Business
Grant of options & director holdings
Grant of options & director holdings.
About this update from Franchise Brands Plc
[{"type":"text","content":"\n\n10 May 2023\n \nFranchise Brands PLC\n(\"Franchise Brands\", the \"Group\" or the \"Company\")\n \nGrant of options and award of SARs to directors and employees\n \nFranchise Brands (AIM: FRAN), a multi-brand international franchise business, announces that following the acquisition of Pirtek Europe Ltd., its Remuneration Committee yesterday approved the grant of up to 5,000,000 share options and share acquisition rights (\"SARs\") to employees and directors, all with an exercise price of £1.80 per share (being the closing mid-market price of an ordinary share on 9 May 2023).\n \nThese grants will be awarded pursuant to the Company Share Option Plan (\"CSOP\") or as non-approved options or as SARs, and are all are exercisable after three years for a period of seven years, subject to satisfaction of the following performance conditions:\n \n1) 20 per cent. can be exercised after reported fully diluted adjusted earnings per share (\"EPS\") achieves compound annual growth of 8 per cent. over each of the next three financial years to 31 December 2025;\n \n2) 100 per cent. can be exercised after reported fully diluted adjusted EPS achieves compound annual growth of 15 per cent. over each of the next three financial years to 31 December 2025; and\n \n3) between 20 per cent. and 100 per cent. can be exercised pro rata to EPS growth achieved between the targets in 1) and 2) above.\n \nThe SARs are conditional bonuses whose value will be calculated by reference to the amount by which the price of the Company's ordinary shares has risen above the grant price at the date of exercise, thus providing holders of SARs (non-UK employees) the same reward value as if the SARs were share options. The qualifying conditions and timing of vesting are identical to those within the share option schemes for UK employees. All SARs are to be settled in cash when exercised.\n \nCertain directors of the Company have been granted options as set out below:\n \n\n\n\nDirector\n\n\nNumber of new non-approved options granted\n\n\nTotal options over ordinary shares now held\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPeter Molloy\nAndrew Mallows\n\n\n150,000\n50,000\n\n\n776,530\n550,682\n\n\n\n\nJulia Choudhury\n\n\n100,000\n\n\n266,061\n\n\n\n\nColin Rees\n\n\n10...