Business
Vesting and Settlement of LTIP Options
Vesting and Settlement of LTIP Options.
About this update from Michelmersh Brick Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4129U\n Michelmersh Brick Holdings PLC\n 02 December 2021\n \n \n \n \n 2 December 2021\n \n \n \n \n \n Michelmersh Brick Holdings Plc \n \n \n \n \n \n (the \"Company\")\n \n \n \n \n \n Vesting and Settlement of LTIP Options\n \n \n \n \n \n Michelmersh Brick Holdings PLC (AIM: MBH), the specialist brick manufacturer, announces that on 1 December 2021, 200,000 nil-cost options over ordinary shares of 20 pence each granted under the Company's 2017 Long-Term Incentive Plan (\"LTIP Options\") to Ryan Mahoney, Chief Financial Officer of the Company vested. The LTIP Options had been granted to compensate Mr Mahoney for certain incentive arrangements which he forfeited on leaving his previous employer (as announced by the Company on 10 September 2021). \n \n \n The Company has elected to make a cash settlement in respect of this specific grant of LTIP Options in lieu of issuing 200,000 new ordinary shares of the Company. The total gross value of the cash settlement for the 200,000 LTIP Options (before deductions for income tax and national insurance) has been calculated using the closing volume-weighted average share price for 30 trading days prior to 1 December 2021 of £1.243 per share.\n \n \n There has been no change to the issued ordinary share capital of the Company as a consequence of the cash settlement for these LTIP Options, which have now been settled in full.\n \n \n For further information, please contact: \n \n \n \n Michelmersh Brick Holdings plc\n \n \n \n \n Frank Hanna, Joint CEO Tel: +44 (0)1825 430412\n \n \n Ryan Mahoney, CFO \n \n \n \n \n \n \n Canaccord Genuity Limited (NOMAD and Broker)\n \n Tel: +44 (0)20 7523 8000\n \n \n Bobbie Hilliam \n \n \n Georgina McCooke \n \n \n \n \n \n \n Yellow Jersey PR\n \n \n \n \n Charles Goodwin Tel: +44 (0)7747 788 221\n \n \n Annabel Atkins Tel: +44 (0)7983 557 851 \n \n \n \n \n \n \n \n \n \n About Michelmersh Brick Holdings PLC:\n \n \n \n \n \n \n \n Michelmersh Brick Holdings PLC is a business with seven market leading brands: Blockleys, Carlton, Charnwood, Freshfield Lane, Michelmersh, Hathern Terra Cotta and Floren. These divisions operate within a fully integrated busi...