Midwich Group PLC Grant of Share Options (2336G)
November 23 2020 - 12:00PM
UK Regulatory
TIDMMIDW
RNS Number : 2336G
Midwich Group PLC
23 November 2020
23 November 2020
Midwich Group plc
("Midwich", the "Company" or "the Group")
Grant of Share Options
Midwich Group (AIM: MIDW), a specialist audio visual distributor
to the trade market with operations across the UK and Ireland,
Continental Europe, Asia-Pacific and North America, today announces
that it has granted 297,116 nominal cost options over ordinary
shares of GBP0.01 each in the Company under the Midwich Group plc
2016 Long Term Incentive Plan (the "LTIP Award") to Stephen Lamb,
CFO.
Performance conditions and vesting
The performance conditions have been designed to ensure
alignment between the incentivisation of the Executive Directors
and the interests of the Company's shareholders.
The LTIP Award is subject to performance conditions linked to
the Company's profitability, such that a base award of 66,026
ordinary shares in the Company will only vest if adjusted profit
before tax in the financial year ending 31 December 2022 exceeds
the adjusted profit before tax for the year ending 31 December
2019.
The balance of the LTIP Award will vest in tranches subject to
the achievement of stretching profit targets for the year ending 31
December 2022. The LTIP Award will ordinarily vest in 2023 and is
exercisable for up to 10 years from the date of grant. The base
award is subject to a two-year holding period from the date of
vesting. The LTIP Award is conditional on the cancellation of the
2018 and 2019 performance share options.
The Notification of Dealing Forms can be found below. These
notifications are made under article 19 of the Market Abuse
Regulation ("MAR").
1. Details of the person discharging managerial
responsibilities/person closely associated
(a) Name Stephen Lamb
----------------------------- -----------------------------
2. Reason for the notification
------------------------------------------------------------
(a) Position/status Group Finance Director
----------------------------- -----------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------- -----------------------------
3. Details of the issuer
------------------------------------------------------------
(a) Name Midwich Group Plc
----------------------------- -----------------------------
(b) LEI 213800TUH2ZU68PZZN12
----------------------------- -----------------------------
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 Ordinary shares of GBP0.01
the Financial each
Instrument
----------------------------- -----------------------------
(b) Identification GB00BYSXWW41
code of the Financial
Instrument
----------------------------- -----------------------------
(c) Nature of the Grant of options
transaction
----------------------------- -----------------------------
(d) Price(s) and Price(s) Volume(s)
volume(s)
------------- --------------
1p 297,116
------------- --------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------- -----------------------------
(f) Date of the transaction 23 November 2020
----------------------------- -----------------------------
(g) Place of the London Stock Exchange
transaction
----------------------------- -----------------------------
For further information:
Midwich Group plc Tel: +44 (0) 13 7964
Stephen Fenby, Managing Director 9200
Stephen Lamb, Finance Director
Investec Bank plc (NOMAD and Joint Broker Tel: +44 (0) 20 7597
to Midwich) 5970
James Rudd
Carlton Nelson
Berenberg (Joint Broker to Midwich) Tel: +44 (0) 20 3207
Ben Wright 7800
Mark Whitmore
Alix Mecklenberg-Solodkoff
FTI Consulting Tel: +44 (0) 20 3727
Alex Beagley 1000
Tom Hufton
Rafaella de Freitas
About Midwich Group
Midwich is a specialist AV distributor to the trade market, with
operations in the UK and Ireland, Continental Europe and
Asia-Pacific and North America. The Group's long-standing
relationships with over 500 vendors, including blue-chip
organisations, support a comprehensive product portfolio across
major audio visual categories such as large format displays,
projectors, digital signage and professional audio. The Group
operates as the sole or largest in-country distributor for a number
of its vendors in their respective product sets.
The Directors attribute this position to the Group's technical
expertise, extensive product knowledge and strong customer service
offering built up over a number of years. The Group has a large and
diverse base of over 20,000 customers, most of which are
professional AV integrators and IT resellers serving sectors such
as corporate, education, retail, residential and hospitality.
Although the Group does not sell directly to end users, it believes
that the majority of its products are used by commercial and
educational establishments rather than consumers.
Initially a UK only distributor, the Group now has around 1,000
employees across the UK and Ireland, Continental Europe,
Asia-Pacific and North America. A core component of the Group's
growth strategy is further expansion of its international
operations and footprint into strategically targeted
jurisdictions.
For further information, please visit
www.midwichgroupplc.com
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