---------- --------------
26.10.20 Lawrence Gosling (Ex-PDMR) 750,000 27.10.24 23.12.22 1.0p
---------------------------- ------------------- ---------- --------------
Patrick Ponsford (Group
26.10.20 CEO) 750,000 27.10.23 26.10.30 1.0p
---------------------------- ------------------- ---------- --------------
Patrick Ponsford (Group
26.10.20 CEO) 750,000 27.10.24 26.10.30 1.0p
---------------------------- ------------------- ---------- --------------
26.10.20 Simon Collin * 750,000 27.10.23 28.01.23 1.0p
---------------------------- ------------------- ---------- --------------
26.10.20 Simon Collin * 750,000 27.10.24 28.01.23 1.0p
---------------------------- ------------------- ---------- --------------
26.10.20 Jon Seymour * 750,000 27.10.23 24.02.23 1.0p
---------------------------- ------------------- ---------- --------------
26.10.20 Jon Seymour * 750,000 27.10.24 24.02.23 1.0p
---------------------------- ------------------- ---------- --------------
26.10.20 Suzanne Tomlinson * 208,000 27.10.23 13.04.23 1.0p
---------------------------- ------------------- ---------- --------------
26.10.20 Suzanne Tomlinson * 208,000 27.10.24 13.04.23 1.0p
---------------------------- ------------------- ---------- --------------
Patrick Ponsford (Group
07.10.22 CEO) 500,000 08.10.24 07.10.32 5.75p
---------------------------- ------------------- ---------- --------------
John French (Executive
07.10.22 Director) 1,500,000 08.10.24 07.10.32 5.75p
---------------------------- ------------------- ---------- --------------
Certain members of
07.10.22 senior management team 4,000,000 08.10.24 07.10.32 5.75p
---------------------------- ------------------- ---------- --------------
* Former members of senior management
1. Details of PDMR / person closely associated with them (
'PCA')
a) Name Patrick Ponsford - Group CEO
John French - Executive Director
--------------------- -------------------------------------------------
2. Details of PDMR / person closely associated with them (
'PCA')
------------------------------------------------------------------------
a) Position See 1(a) above for positions - all classified as
/ status PDMRs of the Company
--------------------- -------------------------------------------------
b) Initial notification Initial notification
/ amendment
--------------------- -------------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Bonhill Group plc
--------------------- -------------------------------------------------
b) LEI 213800GBGKZ7WVF6C550
--------------------- -------------------------------------------------
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 Ordinary Shares of 1 penny each.
of the financial GB00BFWYSS80
instrument
--------------------- -------------------------------------------------
b) Nature of Grant of Options over Ordinary Shares each with
the transaction an exercise price of [5.75] pence per Ordinary
Share.
--------------------- -------------------------------------------------
c) Price and Price: Nil
volume
Patrick Ponsford: 500,000
John French: 1,500,000
--------------------- -------------------------------------------------
d) Aggregated
information Volume: 2,000,000
Aggregated Price: Nil
volume
Price
--------------------- -------------------------------------------------
e) Date of the 7 October 2022
transaction
--------------------- -------------------------------------------------
f) Place of Outside of a trading venue.
the transaction
--------------------- -------------------------------------------------
For further enquiries please contact:
Bonhill Group plc
Jonathan Glasspool, Non-executive Chairman +44 (0)207 638 6378
Patrick Ponsford, Group CEO +44 (0)7714 660 943
Shore Capital (Nominated Adviser and Broker) +44 (0)20 7408 4050
Tom Griffiths/David Coaten
About Bonhill Group plc
Bonhill Group plc is a leading, AIM-quoted, B2B media company
providing Business Information, Events and Data & Insight
propositions to the global Financial Services community. Bonhill
operates multiple digital platforms, has market leading media
brands, hosts over 100 events per annum, offers a portfolio of data
& analytics propositions and provides a range of content
marketing solutions.
Bonhill operates exclusively in the financial services space
where its brands and services are acknowledged as market leaders.
It specialises in enhancing the relationship and flow of
information between the global community of financial services
providers and the advisers who recommend their products. Bonhill
was early to recognise the growing importance of ESG in asset
allocation and fund selection and now owns the leading global
platform in this space, serving the adviser community.
Flagship brands include: InvestmentNews, ESG Clarity, Portfolio
Adviser, Fund Selector Asia, Expert Investor Europe, UK Adviser and
International Adviser.
Offices in New York, London, Singapore and Hong Kong.
For more information visit www.bonhillplc.com .
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END
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