Gym Group PLC (The) Director/PDMR Shareholding (5421H)
April 06 2022 - 12:29PM
UK Regulatory
TIDMGYM
RNS Number : 5421H
Gym Group PLC (The)
06 April 2022
6 April 2022
The Gym Group plc
("the Company")
Notification of transactions by Directors/PDMRs
The Company announces that on 6 April 2022 ("Date of Grant"),
awards over ordinary shares of 0.01p each in the capital of the
Company ("Shares") were made under the terms of The Gym Group plc
Performance Share Plan ("PSP") to the below Executive Director and
person discharging managerial responsibility ("PDMR") as
follows:
Name Executive Director/ Number of Shares under
PDMR award
Richard Darwin Executive Director 265,414
--------------------- -----------------------
The number of shares within awards was calculated on the basis
of a share price of 222.2 pence, being the Company's three-month
average share price prior to the Date of Grant.
The awards represent 0.01p par value options which, to the
extent that the awards vest, provide for Shares to be delivered to
the individuals for 0.01p consideration per Share. Vesting of the
awards is subject to the satisfaction of three performance
conditions in respect of:
- Adjusted Group Operating Cash Flow (25% weighting);
- ROIC in the mature estate (25% weighting); and
- Absolute Total Shareholder Return (50% weighting).
The detail of the Cash Flow and ROIC performance conditions is
set out in the 2021 Annual Report and Accounts on page 101. Each is
measured to the end of the 2024 financial year.
In respect of the TSR performance condition, the Company's
Remuneration Committee has continued to give consideration to the
most appropriate form of TSR condition to apply to 2022 PSP awards,
and after careful deliberation has decided to apply a stretching a
bsolute TSR growth performance condition, rather than the relative
TSR condition (TSR performance relative to the constituents of the
FTSE SmallCap (ex IT)) as described on page 100 of the Annual
Report. This step has been considered appropriate to demonstrate
clearly that the potential rewards for our most senior executives
will be linked directly to restoration and growth of shareholder
value.
The required targets for the absolute TSR growth condition
require the attainment of a GBP3.00 share price at the end of a
3-year performance period (measured from the Date of Grant) for 20%
of this part of the award to vest, and a GBP3.75 share price or
better for full vesting of this part of the award (with pro-rata
straight-line vesting between those boundaries). Measurement share
prices will be calculated on a 3- month average basis to the end of
the performance period .
A holding period of two years from date of vesting is also
applicable to the PSP award granted to Richard Darwin.
The relevant notifications set out below are provided in
accordance with the requirements of Article 19 of the EU Market
Abuse Regulation.
1. Details of PDMR / person closely associated with them
("PCA")
a) Name Richard Darwin
----------------------- -----------------------------------------------------
2. Reason for the notification
------------------------------------------------------------------------------
a) Position / status Chief Executive Officer
----------------------- -----------------------------------------------------
b) Initial notification Initial notification
/ amendment
----------------------- -----------------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name The Gym Group plc
----------------------- -----------------------------------------------------
b) LEI 213800VCU9TBANZIN455
----------------------- -----------------------------------------------------
2. 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 0.01p each
of the financial ISIN: GB00BZBX0P70
instrument
----------------------- -----------------------------------------------------
b) Nature of the Award over shares granted pursuant to
transaction The Gym Group Performance Share Plan.
----------------------- -----------------------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) Nil consideration 265,414
-------------------
----------------------- -----------------------------------------------------
d) Aggregated information
Aggregated volume N/A (single transaction)
Price
----------------------- -----------------------------------------------------
e) Date of the 6 April 2022
transaction
----------------------- -----------------------------------------------------
f) Place of the Outside a trading venue
transaction
----------------------- -----------------------------------------------------
For further information, please contact:
The Gym Group: via Tulchan Communications
Richard Darwin, CEO
Mark George, CFO
Tulchan Communications:
James Macey White
Elizabeth Snow
Laura Marshall +44 (0) 207 353 4200
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