Remuneration Information • Nov 26, 2019
Remuneration Information
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RNS Number : 5990U
Mulberry Group PLC
26 November 2019
Mulberry Group plc ("Mulberry" or the "Company")
Grant of Options
On 25 November 2019 the Remuneration Committee of the Board of Mulberry (the "Remuneration Committee") granted options over ordinary shares of 5 pence each in the Company ("Ordinary Shares") to certain directors and other senior management of the Company as set out below:
Grants under the Mulberry Group plc 2017 Performance Share Plan (the "Plan")
Options (the "New Options") have been granted in two tranches, both effective on 25 November 2019, but with different vesting dates to reflect a delay in the normal option grants intended for Summer 2018 and Summer 2019.
| Name: | Number of New Options granted | |
| Grant in respect of 2018 | Grant in respect of 2019 | |
| Thierry Andretta (CEO) | 250,000 | 250,000 |
| Other senior employees | 190,000 | 252,000 |
The New Options are granted as nil cost options with no exercise price and shall vest upon the achievement by the Company of certain targets for profit before tax ("PBT") set by the Remuneration Committee for the financial years ending 31 March 2021 (in the case of the grant in respect of 2018) and 31 March 2022 (in the case of the grant in respect of 2019) (the "Results"). In each case, the number of New Options vesting shall be dependent on the Company's performance against these targets. 25% of the New Options will vest provided the Results meet the lower end of the target PBT range, increasing on a prorated basis to full vesting in the event that the Results meet the upper end of the target PBT range.
The New Options will only vest following the announcement by the Company of its consolidated audited results for the years ending 31 March 2021 and 31 March 2022 respectively and the determination by the Remuneration Committee of the extent to which the vesting conditions have been met. Any resultant vesting of the New Options is, therefore, expected to occur by 30 June 2021 and 30 June 2022 respectively (each a "Vesting Date"). In both cases, the New Options will be exercisable between the relevant Vesting Date and 25 November 2029.
Grants under the Mulberry Group plc 2008 Unapproved Share Option Scheme (the "Unapproved Plan")
Unapproved options (the "New Unapproved Options") have been granted to Thierry Andretta (Chief Executive Officer) and Charles Anderson (Group Finance Director), both directors of the Company, as set out below:
| Name: | Number of New Unapproved Options granted |
| Thierry Andretta | 350,000 |
| Charles Anderson | 100,000 |
| Total | 450,000 |
The exercise price for each of the New Unapproved Options is 270.5 pence, being the closing price of an Ordinary Share on the business day prior to the date of grant.
The New Unapproved Options granted to Thierry Andretta will vest as follows:-
- 150,000 options will vest immediately and will be exercisable between 25 November 2019 and 25 November 2029;
- 100,000 options will vest on 30 June 2020 and will be exercisable between 30 June 2020 and 25 November 2029; and
- 100,000 options will vest on 30 June 2021 and will be exercisable between 30 June 2021 and 25 November 2029.
The New Unapproved Options granted to Charles Anderson will vest on 25 November 2022 and will be exercisable between 25 November 2022 and 25 November 2029.
Vesting of the New Unapproved Options is not subject to any performance condition but may be forfeited if the grantee leaves the Company prior to vesting.
Following the grant of the New Options and the New Unapproved Options, Thierry Andretta and Charles Anderson hold options over Ordinary Shares as follows:
| Name | Options under the Unapproved Plan | Options under the Plan |
| Thierry Andretta | 650,415 | 700,000 |
| Charles Anderson | 100,000 | 0 |
Apart from the options disclosed above, neither Thierry Andretta nor Charles Anderson has any other beneficial interest in the Ordinary Shares.
The Company publicly discloses the following notifications:
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Thierry Andretta
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
Mulberry Group plc
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 financial instrument, type of instrument
Identification code
Options over Ordinary Shares
GB0006094303
b)
Nature of the transaction
Award made pursuant to the Mulberry Group plc 2017 Performance Share Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| nil | 500,000 |
d)
Aggregated information
- Aggregated volume
- Price
N/A
e)
Date of the transaction
25 November 2019
f)
Place of the transaction
Outside a trading venue
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 financial instrument, type of instrument
Identification code
Options over Ordinary Shares
GB0006094303
b)
Nature of the transaction
Award made pursuant to the Mulberry Group plc 2008 Unapproved Share Option Scheme
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| 270.5 pence | 350,000 |
d)
Aggregated information
- Aggregated volume
- Price
N/A
e)
Date of the transaction
25 November 2019
f)
Place of the transaction
Outside a trading venue
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Charles Anderson
2
Reason for the notification
a)
Position/status
Group Finance Director
b)
Initial notification /Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Mulberry Group plc
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 financial instrument, type of instrument
Identification code
Options over Ordinary Shares
GB0006094303
b)
Nature of the transaction
Award made pursuant to the Mulberry Group plc 2008 Unapproved Share Option Scheme
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| 270.5 pence | 100,000 |
d)
Aggregated information
- Aggregated volume
- Price
N/A
e)
Date of the transaction
25 November 2019
f)
Place of the transaction
Outside a trading venue
FOR FURTHER DETAILS PLEASE CONTACT:
| Headland Lucy Legh / Emma Ruttle |
020 3435 7487 |
| Mulberry Investor Relations Allegra Perry |
020 7605 6795 |
| GCA Altium Sam Fuller / Tim Richardson |
020 7484 4040 |
| Barclays Nicola Tennent / Stuart Muress |
020 3134 9801 |
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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