TIDMMANO

RNS Number : 5734G

Manolete Partners PLC

20 July 2023

20 July 2023

Manolete Partners Plc

("Manolete" or the "Company")

Grant of Share Options

Manolete (AIM:MANO), the leading UK-listed insolvency litigation financing company, announces that on 18 July 2023, it granted nominal cost share options over ordinary shares of 0.4p each in the Company to its executive directors as set out in the table below.

 
 Director            Award type                 Number of shares 
                                                 subject to option 
 Steven Cooklin      Performance share award    223,657 
                    -------------------------  ------------------- 
 Mark Tavener        Performance share award    87,709 
                    -------------------------  ------------------- 
 Philomena Halton    Performance share award    164,221 
                    -------------------------  ------------------- 
 

The options were granted under the Company's share option plan.

The performance share awards will ordinarily vest on the third anniversary of their grant subject to the grantee's continued service and the satisfaction of performance conditions based on (with equal weighting) (i) earnings per share for the Company's financial year ending 31 March 2026; (ii) average share price over the three months preceding the third anniversary of the grant of the options; and (iii) the Company's strategic objectives for the period of three financial years ending 31 March 2026. Sliding scale performance targets apply in respect of the earnings per share and average share price elements, with 25% of the relevant portion of each option vesting for threshold performance, rising on a straight-line basis for full vesting of the relevant portion of each option for stretch performance or better. The extent of vesting of the strategic element will be dependent on the Remuneration Committee of the Board's assessment of related performance.

Each option has a per share exercise price equal to the nominal value of a share.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them. The announcement, including the notification(s) below, is made in accordance with the requirements of the Market Abuse Regulation.

 
       Details of the person discharging managerial responsibilities 
  1.    / person closely associated 
 a)    Name                             Steven Cooklin 
      -------------------------------  -------------------------------------- 
       Reason for the Notification 
  2. 
      ----------------------------------------------------------------------- 
 a)    Position/status                  Chief Executive Officer 
      -------------------------------  -------------------------------------- 
 b)    Initial notification/Amendment   Initial notification 
      -------------------------------  -------------------------------------- 
       Details of the issuer, emission allowance market 
  3.    participant, auction platform, auctioneer or auction 
        monitor 
      ----------------------------------------------------------------------- 
 a)    Name                             Manolete Partners plc 
      -------------------------------  -------------------------------------- 
 b)    LEI                              213800R2X9V3KWCC4H47 
      -------------------------------  -------------------------------------- 
       Details of the transaction(s): section to be repeated 
  4.    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                   Ordinary shares of 0.4p 
        the Financial 
        instrument, type 
        of instrument 
       Identification                   GB00BYWQCY12 
        code 
      -------------------------------  -------------------------------------- 
 b)    Nature of the                    Award of options over ordinary shares 
        transaction                      with an exercise price per ordinary 
                                         share equal to the nominal value of 
                                         an ordinary share 
      -------------------------------  -------------------------------------- 
 c)    Price(s) and volume(s)            Price(s)    Volume(s) 
                                          Nil         223,657 
                                                     ---------- 
      -------------------------------  -------------------------------------- 
 d)    Aggregated information:          See 4 (c) above 
         *    Aggregated volume 
 
 
         *    Price 
      -------------------------------  -------------------------------------- 
 e)    Date of the transaction          18 July 2023 
      -------------------------------  -------------------------------------- 
 f)    Place of the transaction         Outside of a trading venue 
      -------------------------------  -------------------------------------- 
 
 
       Details of the person discharging managerial responsibilities 
  1.    / person closely associated 
 a)    Name                             Mark Tavener 
      -------------------------------  -------------------------------------- 
       Reason for the Notification 
  2. 
      ----------------------------------------------------------------------- 
 a)    Position/status                  Chief Financial Officer 
      -------------------------------  -------------------------------------- 
 b)    Initial notification/Amendment   Initial notification 
      -------------------------------  -------------------------------------- 
       Details of the issuer, emission allowance market 
  3.    participant, auction platform, auctioneer or auction 
        monitor 
      ----------------------------------------------------------------------- 
 a)    Name                             Manolete Partners plc 
      -------------------------------  -------------------------------------- 
 b)    LEI                              213800R2X9V3KWCC4H47 
      -------------------------------  -------------------------------------- 
       Details of the transaction(s): section to be repeated 
  4.    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                   Ordinary shares of 0.4p 
        the Financial 
        instrument, type 
        of instrument 
       Identification                   GB00BYWQCY12 
        code 
      -------------------------------  -------------------------------------- 
 b)    Nature of the                    Award of options over ordinary shares 
        transaction                      with an exercise price per ordinary 
                                         share equal to the nominal value of 
                                         an ordinary share 
      -------------------------------  -------------------------------------- 
 c)    Price(s) and volume(s)            Price(s)    Volume(s) 
                                          Nil         87,709 
                                                     ---------- 
      -------------------------------  -------------------------------------- 
 d)    Aggregated information:          See 4 (c) above 
         *    Aggregated volume 
 
 
         *    Price 
      -------------------------------  -------------------------------------- 
 e)    Date of the transaction          18 July 2023 
      -------------------------------  -------------------------------------- 
 f)    Place of the transaction         Outside of a trading venue 
      -------------------------------  -------------------------------------- 
 
 
       Details of the person discharging managerial responsibilities 
  1.    / person closely associated 
 a)    Name                             Philomena Halton 
      -------------------------------  -------------------------------------- 
       Reason for the Notification 
  2. 
      ----------------------------------------------------------------------- 
 a)    Position/status                  Managing Director 
      -------------------------------  -------------------------------------- 
 b)    Initial notification/Amendment   Initial notification 
      -------------------------------  -------------------------------------- 
       Details of the issuer, emission allowance market 
  3.    participant, auction platform, auctioneer or auction 
        monitor 
      ----------------------------------------------------------------------- 
 a)    Name                             Manolete Partners plc 
      -------------------------------  -------------------------------------- 
 b)    LEI                              213800R2X9V3KWCC4H47 
      -------------------------------  -------------------------------------- 
       Details of the transaction(s): section to be repeated 
  4.    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                   Ordinary shares of 0.4p 
        the Financial 
        instrument, type 
        of instrument 
       Identification                   GB00BYWQCY12 
        code 
      -------------------------------  -------------------------------------- 
 b)    Nature of the                    Award of options over ordinary shares 
        transaction                      with an exercise price per ordinary 
                                         share equal to the nominal value of 
                                         an ordinary share 
      -------------------------------  -------------------------------------- 
 c)    Price(s) and volume(s)            Price(s)    Volume(s) 
                                          Nil         164,221 
                                                     ---------- 
      -------------------------------  -------------------------------------- 
 d)    Aggregated information:          See 4 (c) above 
         *    Aggregated volume 
 
 
         *    Price 
      -------------------------------  -------------------------------------- 
 e)    Date of the transaction          18 July 2023 
      -------------------------------  -------------------------------------- 
 f)    Place of the transaction         Outside of a trading venue 
      -------------------------------  -------------------------------------- 
 

For further information, please contact:

 
 Manolete Partners 
  Steven Cooklin (Chief Executive Officer)    via Instinctif Partners 
 
 Peel Hunt (NOMAD and Broker) 
  Paul Shackleton                                 +44 (0)20 7418 8900 
 
 Instinctif Partners (Financial PR) 
  Tim Linacre 
  Victoria Hayns                                   +44 (0)7949 939237 
 

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END

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July 20, 2023 02:00 ET (06:00 GMT)

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