Business
Grant of Options
Grant of Options.
About this update from Property Franchise Group Plc
[{"type":"text","content":"\n\n9 August 2024\nTHE PROPERTY FRANCHISE GROUP PLC\n \n(the \"Company\" or the \"Group\")\n \nGrant of Options\n \nThe Property Franchise Group PLC, the UK's largest property franchisor, today announces that it has granted nominal cost options over 1,195,000 ordinary shares in the Company to certain executive directors and members of its senior management team under the TPFG Share Option Plan.\n \nThese awards recognise each of their roles and responsibilities in developing and implementing the Company's strategic plans and are designed to continue to incentivise them appropriately.\n \nThe awards will be subject to two performance conditions; total shareholder return (\"TSR\") and adjusted basic earnings per share adjusted for exceptional income/costs, amortisation arising on consolidation and share-based payment charges (\"adjusted EPS\") over the 3 years to 31 December 2026. Each performance condition will apply to 50% of the awards being made. All participants will be subject to a lock-in of 12 months following vesting. \n \nIn respect of the TSR, the award will be subject to absolute TSR growth of 45% to achieve threshold vesting (at which point 25% of this portion of the award will vest), which corresponds to 13.2% compound annual growth rate (\"CAGR\"), rising to full vesting at 85% growth over the period which corresponds to 22.8% CAGR.\n \nIn respect of adjusted EPS, the award will be subject to adjusted EPS growth of 40% over the period to achieve threshold vesting (25% vesting), which corresponds to 11.9% CAGR, rising to full vesting at 60% growth over the period, which corresponds to 17.0% CAGR.\n \nStraight-line vesting applies between the thresholds.\n \nThe maximum awards for directors are stated below:\n \n\n\n\n\nName\n\n\nPosition\n\n\nNumber of shares subject to awards\n\n\n\n\nGareth Samples\n\n\nChief Executive Officer\n\n\n500,000\n\n\n\n\nMichelle Brook\n\n\nExecutive Director\n\n\n100,000\n\n\n\n\n \nIn addition, the Company has granted CSOP options over a total of 220,000 ordinary shares to senior management and further key employees under the Company's CSOP scheme.\n \nImmediately prior to these awards the Company's issued share capital was 63,752,008 ordinary shares and it had outstanding awards granted under prior incentive schemes of 6...