TIDMRBG

RNS Number : 9399Q

Revolution Bars Group

24 October 2019

Revolution Bars Group plc

("Revolution" or the "Company")

Grant of awards under the Revolution Bars Group Plc Performance Share Plan (the "Plan)

The Company announces that on 23 October 2019, it granted options under the Plan with an exercise price of GBP0.001 per share over, in aggregate, 916,269 ordinary shares of GBP0.001 each in the Company ("Ordinary Shares") (the "PSP Options") to directors and other persons discharging managerial responsibility ("PDMRs") as set out in the table below.

The PSP Options shall vest and become exercisable on the date the Remuneration Committee determines that the performance targets set out below have been met, which is likely to be on the date that is the later of the preliminary announcement of the results for the year ended June 2022 and 23 October 2022.

 
 Name             Position                             Number of Ordinary 
                                                     Shares under PSP Option 
 Rob Pitcher      CEO                                       531,269 
                 --------------------------------  ------------------------- 
 Kate Eastwood    Sales and Marketing Director               50,000 
                 --------------------------------  ------------------------- 
                  Operations Director Revolution 
 Mark Walter       South                                     50,000 
                 --------------------------------  ------------------------- 
 Alex Stanhope    Property Director                          50,000 
                 --------------------------------  ------------------------- 
 Beth Anderson    Head of People                             25,000 
                 --------------------------------  ------------------------- 
 Myles Doran      Commercial Director                        50,000 
                 --------------------------------  ------------------------- 
                  Operations Director Revolution 
 Andy Dyson        North                                     50,000 
                 --------------------------------  ------------------------- 
                  Operations Director Revolucion 
 Clinton Ghent     de Cuba                                   50,000 
                 --------------------------------  -------------------------

The award to Rob Pitcher relates to the commitment given in his offer letter and equates to 100% salary based on the average mid-market share price in the five days prior to issue.

The performance targets relating to the PSP Options have been amended following feedback from a number of investors. They are as follows:

(i) 70% of the award is based on Earnings per Share (EPS) growth. An EPS of 7 pence per share for the year to 30 June 2022 will provide for 25% of this part of an award vesting, increasing pro rata to 100% of this part of the award vesting at 11.5 pence. These EPS targets equate to annualised growth rates of c27% per annum and 50% per annum compared to the original 7% per annum and 13% per annum targets set out in the Directors' Remuneration Report for the year ended June 2019; and

(ii) 30% of the awards are based on Total Shareholder Return - no changes have been made to this element of the award as set out in the Directors' Remuneration Report for the year ended June 2019.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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October 24, 2019 02:01 ET (06:01 GMT)

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