Midwich Group PLC Grant of options (5440J)
17 August 2023 - 12:08AM
UK Regulatory
TIDMMIDW
RNS Number : 5440J
Midwich Group PLC
16 August 2023
16 August 2023
Midwich Group plc
("Midwich", the "Company" or "the Group")
Grant of options
Midwich (AIM: MIDW), a global specialist audio visual
distributor to the trade market, announces that, on 16 August 2023,
it granted 128,889 nominal cost options over ordinary shares of
GBP0.01 each in the Company under the Midwich Group plc 2016 Long
Term Incentive Plan (the "LTIP Award") to Stephen Lamb, Group
Finance Director.
Performance conditions and vesting
The LTIP Award is subject to challenging performance conditions
linked to growth in the Group's profitability and earnings per
share and will ordinarily vest in 2026. The award is exercisable
for up to 10 years from the date of grant and part of the award
subject to a two-year holding period from the date of vesting.
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Stephen Lamb
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2. Reason for the notification
-----------------------------------------------------------------------------
(a) Position/status Group Finance Director
----------------------------------------- ----------------------------------
(b) Initial notification/ Initial notification
Amendment
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3. Details of the issuer
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(a) Name Midwich Group Plc
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(b) LEI 213800TUH2ZU68PZZN12
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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
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(a) Description of Ordinary shares of GBP0.01 each
the Financial Instrument
----------------------------------------- ----------------------------------
(b) Identification GB00BYSXWW41
code of the Financial
Instrument
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(c) Nature of the transaction Grant of options
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(d) Price(s) and volume(s) Price(s) Volume(s)
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1p 128,889
---------------- ----------------
(e) Aggregated information
* Aggregated volume n/a
- Price
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(f) Date of the transaction 16 August 2023
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(g) Place of the transaction London Stock Exchange
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For further information:
Midwich Group plc Tel: +44 (0) 13
Stephen Fenby, Managing Director 7964 9200
Stephen Lamb, Finance Director
Investec Bank plc (NOMAD and Joint Broker Tel: +44 (0) 20
to Midwich) 7597 5970
Carlton Nelson
Ben Griffiths
Berenberg (Joint Broker to Midwich) Tel: +44 (0) 20
Ben Wright 3207 7800
Richard Andrews
Tel: +44 (0) 20
FTI Consulting 3727 1000
Alex Beagley
Tom Hufton
Rafaella de Freitas
About Midwich Group
Midwich is a specialist AV distributor to the trade market, with
operations in EMEA, the UK and Ireland, Asia Pacific and North
America. The Group's long-standing relationships with over 600
vendors, including blue-chip organisations, support a comprehensive
product portfolio across major audio visual categories such as
large format displays, projectors, digital signage and professional
audio. The Group operates as the sole or largest in-country
distributor for a number of its vendors in their respective product
sets.
The Directors attribute this position to the Group's technical
expertise, extensive product knowledge and strong customer service
offering built up over a number of years. The Group has a large and
diverse base of over 20,000 customers, most of which are
professional AV integrators and IT resellers serving sectors such
as corporate, education, retail, residential and hospitality.
Although the Group does not sell directly to end users, it believes
that the majority of its products are used by commercial and
educational establishments rather than consumers.
Initially a UK only distributor, the Group now has around 1,800
employees across the UK and Ireland, EMEA, Asia Pacific and North
America. A core component of the Group's growth strategy is further
expansion of its international operations and footprint into
strategically targeted jurisdictions.
For further information, please visit
www.midwichgroupplc.com
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END
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