MANO.L

Manolete Partners Plc
Manolete Partners - Grant of Share Options
20th September 2024, 06:00
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RNS Number : 9571E
Manolete Partners PLC
20 September 2024
 

20 September 2024

 

Manolete Partners plc

("Manolete" or the "Company")

Grant of Share Options

 

Manolete, a leading UK insolvency litigation financing company announces that on 18 September 2024, 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

 200,000

Mark Tavener

Performance share award

 200,000

Philomena Halton

Performance share award

 200,000

 

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 2027; (ii) average share price over the five days preceding the third anniversary of the grant of the options; and (iii) the group's strategic objectives for the period of three financial years ending 31 March 2027. 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

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

1.    Steven Cooklin

2.    Mark Tavener

3.    Philomena Halton

2.

Reason for the Notification

a)

Position/status

1.    Chief Executive Officer

2.    Chief Financial Officer

3.    Managing Director

b)

Initial notification/Amendment

Initial notification

3.

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

a)

Name

Manolete Partners plc

b)

LEI

213800R2X9V3KWCC4H47

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

Ordinary shares of 0.4p

Identification code

GB00BYWQCY12

b)

Nature of the transaction

Options over ordinary shares 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)

1

Nil

200,000

2

Nil

200,000

3

Nil

200,000

d)

Aggregated information:

·Aggregated volume

·Price

See 4 (c) above

e)

Date of the transaction

18 September 2024

 

f)

Place of the transaction

Outside of a trading venue 

 

For further information, please contact:                               

Manolete Partners

via Instinctif Partners

Steven Cooklin (Chief Executive Officer)

 

 

 

Canaccord Genuity (NOMAD and Broker)

+44 (0)20 7523 8309

Emma Gabriel

 

 

 

Instinctif Partners

manolete@instinctif.com

Hannah Scott

Tim Linacre

 

+44 (0)20 7457 2020

+44 (0)7949 939 237

 

 

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