TIDMMMH

RNS Number : 1576L

Marshall Motor Holdings PLC

11 May 2022

11 May 2022

MARSHALL MOTOR HOLDINGS PLC

("MMH" or the "Company")

PDMR SHARE AWARD VESTING AND EXERCISE

AND

ACCEPTANCE OF OFFER MADE BY CONSTELLATION AUTOMOTIVE HOLDINGS LIMITED ("CONSTELLATION") BY PDMRS

On 29 November 2021, Constellation, through its wholly-owned subsidiary CAG Vega 2 Limited ("Bidco"), announced a cash offer of 400 pence per ordinary share in the capital of the Company ("MMH Share") for the entire issued and to be issued share capital of MMH (the "Offer").

The offer document in respect of the Offer was posted by Bidco on 14 December 2021 (the "Offer Document") and the response document in respect of the Offer was posted on 21 December 2021 by MMH (the "Response Document"), in which the Independent MMH Board (as defined therein) recommended that the Company's Shareholders accept the Offer. The Response Document further informed Shareholders that the MMH Remuneration Committee had decided unanimously that full vesting of all outstanding options was appropriate and allowable under the MMH Share Plan (as defined in the Response Document) conditions.

On 20 January 2022, Constellation announced that, pursuant to Rule 31.4(b) of the Code, the timetable for the Offer had been suspended pending satisfaction of the FCA Condition (as defined in the same announcement). Pursuant to the announcement made earlier today by Constellation, the FCA Condition has now been satisfied and the Offer has become unconditional in all respects (the "Constellation Announcement").

Share award vesting and exercise

Following the release of the Constellation Announcement, the Company can announce that the following options held by persons discharging managerial responsibilities ("PDMRs") at the Company have been exercised:

 
 Name of PDMR          Role                       Options Held 
 Daksh Gupta           Chief Executive Officer    912,467 
                      -------------------------  ------------- 
 Richard Blumberger    Chief Financial Officer    399,899 
                      -------------------------  ------------- 
 Stephen Jones         Company Secretary          156,853 
                      -------------------------  ------------- 
 Jamie Crowther        Operations Director        156,853 
                      -------------------------  ------------- 
 Jon Head              Operations Director        149,680 
                      -------------------------  ------------- 
 Jo Moxon              HR Director                96,790 
                      -------------------------  ------------- 
 Adrian Wallington     Commercial Director        39,773 
                      -------------------------  ------------- 
 

Further, the Company was notified today that the Company's Employee Benefit Trust ("EBT") intends to subscribe for 3,095,896 new MMH Shares at their par value of 64 pence each and at an aggregate cost to the EBT of GBP1,981,373.44 (the "New Ordinary Shares"). The Company has agreed to pay to the EBT the funds necessary to make its subscription for the New Ordinary Shares. The New Ordinary Shares to be held in the EBT will be transferred to the trustee of the EBT to satisfy the share awards granted under the MMH Share Plan.

Accordingly, today, the Company allotted the New Ordinary Shares to the EBT. Such shares will rank pari passu in all respects with the existing ordinary shares of the Company. Application has been made to AIM for the admission of the New Ordinary Shares to trading.

Following the issue of the New Ordinary Shares, the Company's total issued share capital will consist of 81,328,133 MMH Shares with one voting right per share. The Company does not hold any ordinary shares in treasury. Therefore, following the issue of the New Ordinary Shares, the total number of voting rights in the Company is 81,328,133.

Acceptance of Offer by PDMRs

The Company further announces that, the following PDMRs have accepted the Offer in respect of the MMH Shares currently held by them:

 
  Name of PDMR               Role                       Shares held 
 Alan Ferguson               Interim Chairman           58,557 
                            -------------------------  ------------ 
 Daksh Gupta                 Chief Executive Officer    1,650,000 
                            -------------------------  ------------ 
 Francesca Ecsery            Non-Executive Director     2,013 
                            -------------------------  ------------ 
 Christopher Walkinshaw*     Non-Executive Director     66,713 
                            -------------------------  ------------ 
 Stephen Jones               Company Secretary          57,382 
                            -------------------------  ------------ 
 Jamie Crowther              Operations Director        89,931 
                            -------------------------  ------------ 
 Jon Head                    Operations Director        18,331 
                            -------------------------  ------------ 
 *Includes interests held by immediate family, related trusts 
  and connected persons 
 

The information set out below is provided in accordance with the requirements of the Market Abuse Regulation 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

Share award vesting and exercise by PDMRs

 
 1 Details of the person discharging managerial responsibilities/person 
  closely associated 
------------------------------------------------------------------------------------------ 
 a) Name                                               (a) Daksh Gupta ("DG") 
                                                        (b) Richard Blumberger ("RB") 
                                                        (c) Stephen Jones (SJ") 
                                                        (d) Jamie Crowther ("JC") 
                                                        (e) Jon Head ("JH") 
                                                        (f) Jo Moxon ("JM") 
                                                        (g) Adrian Wallington ("AW") 
-------------------------------------------  --------------------------------------------- 
 2 Reason for the notification 
------------------------------------------------------------------------------------------ 
 a) Position/status                                    (a) Chief Executive Officer (DG) 
                                                        (b) Chief Financial Officer (RB) 
                                                        (c) Company Secretary (SJ) 
                                                        (d) Operations Director (JC) 
                                                        (e) Operations Director (JH) 
                                                        (f) HR Director (JM) 
                                                        (g) Commercial Director (AW) 
-------------------------------------------  --------------------------------------------- 
 b) Initial notification/Amendment            Initial notification 
-------------------------------------------  --------------------------------------------- 
 3 Details of the issuer, emission allowance market participant, 
  auction platform, auctioneer or auction monitor 
------------------------------------------------------------------------------------------ 
 a) Name                                      Marshall Motor Holdings plc 
-------------------------------------------  --------------------------------------------- 
 b) LEI                                       213800BP3HZWHDWXAY78 
-------------------------------------------  --------------------------------------------- 
 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              Ordinary Shares of 64p each 
  instrument, type of instrument 
-------------------------------------------  --------------------------------------------- 
 Identification code                          GB00BVYB2Q58 
-------------------------------------------  --------------------------------------------- 
 b) Nature of the transaction                 Vesting and exercise of share 
                                               award over Ordinary shares of 
                                               64p each 
-------------------------------------------  --------------------------------------------- 
 c) Price(s) and volume(s)                    Price(s)           Volume(s) 
-------------------------------------------  -----------------  -------------------------- 
                                              GBPNIL             912,467 (DG) 
                                               GBPNIL             399,899 (RB) 
                                               GBPNIL             156,853 (SJ) 
                                               GBPNIL             156,853 (JC) 
                                               GBPNIL             149,680 (JH) 
                                               GBPNIL             96,790 (JM) 
                                               GBPNIL             39,773 (AW) 
-------------------------------------------  -----------------  -------------------------- 
 d) Aggregated information                    Not applicable, single transactions. 
  - Aggregated volume 
  - Price 
-------------------------------------------  --------------------------------------------- 
 e) Date of the transaction                   All - 11 May 2022 
-------------------------------------------  --------------------------------------------- 
 f) Place of the transaction                  London Stock Exchange (XLON) 
-------------------------------------------  --------------------------------------------- 
 

Acceptance of Offer by PDMRs

 
 1 Details of the person discharging managerial responsibilities/person 
  closely associated 
----------------------------------------------------------------------------------------- 
 a) Name                                             (a) Alan Ferguson ("AF") 
                                                      (b) Daksh Gupta ("DG") 
                                                      (c) Francesca Ecsery ("FE") 
                                                      (d) Christopher Walkinshaw ("CW") 
                                                      (e) Stephen Jones (SJ") 
                                                      (f) Jamie Crowther ("JC") 
                                                      (g) Jon Head ("JH") 
-----------------------------------------  ---------------------------------------------- 
 2 Reason for the notification 
----------------------------------------------------------------------------------------- 
 a) Position/status                                  (a) Interim Chairman (AF) 
                                                      (b) Chief Executive Officer (DG) 
                                                      (c) Non-Executive Director (FE) 
                                                      (d) Non-Executive Director (CW) 
                                                      (e) Company Secretary (SJ) 
                                                      (f) Operations Director (JC) 
                                                      (g) HR Director (JH) 
-----------------------------------------  ---------------------------------------------- 
 b) Initial notification/Amendment          Initial notification 
-----------------------------------------  ---------------------------------------------- 
 3 Details of the issuer, emission allowance market participant, 
  auction platform, auctioneer or auction monitor 
----------------------------------------------------------------------------------------- 
 a) Name                                    Marshall Motor Holdings plc 
-----------------------------------------  ---------------------------------------------- 
 b) LEI                                     213800BP3HZWHDWXAY78 
-----------------------------------------  ---------------------------------------------- 
 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            Ordinary Shares of 64p each 
  instrument, type of instrument 
-----------------------------------------  ---------------------------------------------- 
 Identification code                        GB00BVYB2Q58 
-----------------------------------------  ---------------------------------------------- 
 b) Nature of the transaction               Sale of shares as described in 
                                             the offer document published in 
                                             connection with the Offer from 
                                             Constellation Automotive Holdings 
                                             Limited (the "Offer Document") 
-----------------------------------------  ---------------------------------------------- 
 c) Price(s) and volume(s)                  Price(s)           Volume(s) 
-----------------------------------------  -----------------  --------------------------- 
                                            GBP4.00            58,557 (AF) 
                                             GBP4.00            1,650,000 (DG) 
                                             GBP4.00            2,013 (FE) 
                                             GBP4.00            66,713 (CW) 
                                             GBP4.00            57,382 (SJ) 
                                             GBP4.00            89,931 (JC) 
                                             GBP4.00            18,331 (JH) 
-----------------------------------------  -----------------  --------------------------- 
 d) Aggregated information                  Not applicable, single transactions. 
  - Aggregated volume 
  - Price 
-----------------------------------------  ---------------------------------------------- 
 e) Date of the transaction                 All - 11 May 2022 
-----------------------------------------  ---------------------------------------------- 
 f) Place of the transaction                London Stock Exchange (XLON) 
-----------------------------------------  ---------------------------------------------- 
 

Unless the context requires otherwise, words and expressions defined in the Offer Document shall have the same meanings in this announcement.

The person responsible for arranging the release of this announcement on behalf of the Company is Stephen Jones, the Company Secretary of the Company.

For further information and enquiries please contact:

 
 Marshall Motor Holdings plc                     c/o Hudson Sandler 
 Daksh Gupta, Group Chief Executive            Tel: +44 (0) 20 7796 
                                                               4133 
 Richard Blumberger, Chief Financial Officer 
 
 Investec Bank plc (Financial Adviser,         Tel: +44 (0) 20 7597 
  NOMAD & Broker)                                              5970 
 Christopher Baird 
 David Anderson 
  Ben Farrow 
 
 Hudson Sandler                                Tel: +44 (0) 20 7796 
                                                               4133 
 Nick Lyon 
 Bertie Berger 
  Nick Moore 
 

Notes to Editors

About Marshall Motor Holdings plc ( www.mmhplc.com )

The Group's principal activities are the sale and repair of new and used vehicles. The Group's businesses have a total of 162 franchises covering 26 brands, across 37 counties in England and Wales. In addition, the Group operates nine trade parts specialists, two used car centres, five standalone body shops and one pre delivery inspection centre.

In April 2022 the Group was once again recognised by the Great Place to Work Institute, being ranked the 11(th) best place to work in the UK (super large company category). This was the twelfth year in succession that the Group has achieved Great Place to Work status.

LEI number: 213800BP3HZWHDWXAY78

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END

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