Mercia Asset Management
PLC
("Mercia", the "Company" or
the "Group")
Grant and variation of
Options
Mercia Asset Management PLC (AIM:
MERC), the proactive, regionally focused specialist asset manager
with c.£1.5billion of assets under management, announces that
options (the "CSOP
Options") over a total of 1,000,000 new Ordinary shares
("Ordinary Shares") were
awarded to Jocelyne Bath, the new Chief Operating Officer of the
Group and a person discharging managerial responsibilities
("PDMR") pursuant to the
2014 Mercia Company Share Option Plan ("2014 CSOP"), at an exercise price of
33.00p per Ordinary Share (being the closing mid-market price of an
Ordinary Share on 26 March 2024). The Options will, subject to the
satisfaction of the performance condition, vest in three equal
tranches on the third, fourth and fifth anniversary of the date of
grant of the Options.
The Company further announces that,
pursuant to the existing 2021 Performance Share Plan, the
performance period for the existing 8,800,000 nominal cost options
(the "PSP Options") over
Ordinary Shares granted on 9 July 2021 to the Executive Directors
and one further PDMR, has been extended.
Pursuant to the rules of the Mercia
CSOP, the Company's Remuneration Committee has elected to vary the
vesting period in which the performance condition of the PSP
Options has to be satisfied, by an additional year. The
Remuneration Committee considers that this is the most appropriate
way of continuing to align the interests of the Executive Directors
and one further PDMR with the shareholders of the Company, whilst
continuing to provide a strong incentive. This facilitates the
retention of high calibre individuals, who are leading the delivery
of positive investment returns for Mercia's clients and as a direct
consequence, the continuing successful growth of Mercia's Assets
under Management and its profitability.
The PSP Options will, subject to the
satisfaction of the performance condition, now vest on 9 July 2025,
being the fourth anniversary of the date of grant of the options
(the "Vesting Date") and
will continue to be subject to a subsequent two-year holding
period. The number of PSP Options which will vest on the Vesting
Date will depend on the Company's total shareholder return
("TSR") over a performance
period of four financial years, which started on 1 April 2021. The
number of PSP Options vesting will be calculated as follows: 50% of
the PSP Options will vest based on the achievement of 10.0% TSR per
annum (compounded) over the new four-year performance period.
Vesting will then increase on a straight-line basis to full vesting
for the achievement of 20.0% TSR per annum
(compounded).
Following the grant of the CSOP
Options and the amendment to the PSP Options above, the Company has
a total of 35,039,150 options in issue pursuant to the 2014 CSOP,
equating to 8.6% of the existing issued share capital of the
Company.
Following the grant of the CSOP
Options and the amendment to the PSP Options above, the PDMRs
listed below hold the following options and Ordinary
Shares:
|
PDMR
|
Role
|
Grant of CSOP Options or
amendment of PSP Options under 2014 CSOP
|
Total number of options over
Ordinary Shares
|
Interest in existing issued
Ordinary Shares
|
|
Mark Payton*
|
Chief Executive Officer
|
2,596,430
|
5,422,932
|
7,184,876
|
|
Martin Glanfield**
|
Chief Financial Officer
|
2,113,652
|
4,536,697
|
1,744,947
|
|
Julian Viggars***
|
Chief Investment Officer
|
2,113,652
|
4,536,697
|
978,640
|
|
Peter Dines
|
Chief Operating Officer
|
1,976,266
|
4,245,813
|
1,078,389
|
|
Jocelyne Bath
|
Chief Operating Officer
|
1,000,000
|
1,000,000
|
-
|
* Including
12,793 Ordinary shares held by Katharine Yeo
** Including 125,784
Ordinary shares held by Bryonie Glanfield
*** Including 84,064 Ordinary shares
held by Emma Viggars
Notification and public disclosure of transactions by persons
discharging managerial responsibilities:
|
1
|
Details of the persons discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
(i) Mark
Payton, Chief Executive Officer
(ii) Martin
Glanfield, Chief Financial Officer
(iii) Julian Viggars,
Chief Investment Officer
(iv) Peter Dines, Chief
Operating Officer
(v)
Jocelyne Bath, Chief Operating
Officer
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Executive Directors and PDMRs of the
Company
|
|
b)
|
Initial
Notification/ Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Mercia Asset Management
PLC
|
|
b)
|
Legal
Entity Identifier
|
213800A1Q4CF57NECG66
|
|
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
Identification code
|
Ordinary Shares of £0.00001
each
ISIN - GB00BSL71W47
|
|
b)
|
Nature of
transaction
|
(i) to (iv): variation of
performance condition of existing options.
(v): grant of
options
|
|
c)
|
Currency
|
GBP
|
|
d)
|
Price(s)
and volume(s)
|
Exercise Price
|
No. of Ordinary Shares
|
|
£0.00001
|
(i)
2,596,430
|
|
£0.00001
|
(ii)
2,113,652
|
|
£0.00001
|
(iii)
2,113,652
|
|
£0.00001
|
(iv)
1,976,266
|
|
£0.3300
|
(v)
1,000,000
|
|
e)
|
Aggregate
information
- Aggregate
volume
-
Price
- Aggregate
total
|
N/A - single transactions
|
|
f)
|
Date of the
transaction
|
26 March 2024
|
|
g)
|
Place of
the transaction
|
Outside a trading venue
|
- Ends -
For
further information, please contact:
|
Mercia Asset Management PLC
Mark Payton, Chief Executive
Officer
Martin Glanfield, Chief Financial
Officer
www.mercia.co.uk
|
+44 (0)330
223 1430
|
|
Canaccord Genuity Limited (NOMAD and Joint
Broker)
|
+44 (0)20
7523 8000
|
|
Simon Bridges, Emma
Gabriel
|
|
|
|
|
|
Singer Capital Markets (Joint Broker)
|
+44 (0)20
7496 3000
|
|
Harry Gooden, James Moat
|
|
|
|
|
|
FTI
Consulting
|
+44
(0)20 3727 1051
|
|
Tom Blackwell, Jenny Boyd
|
|
|
mercia@fticonsulting.com
|
|
About Mercia Asset Management PLC
Mercia is a proactive, specialist
asset manager focused on supporting regional SMEs to achieve their
growth aspirations. Mercia provides capital across its four asset
classes of venture, private equity, debt and proprietary capital:
the Group's 'Complete Connected Capital'. The Group initially
nurtures businesses via its third-party funds under management,
then over time Mercia can provide further funding to the most
promising companies, by deploying direct investment follow-on
capital from its own balance sheet.
The Group has a strong UK footprint
through its regional offices, university partnerships and extensive
personal networks, providing it with access to high-quality deal
flow.
Mercia Asset Management PLC is
quoted on AIM with the EPIC "MERC".