Warpaint London PLC Ward & Hagon Contract Renewal and Grant of Options (2862D)
02 März 2022 - 8:00AM
UK Regulatory
TIDMW7L
RNS Number : 2862D
Warpaint London PLC
02 March 2022
2 March 2022
Warpaint London PLC
("Warpaint", the "Company" or the "Group")
Ward & Hagon Contract Renewal and Grant of Options
Warpaint London plc (AIM: W7L), the specialist supplier of
colour cosmetics and owner of the W7 and Technic brands, announces
that it has yesterday renewed its contract (the "Contract") with
Ward & Hagon Management Consulting LLP ("Ward & Hagon") for
a period of 24 months, effective 1 January 2022.
The Company originally appointed Ward & Hagon, a provider of
practical business solutions, in February 2020 to assist it in
implementing its strategic growth plan, and the Contract was
renewed on 19 February 2021 for a period of 12 months. During 2021
Ward & Hagon has successfully assisted the Group in developing
and implementing its strategic plan by gaining listings for
products and widening distribution in the UK. In addition in 2021,
Ward & Hagon assisted with plans for growth in the USA, China
and in digital marketing.
The Contract has a total value over 24 months of GBP380,000
(which will be satisfied from the Group's operating cash flows) and
includes the services of Paul Hagon, an executive director of the
Company and Martyn Ward, together with other members of the Ward
& Hagon team. In addition, Ward & Hagon will be paid a
commission of 3% on all sales generated from their introductions in
the 12 month period from the point of first sale, and 4% on all
sales generated from their introductions in the 12 month period
thereafter. Ward & Hagon will also receive a commission of 3%
on all Tesco sales from 17 February 2022 for 24 months.
In recognition of the success of the arrangements to date, and
to incentivise Ward & Hagon and align them with the long term
interest of shareholders, they have also been granted options to
subscribe for 200,000 ordinary shares of 25p in the Company at an
exercise price of 127.5 pence per share (the "Option"), being the
closing mid-market price on 1 March 2022 (the last practicable date
prior to this announcement). The Option is exercisable between
three and ten years from the date of grant.
The board is of the view that the services provided under the
Contract and the Option, represent value to shareholders through
assisting the Company to achieve is near term objectives.
Accordingly, Ward & Hagon will continue to focus on helping the
Group to access new retail channels both in the UK and
overseas.
Related Party Transaction
Paul Hagon, an executive director of Warpaint, is a member of
Ward & Hagon. Accordingly the renewal of the Contract and the
grant of the Option is classified as a related party transaction
pursuant to the AIM Rules for Companies. The independent directors
of the Company (being all executive and non-executive directors
except Mr Hagon), having consulted with Singer Capital Markets, the
Company's Nominated Adviser, consider that the terms of the
Contract renewal and the grant of the Option are fair and
reasonable insofar as the Company's shareholders are concerned.
Enquiries:
Warpaint London c/o IFC
Sam Bazini - Chief Executive Officer
Eoin Macleod - Managing Director
Neil Rodol - Chief Financial Officer
Singer Capital Markets (Nominated Adviser
& Joint Broker)
Shaun Dobson, Tom Salvesen, Jen Boorer,
Alex Bond - Investment Banking 020 7496 3000
Shore Capital (Joint Broker)
Patrick Castle, Daniel Bush - Corporate
Advisory
Fiona Conroy - Corporate Broking 020 7408 4090
IFC Advisory (Financial PR & IR)
Tim Metcalfe, Graham Herring, Florence
Chandler 020 3934 6630
Warpaint London plc
Warpaint sells branded cosmetics under the lead brand names of
W7 and Technic. W7 is sold in the UK primarily to retailers and
internationally to local distributors or retail chains. The Technic
brand is sold in the UK and continental Europe with a significant
focus on the gifting market, principally for high street retailers
and supermarkets. In addition, Warpaint supplies own brand white
label cosmetics produced for several major high street retailers.
The Group also sells cosmetics using its other brand names of
Man'stuff, Body Collection, Very Vegan, and Chit Chat.
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulation, provides further detail.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Ward & Hagon Management Consulting LLP (an entity
associated with Paul Hagon, Executive Director
of Warpaint London plc)
--------------------- --------------------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------
a) Position/status Paul Hagon, Executive Director of Warpaint London
plc and a partner in Ward & Hagon Management
Consulting LLP
--------------------- --------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------- --------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------
a) Name Warpaint London PLC
--------------------- --------------------------------------------------
b) LEI 213800EBJ2CN6KIDCO78
--------------------- --------------------------------------------------
4 Details 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
-------------------------------------------------------------------------
a) Description Options over Ordinary shares of 25p
of the financial
instrument,
type of instrument
Identification
code
--------------------- --------------------------------------------------
b) Nature of Grant of Option
the transaction
--------------------- --------------------------------------------------
c) Price(s) Price(s) Volume(s)
and volume(s) Exercise
price:
127.5p 200,000
----------
--------------------- --------------------------------------------------
d) Aggregated
information N/A - single transaction
- Aggregated
volume
- Price
--------------------- --------------------------------------------------
e) Date of the 1 March 2022
transaction
--------------------- --------------------------------------------------
f) Place of Outside a Trading Venue
the transaction
--------------------- --------------------------------------------------
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END
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