Share Option Grants / PDMR Dealing
Source: RNS10 July 2020
Ten Lifestyle Group plc
("Ten" or the "Group")
Share Option Grants / PDMR Dealing
Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled global concierge platform for the world's wealthy and mass affluent, announces a second initiative whereby the Group has granted share options in exchange for voluntary salary sacrifice.
Background
The Group's business model derives its revenue substantially from service delivery rather than conversion of bookings.
As outlined in our Half-year Report on 14 May 2020, we continue to generate revenue by developing services relevant to our members, the customers of our contracted corporate clients, by adapting to our member's changing needs across each market throughout the various phases of the COVID-19 pandemic.
Given the ongoing uncertainty, we are continuing to drive efficiencies and prudently manage cost in the business. This includes implementing a second voluntary salary sacrifice initiative in exchange for share options, as detailed below.
Cash at the end of H1 2020 (February 2020) was £9.6m. Maintaining healthy corporate revenue alongside prudent cost management, whilst continuing investment in the technology platform, has enabled us to broadly maintain cash at this level at the end of June 2020, despite very low levels of commission from suppliers1.
1 Ten's revenue from its supplier base, such as hotels, airlines, and event promoters which sometimes pay commission to Ten constituted 12% of Net Revenue for the 2019 financial year, as reported in the 2019 Annual Report and Accounts.
Share Option Grants and PDMR Dealings
On 30 March 2020, the Group announced a salary sacrifice initiative whereby it had granted a total of 3,708,966 options over ordinary shares of 0.1p each ("Ordinary Shares").
As part of the Group's continued cost-saving measures, a second salary sacrifice initiative has been offered to the Group's employees and contractors.
Accordingly, on 9 July 2020, the Group granted options over a total of 1,343,639 Ordinary Shares with an exercise price of £1.20, exercisable for up to three years from the date of grant (the "Options"), to certain employees and contractors of the Group including 'persons discharging managerial responsibilities' ("PDMRs") as listed below. For every £1 of salary certain employees and contractors forego over a 4-month period they will receive three Options.
The exercise price and number of Options granted have been determined using the Black Scholes model for option pricing to ensure that the total economic value of these Options is equal to the value of the total salary foregone.
Over 80 individuals have chosen to participate in the second salary sacrifice initiative, including the PDMRs listed below. The total cash saving to the Group over the 4-month period will be £0.5m.
|
PDMR |
Position |
Number of new Options granted |
Resulting total options held over Ordinary Shares |
|
Alex Cheatle |
Chief Executive Officer |
149,500 |
1,232,375 |
|
Andrew Long |
Group Chief Operational Officer and Chief Executive Officer (Asia) |
135,787 |
810,436 |
|
Sarah Hornbuckle |
Client Services Director |
36,005 |
251,721 |
|
Alan Donald |
Chief Financial Officer |
58,200 |
316,908 |
|
Toby Gauvain |
President |
87,500 |
444,167 |
The notification below, made in accordance with the Market Abuse Regulation, provides further details in relation to these PDMR dealings.
For further information, please visit https://www.tengroup.com/ or contact:
|
Ten Lifestyle Group Plc Alex Cheatle, Chief Executive Officer Alan Donald, Chief Financial Officer
|
+44 (0)20 7850 2796 |
|
Peel Hunt LLP, Nominated Advisor and Broker Edward Knight George Sellar Nick Prowting
|
+44 (0) 20 7418 8900 |
|
|
|
|
1
|
Details of the person discharging managerial responsibilities / person closely associated |
|||||
|
a) |
Name |
Alex Cheatle |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Chief Executive Officer |
||||
|
b) |
Initial notification /Amendment |
Initial Notification |
||||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
Ten Lifestyle Group Plc |
||||
|
b) |
LEI |
213800YK94ZUOJUMN686 |
||||
|
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 of the financial instrument, type of instrument |
Options over Ordinary shares of 0.1p each |
||||
|
|
|
|||||
|
Identification code |
ISIN: GB00BF188X60 |
|||||
|
|
|
|||||
|
b) |
Nature of the transaction |
Issue of Options |
||||
|
c) |
|
Price(s) and volume(s) |
|
Price(s) |
Volume(s) |
|
|
|
|
|
|
Exercise price of £1.20 |
149,500
|
|
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information |
|
||||
|
|
|
|||||
|
- Aggregated volume |
149,500
|
|||||
|
|
|
|||||
|
- Price |
NA |
|||||
|
|
|
|||||
|
e) |
Date of the transaction |
9 July 2020 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
1
|
Details of the person discharging managerial responsibilities / person closely associated |
|||||
|
a) |
Name |
Andrew Long |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Group Chief Operational Officer and Chief Executive Officer (Asia) |
||||
|
b) |
Initial notification /Amendment |
Initial Notification |
||||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
Ten Lifestyle Group Plc |
||||
|
b) |
LEI |
213800YK94ZUOJUMN686 |
||||
|
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 of the financial instrument, type of instrument |
Options over Ordinary shares of 0.1p each |
||||
|
|
|
|||||
|
Identification code |
ISIN: GB00BF188X60 |
|||||
|
|
|
|||||
|
b) |
Nature of the transaction |
Issue of Options |
||||
|
c) |
|
Price(s) and volume(s) |
|
Price(s) |
Volume(s) |
|
|
|
|
|
|
Exercise price of £1.20 |
135,787 |
|
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information |
|
||||
|
|
|
|||||
|
- Aggregated volume |
135,787 |
|||||
|
|
|
|||||
|
- Price |
NA |
|||||
|
|
|
|||||
|
e) |
Date of the transaction |
9 July 2020 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
1
|
Details of the person discharging managerial responsibilities / person closely associated |
|||||
|
a) |
Name |
Sarah Hornbuckle |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Client Services Director |
||||
|
b) |
Initial notification /Amendment |
Initial Notification |
||||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
Ten Lifestyle Group Plc |
||||
|
b) |
LEI |
213800YK94ZUOJUMN686 |
||||
|
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 of the financial instrument, type of instrument |
Options over Ordinary shares of 0.1p each |
||||
|
|
|
|||||
|
Identification code |
ISIN: GB00BF188X60 |
|||||
|
|
|
|||||
|
b) |
Nature of the transaction |
Issue of Options |
||||
|
c) |
|
Price(s) and volume(s) |
|
Price(s) |
Volume(s) |
|
|
|
|
|
|
Exercise price of £1.20 |
36,005 |
|
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information |
|
||||
|
|
|
|||||
|
- Aggregated volume |
36,005 |
|||||
|
|
|
|||||
|
- Price |
NA |
|||||
|
|
|
|||||
|
e) |
Date of the transaction |
9 July 2020 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
1
|
Details of the person discharging managerial responsibilities / person closely associated |
|||||
|
a) |
Name |
Alan Donald |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Chief Finance Officer |
||||
|
b) |
Initial notification /Amendment |
Initial Notification |
||||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
Ten Lifestyle Group Plc |
||||
|
b) |
LEI |
213800YK94ZUOJUMN686 |
||||
|
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 of the financial instrument, type of instrument |
Options over Ordinary shares of 0.1p each |
||||
|
|
|
|||||
|
Identification code |
ISIN: GB00BF188X60 |
|||||
|
|
|
|||||
|
b) |
Nature of the transaction |
Issue of Options |
||||
|
c) |
|
Price(s) and volume(s) |
|
Price(s) |
Volume(s) |
|
|
|
|
|
|
Exercise price of £1.20 |
58,200 |
|
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information |
|
||||
|
|
|
|||||
|
- Aggregated volume |
58,200 |
|||||
|
|
|
|||||
|
- Price |
NA |
|||||
|
|
|
|||||
|
e) |
Date of the transaction |
9 July 2020 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
1
|
Details of the person discharging managerial responsibilities / person closely associated |
|||||
|
a) |
Name |
Toby Gauvain |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
President |
||||
|
b) |
Initial notification /Amendment |
Initial Notification |
||||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
Ten Lifestyle Group Plc |
||||
|
b) |
LEI |
213800YK94ZUOJUMN686 |
||||
|
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 of the financial instrument, type of instrument |
Options over Ordinary shares of 0.1p each |
||||
|
|
|
|||||
|
Identification code |
ISIN: GB00BF188X60 |
|||||
|
|
|
|||||
|
b) |
Nature of the transaction |
Issue of Options |
||||
|
c) |
|
Price(s) and volume(s) |
|
Price(s) |
Volume(s) |
|
|
|
|
|
|
Exercise price of £1.20 |
87,500 |
|
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information |
|
||||
|
|
|
|||||
|
- Aggregated volume |
87,500 |
|||||
|
|
|
|||||
|
- Price |
NA |
|||||
|
|
|
|||||
|
e) |
Date of the transaction |
9 July 2020 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
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