Manolete Partners PLC Grant of Share Options (5734G)
20 Juli 2023 - 8:00AM
UK Regulatory
TIDMMANO
RNS Number : 5734G
Manolete Partners PLC
20 July 2023
20 July 2023
Manolete Partners Plc
("Manolete" or the "Company")
Grant of Share Options
Manolete (AIM:MANO), the leading UK-listed insolvency litigation
financing company, announces that on 18 July 2023, it granted
nominal cost share options over ordinary shares of 0.4p each in the
Company to its executive directors as set out in the table
below.
Director Award type Number of shares
subject to option
Steven Cooklin Performance share award 223,657
------------------------- -------------------
Mark Tavener Performance share award 87,709
------------------------- -------------------
Philomena Halton Performance share award 164,221
------------------------- -------------------
The options were granted under the Company's share option
plan.
The performance share awards will ordinarily vest on the third
anniversary of their grant subject to the grantee's continued
service and the satisfaction of performance conditions based on
(with equal weighting) (i) earnings per share for the Company's
financial year ending 31 March 2026; (ii) average share price over
the three months preceding the third anniversary of the grant of
the options; and (iii) the Company's strategic objectives for the
period of three financial years ending 31 March 2026. Sliding scale
performance targets apply in respect of the earnings per share and
average share price elements, with 25% of the relevant portion of
each option vesting for threshold performance, rising on a
straight-line basis for full vesting of the relevant portion of
each option for stretch performance or better. The extent of
vesting of the strategic element will be dependent on the
Remuneration Committee of the Board's assessment of related
performance.
Each option has a per share exercise price equal to the nominal
value of a share.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them. The announcement, including the
notification(s) below, is made in accordance with the requirements
of the Market Abuse Regulation.
Details of the person discharging managerial responsibilities
1. / person closely associated
a) Name Steven Cooklin
------------------------------- --------------------------------------
Reason for the Notification
2.
-----------------------------------------------------------------------
a) Position/status Chief Executive Officer
------------------------------- --------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- --------------------------------------
Details of the issuer, emission allowance market
3. participant, auction platform, auctioneer or auction
monitor
-----------------------------------------------------------------------
a) Name Manolete Partners plc
------------------------------- --------------------------------------
b) LEI 213800R2X9V3KWCC4H47
------------------------------- --------------------------------------
Details of the transaction(s): section to be repeated
4. for (i) each type of instrument; (ii) each type of
transaction; (iii) each date; and (iv) each place
where transactions have been conducted
-----------------------------------------------------------------------
a) Description of Ordinary shares of 0.4p
the Financial
instrument, type
of instrument
Identification GB00BYWQCY12
code
------------------------------- --------------------------------------
b) Nature of the Award of options over ordinary shares
transaction with an exercise price per ordinary
share equal to the nominal value of
an ordinary share
------------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 223,657
----------
------------------------------- --------------------------------------
d) Aggregated information: See 4 (c) above
* Aggregated volume
* Price
------------------------------- --------------------------------------
e) Date of the transaction 18 July 2023
------------------------------- --------------------------------------
f) Place of the transaction Outside of a trading venue
------------------------------- --------------------------------------
Details of the person discharging managerial responsibilities
1. / person closely associated
a) Name Mark Tavener
------------------------------- --------------------------------------
Reason for the Notification
2.
-----------------------------------------------------------------------
a) Position/status Chief Financial Officer
------------------------------- --------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- --------------------------------------
Details of the issuer, emission allowance market
3. participant, auction platform, auctioneer or auction
monitor
-----------------------------------------------------------------------
a) Name Manolete Partners plc
------------------------------- --------------------------------------
b) LEI 213800R2X9V3KWCC4H47
------------------------------- --------------------------------------
Details of the transaction(s): section to be repeated
4. for (i) each type of instrument; (ii) each type of
transaction; (iii) each date; and (iv) each place
where transactions have been conducted
-----------------------------------------------------------------------
a) Description of Ordinary shares of 0.4p
the Financial
instrument, type
of instrument
Identification GB00BYWQCY12
code
------------------------------- --------------------------------------
b) Nature of the Award of options over ordinary shares
transaction with an exercise price per ordinary
share equal to the nominal value of
an ordinary share
------------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 87,709
----------
------------------------------- --------------------------------------
d) Aggregated information: See 4 (c) above
* Aggregated volume
* Price
------------------------------- --------------------------------------
e) Date of the transaction 18 July 2023
------------------------------- --------------------------------------
f) Place of the transaction Outside of a trading venue
------------------------------- --------------------------------------
Details of the person discharging managerial responsibilities
1. / person closely associated
a) Name Philomena Halton
------------------------------- --------------------------------------
Reason for the Notification
2.
-----------------------------------------------------------------------
a) Position/status Managing Director
------------------------------- --------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- --------------------------------------
Details of the issuer, emission allowance market
3. participant, auction platform, auctioneer or auction
monitor
-----------------------------------------------------------------------
a) Name Manolete Partners plc
------------------------------- --------------------------------------
b) LEI 213800R2X9V3KWCC4H47
------------------------------- --------------------------------------
Details of the transaction(s): section to be repeated
4. for (i) each type of instrument; (ii) each type of
transaction; (iii) each date; and (iv) each place
where transactions have been conducted
-----------------------------------------------------------------------
a) Description of Ordinary shares of 0.4p
the Financial
instrument, type
of instrument
Identification GB00BYWQCY12
code
------------------------------- --------------------------------------
b) Nature of the Award of options over ordinary shares
transaction with an exercise price per ordinary
share equal to the nominal value of
an ordinary share
------------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 164,221
----------
------------------------------- --------------------------------------
d) Aggregated information: See 4 (c) above
* Aggregated volume
* Price
------------------------------- --------------------------------------
e) Date of the transaction 18 July 2023
------------------------------- --------------------------------------
f) Place of the transaction Outside of a trading venue
------------------------------- --------------------------------------
For further information, please contact:
Manolete Partners
Steven Cooklin (Chief Executive Officer) via Instinctif Partners
Peel Hunt (NOMAD and Broker)
Paul Shackleton +44 (0)20 7418 8900
Instinctif Partners (Financial PR)
Tim Linacre
Victoria Hayns +44 (0)7949 939237
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