Business
Provisional Grant of Share Options
Provisional Grant of Share Options.
About this update from Chill Brands Group Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.\n \n11 September 2023\nChill Brands Group plc\n(\"Chill Brands\" or the \"Company\")\n \nProvisional Grant of Share Options\n \nChill Brands Group, the consumer packaged-goods distribution company, announces that on 8 September 2023, the Company's Board of Directors (the \"Board\") issued a grant of share options to the Company's three Executive Directors, subject to the passing of certain resolutions at the Company's Annual General Meeting (\"AGM\") to be held on 19 September 2023 (the \"Options\").\n \nThe Options are over a total of 21,600,000 ordinary shares of 1 pence each (\"Ordinary Share\"), have an exercise price of 4 pence per Ordinary Share and a term of 6 years. The Options are subject to performance requirements and vesting conditions as outlined below. The Options will constitute approximately 7.51% of the currently issued Ordinary Shares, and the exercise price equates to a 9.5% discount to the closing mid-market price of the Ordinary Shares on 8 September 2023, the preceding trading day for the Ordinary Shares on the Main Market of the London Stock Exchange. The Options have been provisionally granted on an equal basis to:\n \n· Callum Sommerton - Chief Executive Officer - 7,200,000 Options\n· Trevor Taylor - Chief Operating Officer - 7,200,000 Options\n· Antonio Russo - Chief Commercial Officer - 7,200,000 Options\n \nThe Options have the following vesting conditions* prior to exercise, again equally distributed across the three Option holders:\n \n· 4,320,000 Options - subject to the share price reaching 8 pence and one year from the date of grant;\n· 4,320,000 Options - subject to the share price reaching 16 pence and two years from the date of grant;\n· 6,480,000 Options - subject to the share price reaching 32 pence and three years from the date of grant; and\n· 6,480,000 Options - subject to the share price reaching 40 pence and four years from the date of grant.\n \n* The price targets for the vesting conditions relate to the closing mid-market price of the Ordinary Shares on any tradin...