Company Announcements

Grant of Share Incentives to PDMRs

Source: RNS
RNS Number : 2290V
Braemar PLC
04 July 2024
 

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4 July 2024

BRAEMAR PLC

("Braemar" or the "Company")

Grant of Share Incentives to PDMRs

 

Braemar Plc (LSE: BMS), a leading international shipbroker and provider of expert investment, chartering, and risk management advice to the shipping and energy markets, announces that the following grants of nil-cost options were made under the Braemar Long-Term Incentive Plan (the "LTIP") over the Company's ordinary shares of 10p to the following Persons Discharging Managerial Responsibility ("PDMRs") on 3 July 2024:

PDMR

Number of ordinary shares over which options were granted

James Gundy - Group Chief Executive Officer

159,503

Tris Simmonds - Group Chief Operations Officer

125,923

Grant Foley - Group Chief Financial Officer

109,134

 

In all cases, there is no consideration for the grant of the awards and the exercise price is nil. The awards will vest in three years' time, subject to the rules of the LTIP and the performance criteria being satisfied. The performance criteria is based on the Company's growth in underlying Earnings Per Share ("EPS") measured over a three-year performance period ending on 28 February 2027. The EPS measure will be adjusted to eliminate 50% of the impact of changes in the USD foreign exchange rate over the three-year performance period. Any shares acquired under such LTIP awards are subject to a further two-year holding period.

 

In addition, the Company granted the following awards over ordinary shares of 10p each under the Company's Deferred Bonus Plan (the "DBP") on 3 July 2024 to the following PDMRs in relation to the individuals' annual bonuses in respect of the financial year ended 29 February 2024:

 

PDMR

Number of ordinary shares of 10p each over which awards were granted

James Gundy - Group Chief Executive Officer

78,912

 

Tris Simmonds - Group Chief Operations Officer

37,777

Grant Foley - Group Chief Financial Officer

6,347

 

 

In all cases, there was no consideration for the grant of the DBP awards, which will ordinarily vest on 3 July 2027.

 

James Gundy, Tris Simmonds and Grant Foley have also been given corresponding options under the Company Share Option Plan ("CSOP") as set out below, which will vest on the same date as the DBP awards above. The exercise price of the CSOP options is £2.978 per share, which is the average of the middle market quotations on the three days immediately preceding the grant date. The number of shares in respect of which a DBP award will vest will be reduced to take account of any gain in value, as at exercise, of the related CSOP option.

 

PDMR

Number of ordinary shares of 10p each over which CSOP options were granted

James Gundy - Group Chief Executive Officer

20,147

 

Tris Simmonds - Group Chief Operations Officer

16,510

 

Grant Foley - Group Chief Financial Officer

6,347

 

 

The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

 

Further information on the LTIP and DBP is contained in the Company's 2024 Annual Report, published on 23 May 2024.

ENDS

 

 

For further information, contact:

 

Braemar Plc


James Gundy, Group Chief Executive Officer

Tel +44 (0) 20 3142 4100

Grant Foley, Group Chief Financial Officer


Rebecca-Joy Wekwete, Company Secretary


 


Burson Buchanan


Charles Ryland / Stephanie Whitmore / Jack Devoy / Abby Gilchrist

Tel +44 (0) 20 7466 5000



Investec Bank plc


Gary Clarence / Alice King

Tel +44 (0) 20 7597 5970



Cavendish Capital Markets Limited

Ben Jeynes / Matt Lewis (Corporate Finance)

Leif Powis / Dale Bellis / Charlie Combe (Sales & ECM)

 

Tel +44 (0) 20 7220 0500



 

Notes to Editors:


About Braemar Plc


Braemar provides expert investment, chartering, and risk management advice that enable its clients to secure sustainable returns and mitigate risk in the volatile world of shipping and energy. Our experienced brokers work in tandem with specialist professionals to form teams tailored to our customers' needs, and provide an integrated service supported by a collaborative culture.


Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.


For more information, including our investor presentation, visit www.braemar.com and follow Braemar on LinkedIn.

 

Details of the person discharging managerial responsibilities / person closely associated

Name

James Gundy

Reason for the notification

Position/status  

Group Chief Executive Officer

Initial notification /Amendment

Initial

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

Name  

Braemar Plc

LEI

213800EV6IKTTHJ83C19

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  

Description of the financial instrument, type of instrument

Ordinary shares of 10p each 

Identification code  

GB0000600931

Nature of the transaction 

Grant of LTIP awards as nil cost options over ordinary shares of 10p each.

Price(s) and volume(s)

Price: Nil

Volume: 159,503

Aggregated information

 - Aggregated volume

- Price  

 

159,503

Nil

Date of the transaction  

3 July 2024

Place of the transaction 

Grant of awards occurred outside a trading venue.

 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  

Description of the financial instrument, type of instrument

Ordinary shares of 10p each 

Identification code  

GB0000600931

Nature of the transaction 

Grant of deferred share awards over ordinary shares of 10p each pursuant to the Company's Deferred Bonus Plan.

Price(s) and volume(s)

Price: Nil

Volume: 78,912

Aggregated information

 - Aggregated volume

- Price  

 

78,912

Nil

Date of the transaction  

3 July 2024

Place of the transaction 

Grant of awards occurred outside a trading venue.

 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  

Description of the financial instrument, type of instrument

Ordinary shares of 10p each 

Identification code  

GB0000600931

Nature of the transaction 

Grant of options over ordinary shares of 10p each with an associated exercise price per share of £2.978 pursuant to the Company Share Option Plan.

Price(s) and volume(s)

Price: Nil

Volume: 20,147

Aggregated information

 - Aggregated volume

- Price  

 

20,147

Nil

Date of the transaction  

3 July 2024

Place of the transaction 

Grant of awards occurred outside a trading venue.

 

Details of the person discharging managerial responsibilities / person closely associated

Name

Tris Simmonds

Reason for the notification

Position/status  

Group Chief Operations Officer

Initial notification /Amendment

Initial

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

Name  

Braemar Plc

LEI

213800EV6IKTTHJ83C19

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  

Description of the financial instrument, type of instrument

Ordinary shares of 10p each 

Identification code  

GB0000600931

Nature of the transaction 

Grant of LTIP awards as nil cost options over ordinary shares of 10p each.

Price(s) and volume(s)

 

Price: Nil

Volume: 125,923

Aggregated information

 - Aggregated volume

- Price  

 

125,923

Nil

Date of the transaction  

3 July 2024

Place of the transaction 

Grant of awards occurred outside a trading venue.

 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  

Description of the financial instrument, type of instrument

Ordinary shares of 10p each 

Identification code  

GB0000600931

Nature of the transaction 

Grant of deferred share awards over ordinary shares of 10p each pursuant to the Company's Deferred Bonus Plan.

Price(s) and volume(s)

Price: Nil

Volume: 37,777

Aggregated information

 - Aggregated volume

- Price  

 

37,777

Nil

Date of the transaction  

3 July 2024

Place of the transaction 

Grant of awards occurred outside a trading venue.

 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  

Description of the financial instrument, type of instrument

Ordinary shares of 10p each 

Identification code  

GB0000600931

Nature of the transaction 

Grant of options over ordinary shares of 10p each with an associated exercise price per share of £2.978 pursuant to the Company Share Option Plan .

Price(s) and volume(s)

Price: Nil

Volume: 16,510

Aggregated information

 - Aggregated volume

- Price  

 

16,510

Nil

Date of the transaction  

3 July 2024

Place of the transaction 

Grant of awards occurred outside a trading venue.

 

Details of the person discharging managerial responsibilities / person closely associated

Name

Grant Foley

Reason for the notification

Position/status  

Group Chief Financial Officer 

Initial notification /Amendment

Initial

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

Name  

Braemar Plc

LEI

213800EV6IKTTHJ83C19

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  

Description of the financial instrument, type of instrument

Ordinary shares of 10p each 

Identification code  

GB0000600931

Nature of the transaction 

Grant of LTIP awards as nil cost options over ordinary shares of 10p each.

Price(s) and volume(s)

Price: Nil

Volume: 109,134

Aggregated information

 - Aggregated volume

- Price  

 

109,134

Nil

Date of the transaction  

3 July 2024

Place of the transaction 

Grant of awards occurred outside a trading venue.

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  

Description of the financial instrument, type of instrument

Ordinary shares of 10p each 

Identification code  

GB0000600931

Nature of the transaction 

Grant of deferred share awards over ordinary shares of 10p each pursuant to the Company's Deferred Bonus Plan.

Price(s) and volume(s)

Price: Nil

Volume: 6,347

Aggregated information

 - Aggregated volume

- Price  

 

6,347

Nil

Date of the transaction  

3 July 2024

Place of the transaction 

Grant of awards occurred outside a trading venue.

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  

Description of the financial instrument, type of instrument

Ordinary shares of 10p each 

Identification code  

GB0000600931

Nature of the transaction 

Grant of options over ordinary shares of 10p each with an associated exercise price per share of £2.978 pursuant to the Company Share Option Plan.

Price(s) and volume(s)

Price: Nil

Volume: 6,347

 

Aggregated information

 - Aggregated volume

- Price  

 

6,347

Nil

Date of the transaction  

3 July 2024

Place of the transaction 

Grant of awards occurred outside a trading venue.

 

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