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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