9 July 2024
Ten Lifestyle Group plc
("Ten" or the "Group")
Salary Sacrifice Options Extension
Ten Lifestyle Group plc (AIM: TENG), the global
concierge platform driving customer loyalty for global financial
institutions and other premium brands, announces the extension of
the exercise period of the share options granted under its
voluntary salary sacrifice scheme (the "Extension").
In response to COVID-19, in 2020 the Group
established four consecutive 3-month salary sacrifice schemes as
part of the Group's cost-saving initiatives. Over 100 employees,
including certain Directors of the Company, and contractors agreed
to forgo a percentage of their salary during this time in return
for options over Ordinary Shares of 0.1p each ("Options"). Initially, the share
options were exercisable for or up to two or three years from the
date of grant at the prevailing share price at the time of their
grant.
Due to the prolonged impact of COVID-19 on business
trading and the effects of macroeconomic factors on global markets,
the exercise period of all the Options under the four tranches of
the salary sacrifice scheme were extended to four years from the
respective date of grant on 14 October 2023. The Options pursuant
to the first tranche of the salary sacrifice scheme lapsed in March
2024, following the previous one-year extension and, therefore,
three of the salary sacrifice scheme tranches remain
outstanding.
Due to the continuation of macroeconomic factors on
global markets, and given that the current price of the Group's
Ordinary Shares is below the exercise prices of the Options, the
Board has decided to extend the exercise period for Options granted
under the remaining three salary sacrifice schemes to 24 March
2026. The Board believes this will enhance employee retention,
engagement and alignment of interests with shareholders. All other
terms of the Options remain the same including the exercise prices
which range from £1.00 to £1.20.
The salary sacrifice schemes generated a total cost
saving of £2.2m and the exercise of the options to date has
generated cash receipts of £2.5m.
Related Party
Transaction
Alex Cheatle, CEO, Andrew Long, Group COO, Victoria
Carvalho, Chief Proposition Officer and Alan Donald, CFO are
Executive Directors of the Group and accordingly, the Extension is
classified as a related party transaction pursuant to the AIM Rules
for Companies. The Directors of the Group who are independent of
the Extension, having consulted Singer Capital Markets, the
Company's Nominated Adviser, consider that the terms of the
Extension are fair and reasonable insofar as the Group's
shareholders are concerned.
Salary Sacrifice
Options Extension
|
1
|
Details of the person
discharging managerial responsibilities/person closely
associated
|
|
|
Name
|
1. Alex Cheatle
2. Andrew Long
3. Victoria Carvalho
4. Alan Donald
|
|
2.
|
Reason for the
notification
|
|
a.
|
Position/status
|
2. Group COO
3. Chief Proposition Officer
4. CFO
|
|
b.
|
Initial notification
/Amendment
|
Initial notification
|
|
3.
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
|
|
a.
|
Name
|
Ten Lifestyle Group plc
|
|
b.
|
LEI
|
213800YK94ZUOJUMN686
|
|
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
|
Options over
Ordinary Shares of 0.1 pence
GB00BF188X60
|
|
b.
|
Nature of the transaction
|
Extension of
exercise period of options granted under the Salary Sacrifice
Schemes
a. Extension from 9
July 2024 to 24 March 2026
b. Extension from 24
Nov 2024 to 24 March 2026
c. Extension from 24
March 2025 to 24 March 2026
|
|
c.
|
Price(s) and volume(s)
|
|
|
Price(s)
|
Volume(s)
|
|
1.
|
a. Exercise price of £1.20
b. Exercise price of £1.00
c. Exercise price of £1.10
|
149,500
199,333
199,333
|
|
2.
|
a. Exercise price of £1.20
b. Exercise price of £1.00
c. Exercise price of £1.10
|
135,796
178,660
173,380
|
|
3.
|
a. Exercise price of £1.20
b. Exercise price of £1.00
c. Exercise price of £1.10
|
32,000
42,667
42,667
|
|
4.
|
a. Exercise price of £1.20
b. Exercise price of £1.00
c. Exercise price of £1.10
|
58,200
77,600
77,600
|
|
|
d.
|
Aggregated information
· Aggregated volume
· Price
|
|
|
Price(s)
|
Volume(s)
|
|
1.
|
a. Exercise price of £1.20
b. Exercise price of £1.00
c. Exercise price of £1.10
|
149,500
199,333
199,333
|
|
2.
|
a. Exercise price of £1.20
b. Exercise price of £1.00
c. Exercise price of £1.10
|
135,796
178,660
173,380
|
|
3.
|
a. Exercise price of £1.20
b. Exercise price of £1.00
c. Exercise price of £1.10
|
32,000
42,667
42,667
|
|
4.
|
a. Exercise price of £1.20
b. Exercise price of £1.00
c. Exercise price of £1.10
|
58,200
77,600
77,600
|
|
|
e.
|
Date of the transaction
|
9 July
2024
|
|
f.
|
Place of the transaction
|
Outside a trading
venue
|
- End -
For
further information please visit www.tenlifestylegroup.com or
call:
|
Ten
Lifestyle Group plc
Alex Cheatle, Chief Executive
Officer
Alan Donald, Chief Financial
Officer
|
+44
(0)20 7850 2796
|
|
Singer Capital Markets Advisory LLP, Nominated Advisor and
Broker
Corporate Finance: James Moat /
Oliver Platts
Corporate Broking: Tom Salvesen /
Charles Leigh-Pemberton
|
+44
(0) 20 7496 3000
|
Notes to Editors:
About Ten Lifestyle Group Plc
Ten Lifestyle Group
plc partners with financial institutions and other
premium brands to attract and retain wealthy and mass affluent
customers.
Millions of members have access to Ten's services
across lifestyle, travel, dining and entertainment on behalf of
over fifty clients including HSBC, Swisscard and Royal Bank of
Canada. Ten's partnerships are based on multi-year contracts
generating revenue through platform-as-a-service and technology
fees.
Ten's operations are underpinned by an increasingly
sophisticated personalisation platform comprising industry-first,
proprietary technology, thousands of supplier relationships and 25
years of proprietary expertise delivered from over 20 global
offices. Ten was also the first B Corp-certified company on the AIM
market, demonstrating its commitment to sustainability, social
responsibility and ethical business practices.
Ten is on a mission to become the most trusted
service platform in the world.
For further information please go
to: www.tenlifestylegroup.com.