TIDMG4M
RNS Number : 2247P
Gear4music (Holdings) PLC
15 October 2021
15 October 2021
Gear4music (Holdings) plc
("Gear4music", "the Company" or "the Group")
New Long-Term Incentive Plan
The board of Gear4music (AIM: G4M), the largest UK based
retailer of musical instruments and music equipment, announces a
new long-term management incentive plan ('Plan') to incentivise
senior employees in a manner that aligns with the interests of the
Company's shareholders.
The Plan involves the issue of 377,100 'D' Ordinary shares ('D
Shares') in Gear4music Limited, a subsidiary of the Company. The D
Shares are capable of vesting between 2023 and 2027 and can be
exchanged on a one-for-one basis for new ordinary shares of ten
pence each in the capital of the Company ('Ordinary Shares'),
subject to achieving minimum specified fully diluted earnings per
share ('eps') targets as set out below.
Financial year Vesting date Fully diluted No. D Shares
ending eps target vesting
31 March 2023 31 July 2023 46p 75,420
-------------- -------------- -------------
31 March 2024 31 July 2024 53p 75,420
-------------- -------------- -------------
31 March 2025 31 July 2025 61p 75,420
-------------- -------------- -------------
31 March 2026 31 July 2026 68p 75,420
-------------- -------------- -------------
31 March 2027 31 July 2027 76p 75,420
-------------- -------------- -------------
377,100
------------------------------- -------------- -------------
Certain of the Company's directors (also considered Persons
Discharging Managerial Responsibilities) are participating in the
Plan as detailed below, along with members of the Group's senior
management team:
Name Position No. D Shares issued
Gareth Bevan Chief Commercial Officer 113,130
-------------------------- --------------------
Andrew Wass Chief Executive Officer 75,420
-------------------------- --------------------
Chris Scott Chief Financial Officer 37,710
-------------------------- --------------------
The D Shares are non-voting, non-dividend restricted shares. The
initial subscription cost is paid by way of a cash bonus. Assuming
that awards fully vest, the maximum implied dilution over the life
of the Plan would represent 1.8% of the Company's then issued share
capital, increasing to 2.9% when also taking into account awards
(whether exercised or currently outstanding) under the Company's
various other share schemes made since IPO in 2015. Further details
will be set out in the Annual Report and Accounts for the year
ending 31 March 2022 when published.
Prior to implementing the Plan, the Company consulted with
certain of its major institutional shareholders.
Enquiries:
Gear4music
Ken Ford, Non-Executive Chairman and
Remuneration Committee Chairman +44 (0)20 3405 0205
Singer Capital Markets - Nominated Adviser
and Joint Broker
Peter Steel/Amanda Gray, Corporate Finance
Tom Salvesen, Corporate Broking +44 (0)20 7496 3000
Investec Bank plc - Joint Broker
David Flin
Alex Wright
Harry Hargreaves +44 (0)20 7597 5970
Alma PR - Financial PR +44 (0)20 3405 0205
Harriet Jackson Gear4music@almapr.co.uk
Josh Royston
Faye Calow
Notification and public disclosure of transactions by Persons
Discharging Managerial Responsibilities ("PDMR") and persons
closely associated with them
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Gareth Bevan
------------------------------- ---------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Chief Commercial Officer and a PDMR
of the Company
------------------------------- ---------------------------------------------------
b) Initial notification Initial
/Amendment
------------------------------- ---------------------------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor
------------------------------------------------------------------------------------
a) Name Gear4music (Holdings) plc
------------------------------- ---------------------------------------------------
b) LEI 2138005H4W74HDGSFC49
------------------------------- ---------------------------------------------------
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 Ordinary Shares of GBP0.10 each
the financial
instrument, type
of instrument
Identification GB00BW9PJQ87
code
b) Nature of the Issue of D Shares under the Company's
transaction LTIP which, subject to achievement
of certain performance criteria,
on vesting can be exchanged for Ordinary
Shares on a one-for-one basis.
------------------------------- ---------------------------------------------------
c) Price(s) and
volume(s)
------------ ---------------
Vesting Price Volume(s)
date
------------ ---------------
31/07/23 GBPnil 22,626
------------------------------------------------- ---------------
31/07/24 GBPnil 22,626
------------------------------------------------- ---------------
31/07/25 GBPnil 22,626
------------------------------------------------- ---------------
31/07/26 GBPnil 22,626
------------------------------------------------- ---------------
31/07/27 GBPNil 22,626
------------------------------------------------- ---------------
d) Aggregated information
- Aggregated 113,130
volume
- Price GBPnil
e) Date of the transaction 14 October 2021
------------------------------- ---------------------------------------------------
f) Place of the Off-market transaction
transaction
------------------------------- ---------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Wass
------------------------------- ---------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer and a PDMR
of the Company
------------------------------- ---------------------------------------------------
b) Initial notification Initial
/Amendment
------------------------------- ---------------------------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor
------------------------------------------------------------------------------------
a) Name Gear4music (Holdings) plc
------------------------------- ---------------------------------------------------
b) LEI 2138005H4W74HDGSFC49
------------------------------- ---------------------------------------------------
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 Ordinary Shares of GBP0.10 each
the financial
instrument, type
of instrument
Identification GB00BW9PJQ87
code
b) Nature of the Issue of D Shares under the Company's
transaction LTIP which, subject to achievement
of certain performance criteria,
on vesting can be exchanged for Ordinary
Shares on a one-for-one basis. D
Shares awarded to Mr Wass can, subject
to certain conditions, also be settled
on vesting in cash rather than new
Ordinary Shares.
------------------------------- ---------------------------------------------------
c) Price(s) and
volume(s)
------------ ---------------
Vesting Price Volume(s)
date
------------ ---------------
31/07/23 GBPnil 15,084
------------------------------------------------- ---------------
31/07/24 GBPnil 15,084
------------------------------------------------- ---------------
31/07/25 GBPnil 15,084
------------------------------------------------- ---------------
31/07/26 GBPnil 15,084
------------------------------------------------- ---------------
31/07/27 GBPNil 15,084
------------------------------------------------- ---------------
d) Aggregated information
- Aggregated 75,420
volume
- Price GBPnil
e) Date of the transaction 14 October 2021
------------------------------- ---------------------------------------------------
f) Place of the Off-market transaction
transaction
------------------------------- ---------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Christopher Scott
------------------------------- ---------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Chief Financial Officer and a PDMR
of the Company
------------------------------- ---------------------------------------------------
b) Initial notification Initial
/Amendment
------------------------------- ---------------------------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor
------------------------------------------------------------------------------------
a) Name Gear4music (Holdings) plc
------------------------------- ---------------------------------------------------
b) LEI 2138005H4W74HDGSFC49
------------------------------- ---------------------------------------------------
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 Ordinary Shares of GBP0.10 each
the financial
instrument, type
of instrument
Identification GB00BW9PJQ87
code
b) Nature of the Issue of D Shares under the Company's
transaction LTIP which, subject to achievement
of certain performance criteria,
on vesting can be exchanged for Ordinary
Shares on a one-for-one basis.
------------------------------- ---------------------------------------------------
c) Price(s) and
volume(s)
------------ ---------------
Vesting Price Volume(s)
date
------------ ---------------
31/07/23 GBPnil 7,542
------------------------------------------------- ---------------
31/07/24 GBPnil 7,542
------------------------------------------------- ---------------
31/07/25 GBPnil 7,542
------------------------------------------------- ---------------
31/07/26 GBPnil 7,542
------------------------------------------------- ---------------
31/07/27 GBPNil 7,542
------------------------------------------------- ---------------
d) Aggregated information
- Aggregated 37,710
volume
- Price GBPnil
e) Date of the transaction 14 October 2021
------------------------------- ---------------------------------------------------
f) Place of the Off-market transaction
transaction
------------------------------- ---------------------------------------------------
About Gear4music.com
Operating from a Head Office in York, and Distribution Centres
and showrooms in York, Sweden and Germany, the Group sells
own-brand musical instruments and music equipment alongside premium
third-party brands including Fender, Yamaha and Roland, to
customers ranging from beginners to musical enthusiasts and
professionals, in the UK, Europe and, more recently, into the Rest
of the World.
Having developed its own e-commerce platform, with multilingual,
multicurrency websites delivering to over 190 countries, the Group
continues to build its overseas presence.
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END
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