Company Announcements

For release Tuesday 30 July 2024

NWF Group plc   

NWF Group plc: Award of Options under Company Performance Share Plan

NWF Group plc ('NWF', the 'Company' or the Group), the specialist distributor operating in UK markets today announces the following awards have been approved under the terms of the established NWF Company Performance Share Plan (the 'Plan').

Chris Belsham, Chief Executive of NWF, will receive an award of a conditional right over a maximum of 234,287 ordinary shares of 25 pence each of the Company ('Shares') at a price of 167.5 pence per Share, being the mid-market price at the close of business on 29 July 2024. This award is subject to the following performance targets:

1.           if the reported headline basic earnings per share for the three financial years ending 31 May 2027 increases by RPI plus 2% per annum then 70,286 Shares will be issued under the Plan; and

2.           the maximum of 234,287 Shares will be issued if the reported headline basic earnings per share increases by RPI plus 8% per annum for the three financial years ending 31 May 2027.

Following the award, Chris Belsham will be interested in 477,000 conditional awards over Shares.

Katie Shortland, Chief Financial Officer of NWF, will receive an award of a conditional right over a maximum of 126,060 Shares at a price of 167.5 pence per Share, being the mid-market price at the close of business on 29 July 2024. This award is subject to the following performance targets:

1.       if the reported headline basic earnings per share for the three financial years ending 31 May 2027 increases by RPI plus 2% per annum 37,818 Shares will be issued under the Plan; and

2.      the maximum of 126,060 Shares will be issued if the reported headline basic earnings per share increases by RPI plus 8% per annum for the three financial years ending 31 May 2027.

Following the award, Katie Shortland will be interested in 218,820 conditional awards over Shares.

Dave Walmsley, Managing Director of NWF Fuels, will receive an award of a conditional right over a maximum of 95,744 Shares at a price of 167.5 pence per Share, being the mid-market price at the close of business on 29 July 2024. This award is subject to the following performance targets:

1.       if the reported headline basic earnings per share for the three financial years ending 31 May 2027 increases by RPI plus 2% per annum 28,723 Shares will be issued under the Plan; and

2.     the maximum of 95,744 Shares will be issued if the reported headline basic earnings per share increases by RPI plus 8% per annum for the three financial years ending 31 May 2027.

Following the award, Dave Walmsley will be interested in 153,950 conditional awards over Shares.

Angela Carus, Managing Director of Boughey Distribution, will receive an award of a conditional right over a maximum 84,793 Shares at a price of 167.5 pence per Share, being the mid-market price at the close of business on 29 July 2024. This award is subject to the following performance targets:

1.            if the reported headline basic earnings per share for the three financial years ending 31 May 2027 increases by RPI plus 2% per annum 25,438 Shares will be issued under the Plan; and

2.            the maximum of 84,793 Shares will be issued if the reported headline basic earnings per share increases by RPI plus 8% per annum for the three financial years ending 31 May 2027.

Following the award, Angela Carus will be interested in 193,439 conditional awards over Shares.

Andrew Downie, Managing Director of NWF Agriculture, will receive an award of a conditional right over a maximum of 88,273 Shares at a price of 167.5 pence per Share, being the mid-market price at the close of business on 29 July 2024. This award is subject to the following performance targets:

1.   if the reported headline basic earnings per share for the three financial years ending 31 May 2027 increases by RPI plus 2% per annum 26,482 Shares will be issued under the Plan; and

2.   the maximum of 88,273 Shares will be issued if the reported headline basic earnings per share increases by RPI plus 8% per annum for the three financial years ending 31 May 2027.

Following the award, Andrew Downie, will be interested in 262,541 conditional awards over Shares.

The Plan was established for the purpose of incentivising and retaining the Company's eligible executive management. Shares awarded under the Plan are subject to performance criteria that requires NWF to meet a minimum reported basic earnings per share target over a three-year period. The Remuneration Committee has responsibility for determining the award of Shares and the performance targets under the Plan. In the event of a recipient leaving during the three-year period to 31 May 2027, the circumstances surrounding the recipient leaving the Company would be assessed, and any award which subsequently vests would be pro-rated to reflect the recipient's actual period of employment.

The information below (set out in accordance with the requirements of EU Market Abuse Regulation) provides further detail: