Business
Grant of options
Grant of options.
About this update from Midwich Group Plc
[{"type":"text","content":"\n\n16 August 2023 \n \nMidwich Group plc\n(\"Midwich\", the \"Company\" or \"the Group\")\n \nGrant of options\n \nMidwich (AIM: MIDW), a global specialist audio visual distributor to the trade market, announces that, on 16 August 2023, it granted 128,889 nominal cost options over ordinary shares of £0.01 each in the Company under the Midwich Group plc 2016 Long Term Incentive Plan (the \"LTIP Award\") to Stephen Lamb, Group Finance Director.\n \nPerformance conditions and vesting\nThe LTIP Award is subject to challenging performance conditions linked to growth in the Group's profitability and earnings per share and will ordinarily vest in 2026. The award is exercisable for up to 10 years from the date of grant and part of the award subject to a two-year holding period from the date of vesting.\n \n\n\n\n1.\n\n\nDetails of the person discharging managerial responsibilities/person closely associated\n\n\n\n\n(a)\n\n\nName\n\n\nStephen Lamb\n\n\n\n\n2.\n\n\nReason for the notification\n\n\n\n\n(a)\n\n\nPosition/status\n\n\nGroup Finance Director\n\n\n\n\n(b)\n\n\nInitial notification/ Amendment\n\n\nInitial notification\n\n\n\n\n3.\n\n\nDetails of the issuer\n\n\n\n\n(a)\n\n\nName\n\n\nMidwich Group Plc\n\n\n\n\n(b)\n\n\nLEI\n\n\n213800TUH2ZU68PZZN12\n\n\n\n\n4.\n\n\nDetails 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\n\n\n\n\n(a)\n\n\nDescription of the Financial Instrument\n\n\nOrdinary shares of £0.01 each\n\n\n\n\n(b)\n\n\nIdentification code of the Financial Instrument\n\n\nGB00BYSXWW41\n\n\n\n\n(c)\n\n\nNature of the transaction\n\n\nGrant of options\n\n\n\n\n(d)\n\n\nPrice(s) and volume(s)\n\n\nPrice(s)\n\n\nVolume(s)\n\n\n\n\n\n\n\n\n\n\n1p\n \n\n\n128,889\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n(e)\n\n\nAggregated information\n- Aggregated volume\n- Price\n\n\n \nn/a\n\n\n\n\n(f)\n\n\nDate of the transaction\n\n\n16 August 2023\n\n\n\n\n(g)\n\n\nPlace of the transaction\n\n\nLondon Stock Exchange\n\n\n\n \nFor further information:\n \n\n\n\nMidwich Group plc\nStephen Fenby, Managing Director\nStephen Lamb, Finance Director\n \n \n\n\nTel: +44 (0) 13 7964 9200\n\n\n\n\nInvestec B...