LONDON - Topps Tiles PLC has announced that on Thursday, five of its Persons Discharging Managerial Responsibilities (PDMRs) were granted nil-cost share options as part of the company's 2023 Share Plan. The awarded options are contingent on performance conditions related to the company's future earnings per share (EPS).
The PDMRs include Chief Executive Officer Robert Parker, Chief Financial Officer Stephen Hopson, Buying Director Timothy Tatlock, Sales and Operations Director Simon Robinson, and HR Director Joanne Shawcroft. The share options, which are ordinary shares of 3.33 pence each, have been granted with the stipulation that the vesting will depend on the EPS for the 2026/27 financial period, excluding exceptional items.
According to the terms of the plan, the EPS must fall between 3.48 pence per share for a 10% vesting and 7.67 pence per share for full vesting at 100%. The volume of shares granted ranges from 322,333 to 1,036,248 per individual PDMR, with the total volume granted being significant yet undisclosed.
Furthermore, Robert Parker and Stephen Hopson were also awarded additional nil-cost share options by way of Deferred Bonus Awards. These grants are part of the same share plan and follow the initial notification of the awards.
The transactions occurred outside of a trading venue and are in line with the EU Market Abuse Regulation. The notification of these transactions is a regulatory requirement, ensuring transparency in the dealings of PDMRs.
The granting of share options to executives is a common practice within publicly traded companies, often used as a means to align the interests of management with those of shareholders. The performance conditions attached to these options are designed to incentivize executives to focus on long-term company performance.
This announcement is based on a press release statement provided by Topps Tiles PLC and is intended to inform shareholders and the public of the details of the transaction in accordance with regulatory standards.
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