TIDMG4M
RNS Number : 8741G
Gear4music (Holdings) PLC
24 July 2023
24 July 2023
Gear4music (Holdings) plc
("Gear4music" or "the Group")
Adoption of New LTIP and Grant of Options
Gear4music (Holdings) plc ("Gear4music", "the Company" or "the
Group"), the largest UK based online retailer of musical
instruments and music equipment, announces that on 21 July 2023 it
adopted a new long term incentive plan ("LTIP") with share awards
to be made to key members of Gear4Music's management team,
including certain of its persons discharging managerial
responsibilities ("PDMRs").
The new LTIP has been established following consultation with
certain of the Group's major shareholders and taking advice from
BDO. Potential awards and performance criteria have been
benchmarked against share incentive schemes for other AIM
companies.
The Group's Remuneration Committee has made these awards so that
the key people to lead the business into the future are
appropriately incentivised in a manner that aligns with the
interests of the Group's shareholders. The new LTIP will replace
the two existing LTIPs established in 2018 (and subsequently
re-based in 2020) and in 2021 in full, with all awards made under
those LTIPs cancelled.
Under the new LTIP, Gear4music Limited, ("G4M Ltd"), a wholly
owned subsidiary of the Company, will issue 1,038,000 'E' ordinary
shares of one pence each ("E Shares"), which are non-voting,
non-dividend, restricted shares to the relevant individuals. The
initial subscription cost is paid by the relevant individual with
the proceeds received from the redemption by G4M Ltd of the 'C'
ordinary shares of one pence each and 'D' ordinary shares of ten
pence each from the 2018 and 2021 LTIPs respectively at their
nominal value. Any excess owed to the relevant individual will be
paid in cash; any excess owed by the relevant individual for the
subscription cost of E Shares will be paid by way of a small cash
bonus.
These E Shares will vest subject to achieving certain share
price targets between 2026 and 2030, at which point the E Shares
can be exchanged on a one-for-one basis for new ordinary shares in
the Company ("Ordinary Shares"). The weighted average vesting
period over the life of the new LTIP is five years from the date of
grant, being 21 July 2023.
Further details of the new LTIP are as follows:
Financial Vesting date Share price target No. E Shares
year ending vesting
31 March
2026 27 July 2026 GBP3 207,600
-------------- ------------------------------------------ -------------
2027 26 July 2027 GBP5 207,600
-------------- ------------------------------------------ -------------
2028 24 July 2028 GBP7 207,600
-------------- ------------------------------------------ -------------
2029 30 July 2029 GBP10 207,600
-------------- ------------------------------------------ -------------
2030 29 July 2030 GBP13 207,600
-------------- ------------------------------------------ -------------
Total 1,038,000
------------------------------------------------------------------------ -------------
The Group's executive directors (each of whom is also a PDMR),
along with certain other members of the Group's senior management
team, are participating in the new LTIP. The PDMRs that are
participating are detailed below:
Individual Title / role No. E Shares awarded
Andrew Wass Chief Executive Officer 250,000
------------------------------------------ ---------------------
Chris Scott Chief Financial Officer 250,000
------------------------------------------ ---------------------
Gareth Bevan Chief Commercial Officer 250,000
------------------------------------------ ---------------------
Total 750,000
--------------------------------------------------------- ---------------------
Together with 74,892 options granted under the Company's CSOP
scheme which are outstanding to be exercised, the share awards made
under the new LTIP would represent a maximum dilution of 5.3% and
5.0% of the Group's existing and fully diluted issued share capital
respectively, over the seven year period and assuming all vesting
criteria are met, and all participants remain with the
business.
- Ends -
Enquiries:
Gear4music
Andrew Wass, Chief Executive Officer
Chris Scott, Chief Financial Officer +44 (0)20 3405 0205
Singer Capital Markets - Nominated
Adviser and Sole Broker
Peter Steel/Sam Butcher, Corporate Finance
Tom Salvesen, Corporate Broking +44 (0)20 7496 3000
Alma PR - Financial PR +44 (0)20 3405 0205
David Ison Gear4music@almapr.co.uk
Joe Pederzolli
Josh Royston
About Gear4music (Holdings) plc
Operating from a Head Office in York, Distribution Centres in
York, Bacup, Sweden, Germany, Ireland & Spain, and showrooms in
York, Bacup, Sweden & Germany, the Group sells own-brand
musical instruments and music equipment alongside premium
third-party brands including Yamaha, Roland and Roland, to
customers ranging from beginners to musical enthusiasts and
professionals, in the UK, Europe and the Rest of the World.
Having developed its own e-commerce platform, with multilingual,
multicurrency websites delivering to over 190 countries, the Group
continues to build its overseas presence.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Wass
--------------------------- --------------------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------------
a) Position/status Chief Executive Officer and PDMR
--------------------------- --------------------------------------------------
b) Initial notification Initial
/Amendment
--------------------------- --------------------------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor
-------------------------------------------------------------------------------
a) Name Gear4music (Holdings) plc
--------------------------- --------------------------------------------------
b) LEI 2138005H4W74HDGSFC49
--------------------------- --------------------------------------------------
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 Ordinary Shares of GBP0.10 each
of the financial
instrument,
type of instrument
Identification GB00BW9PJQ87
code
b) Nature of Issue of E Shares in subsidiary company
the transaction under the Company's LTIP which, subject
to achievement of certain performance
criteria, on vesting can be exchanged
for Ordinary Shares on a one-for-one
basis.
--------------------------- --------------------------------------------------
c) Price(s) and
volume(s)
-------------------- ---------- -------------
Vesting date Price Volume(s)
-------------------- ---------- -------------
27 July 2026 GBPnil 50,000
-------------------- ------------------------------------------- -------------
26 July 2027 GBPnil 50,000
-------------------- ------------------------------------------- -------------
24 July 2028 GBPnil 50,000
-------------------- ------------------------------------------- -------------
30 July 2029 GBPnil 50,000
-------------------- ------------------------------------------- -------------
29 July 2030 GBPnil 50,000
-------------------- ------------------------------------------- -------------
d) Aggregated
information
- Aggregated 250,000
volume
- Price GBPnil
e) Date of the 2 1 July 2023
transaction
--------------------------- --------------------------------------------------
f) Place of the Off-market transaction
transaction
--------------------------- --------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Chris Scott
--------------------------- --------------------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------------
a) Position/status Chief Financial Officer and PDMR
--------------------------- --------------------------------------------------
b) Initial notification Initial
/Amendment
--------------------------- --------------------------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor
-------------------------------------------------------------------------------
a) Name Gear4music (Holdings) plc
--------------------------- --------------------------------------------------
b) LEI 2138005H4W74HDGSFC49
--------------------------- --------------------------------------------------
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 Ordinary Shares of GBP0.10 each
of the financial
instrument,
type of instrument
Identification GB00BW9PJQ87
code
b) Nature of Issue of E Shares in subsidiary company
the transaction under the Company's LTIP which, subject
to achievement of certain performance
criteria, on vesting can be exchanged
for Ordinary Shares on a one-for-one
basis.
--------------------------- --------------------------------------------------
c) Price(s) and
volume(s)
-------------------- ---------- -------------
Vesting date Price Volume(s)
-------------------- ---------- -------------
27 July 2026 GBPnil 50,000
-------------------- ------------------------------------------- -------------
26 July 2027 GBPnil 50,000
-------------------- ------------------------------------------- -------------
24 July 2028 GBPnil 50,000
-------------------- ------------------------------------------- -------------
30 July 2029 GBPnil 50,000
-------------------- ------------------------------------------- -------------
29 July 2030 GBPnil 50,000
-------------------- ------------------------------------------- -------------
d) Aggregated
information
- Aggregated 250,000
volume
- Price GBPnil
e) Date of the 2 1 July 2023
transaction
--------------------------- --------------------------------------------------
f) Place of the Off-market transaction
transaction
--------------------------- --------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Gareth Bevan
--------------------------- --------------------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------------
a) Position/status Chief Commercial Officer and PDMR
--------------------------- --------------------------------------------------
b) Initial notification Initial
/Amendment
--------------------------- --------------------------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor
-------------------------------------------------------------------------------
a) Name Gear4music (Holdings) plc
--------------------------- --------------------------------------------------
b) LEI 2138005H4W74HDGSFC49
--------------------------- --------------------------------------------------
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 Ordinary Shares of GBP0.10 each
of the financial
instrument,
type of instrument
Identification GB00BW9PJQ87
code
b) Nature of Issue of E Shares in subsidiary company
the transaction under the Company's LTIP which, subject
to achievement of certain performance
criteria, on vesting can be exchanged
for Ordinary Shares on a one-for-one
basis.
--------------------------- --------------------------------------------------
c) Price(s) and
volume(s)
-------------------- ---------- -------------
Vesting date Price Volume(s)
-------------------- ---------- -------------
27 July 2026 GBPnil 50,000
-------------------- ------------------------------------------- -------------
26 July 2027 GBPnil 50,000
-------------------- ------------------------------------------- -------------
24 July 2028 GBPnil 50,000
-------------------- ------------------------------------------- -------------
30 July 2029 GBPnil 50,000
-------------------- ------------------------------------------- -------------
29 July 2030 GBPnil 50,000
-------------------- ------------------------------------------- -------------
d) Aggregated
information
- Aggregated 250,000
volume
- Price GBPnil
e) Date of the 2 1 July 2023
transaction
--------------------------- --------------------------------------------------
f) Place of the Off-market transaction
transaction
--------------------------- --------------------------------------------------
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END
MSCUUVNROWUBUAR
(END) Dow Jones Newswires
July 24, 2023 02:00 ET (06:00 GMT)
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