TIDMDWF
RNS Number : 0047H
DWF Group PLC
24 July 2023
FORM 8 (OPD)
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rules 8.1 and 8.2 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Full name of discloser: DWF Group plc
(b) Owner or controller of interests and short positions disclosed, if different from N/A
1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s),
settlor and beneficiaries must be named.
-------------------------
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: DWF Group plc
Use a separate form for each offeror/offeree
-------------------------
(d) Is the discloser the offeror or the offeree? OFFEREE
-------------------------
(e) Date position held: 21 July 2023
The latest practicable date prior to the disclosure
-------------------------
(f) In addition to the company in 1(c) above, is the discloser making disclosures in N/A
respect If YES, specify which:
of any other party to the offer?
If it is a cash offer or possible cash offer, state "N/A"
-------------------------
2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in
more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for
each additional class of relevant security.
(a) Interests and short positions in the relevant securities of
the offeror or offeree to which the disclosure relates
Class of relevant security:
Interests Short positions
------------ ------------------
Number % Number %
-------- ------------- ---
(1) Relevant securities owned and/or controlled: Nil Nil
-------- ------------- ---
(2) Cash-settled derivatives: Nil Nil
-------- ------------- ---
(3) Stock-settled derivatives (including options) and agreements to purchase/sell: Nil Nil
-------- ------------- ---
Nil Nil
TOTAL:
-------- ------------- ---
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions
(including traded options), or agreements to purchase or sell
relevant securities, should be given on a Supplemental Form 8 (Open
Positions).
Details of any securities borrowing and lending positions or
financial collateral arrangements should be disclosed on a
Supplemental Form 8 (SBL).
(b) Rights to subscribe for new securities
Class of relevant security in relation to which subscription right exists: None
Details, including nature of the rights concerned and relevant percentages: N/A
-----
3. POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING THE DISCLOSURE
Details of any interests, short positions and rights to subscribe (including directors' and
other employee options) of any person acting in concert with the party to the offer making
the disclosure:
A. Interests held by the directors of DWF Group plc and their close relatives and related
trusts (excluding share awards set out in (B) below):
Name of director Position No. of ordinary shares Percentage of issued share
capital of DWF Group plc (two
decimal places)
--------------------------------- -------------------------- -------------------------------
Jonathan Bloomer Chair 40,000 0.01
--------------------------------- -------------------------- -------------------------------
Deputy Chair & Senior
independent non-executive
Chris Sullivan director 409,836 0.12
--------------------------------- -------------------------- -------------------------------
Teresa Colaianni Non-executive director 49,180 0.01
--------------------------------- -------------------------- -------------------------------
Michele Cicchetti Partner director 1,779,644 0.52
--------------------------------- -------------------------- -------------------------------
Seema Bains Partner director 1,400,000 0.41
--------------------------------- -------------------------- -------------------------------
Matthew Doughty(1) Chief Growth & Strategy Officer 2,669,421 0.78
--------------------------------- -------------------------- -------------------------------
Nigel Knowles(2) Chief Executive Officer 2,677,211 0.78
--------------------------------- -------------------------- -------------------------------
Chris Stefani Chief Financial Officer 374,987 0.11
--------------------------------- -------------------------- -------------------------------
Luke Savage Non-executive director 32,693 0.01
--------------------------------- -------------------------- -------------------------------
(1) The previous Form 8.3 as per the RNS numbered 8584G can be disregarded and the party's
full position is disclosed here.
(2) The previous Form 8.3 as per the RNS numbered 8582G can be disregarded and the party's
full position is disclosed here.
B. Options and awards held by directors of DWF Group plc in DWF Group plc shares:
Michele Cicchetti
Description of award Date of award No. of shares under award Vesting date
--------------------------------- -------------------------- -------------------------------
DBP* 16/08/2021 56,349 FY23/24**
--------------------------------- -------------------------- -------------------------------
EIP*** 14/01/2021 31,380 HY23/24****
--------------------------------- -------------------------- -------------------------------
EIP*** 14/01/2021 31,379 HY24/25****
--------------------------------- -------------------------- -------------------------------
EIP*** 14/01/2021 31,378 HY25/26****
--------------------------------- -------------------------- -------------------------------
EIP*** 09/12/2022 205,884 FY22/23****
--------------------------------- -------------------------- -------------------------------
EIP*** 27/08/2019 11,000 27/8/23
--------------------------------- -------------------------- -------------------------------
EIP*** 27/08/2019 11,000 27/8/24
--------------------------------- -------------------------- -------------------------------
Matthew Doughty(1)
Description of award Date of award No. of shares under award Vesting date
--------------------------------- -------------------------- -------------------------------
DBP* 16/08/2021 130,299 FY23/24**
--------------------------------- -------------------------- -------------------------------
DBP* 01/08/2022 116,720 FY24/25**
--------------------------------- -------------------------- -------------------------------
LTIP***** 23/09/2020 526,833 FY22/23**
--------------------------------- -------------------------- -------------------------------
LTIP***** 16/08/2021 331,272 FY23/24**
--------------------------------- -------------------------- -------------------------------
LTIP***** 01/08/2022 410,691 FY24/25**
--------------------------------- -------------------------- -------------------------------
Nigel Knowles(2)
Description of award Date of award No. of shares under award Vesting date
--------------------------------- -------------------------- -------------------------------
DBP* 16/08/2021 130,300 FY23/24**
--------------------------------- -------------------------- -------------------------------
DBP* 01/08/2022 116,720 FY24/25**
--------------------------------- -------------------------- -------------------------------
LTIP***** 23/09/2020 1,303,034 FY22/23**
--------------------------------- -------------------------- -------------------------------
LTIP***** 16/08/2021 819,346 FY23/24**
--------------------------------- -------------------------- -------------------------------
LTIP***** 01/08/2022 1,015,776 FY24/25**
--------------------------------- -------------------------- -------------------------------
Chris Stefani
Description of award Date of award No. of shares under award Vesting date
--------------------------------- -------------------------- -------------------------------
DBP* 16/08/2021 130,300 FY23/24**
--------------------------------- -------------------------- -------------------------------
DBP* 01/08/2022 116,720 FY24/25**
--------------------------------- -------------------------- -------------------------------
LTIP***** 27/08/2019 137,815 vested 27/8/22
--------------------------------- -------------------------- -------------------------------
LTIP***** 23/09/2020 561,955 FY22/23**
--------------------------------- -------------------------- -------------------------------
LTIP***** 16/08/2021 353,356 FY23/24**
--------------------------------- -------------------------- -------------------------------
LTIP***** 01/08/2022 438,070 FY24/25**
--------------------------------- -------------------------- -------------------------------
RSA****** 15/03/2019 222,800 FY22/23**
--------------------------------- -------------------------- -------------------------------
CSA******* 15/03/2019 222,809 FY23/24**
--------------------------------- -------------------------- -------------------------------
* Conditional Share Award granted under DWF Group plc Deferred Bonus Plan
** Vesting occurs on the announcement of the full year results for the relevant financial
year stated
*** Conditional Share Award granted under DWF Group plc Equity Incentive Plan
**** Vesting occurs on the announcement of the half year results for the relevant financial
year stated
***** Long Term Incentive Plan Award (conditional share award subject to performance conditions
disclosed in DWF Group plc annual report & accounts for FY21/22) granted under DWF Group plc
Equity Incentive Plan. Vested LTIP awards are subject to a two year holding period post vesting.
****** Restricted Share Award granted on IPO under the DWF Group plc Equity Incentive Plan
******* Conditional Share Award granted on IPO under the DWF Group plc Equity Incentive Plan
(1) The previous Form 8.3 as per the RNS numbered 8584G can be disregarded and the party's
full position is disclosed here.
(2) The previous Form 8.3 as per the RNS numbered 8582G can be disregarded and the party's
full position is disclosed here.
C. Interests held by other persons presumed to be acting in concert with DWF Group plc (excluding
share awards set out in (D) below). The persons listed below form a concert party in relation
to DWF Group plc, as originally agreed with the Panel at the time of DWF Group plc's IPO,
in March 2019, and amended, following consultation with the Panel, in 2022 and announced by
DWF Group plc on 21 July 2022:
Name Position No. of ordinary shares Percentage of issued share
capital of DWF Group plc (two
decimal places)
--------------------------------- -------------------------- -------------------------------
Sir Nigel Knowles Chief Executive Officer See Part A See Part A
--------------------------------- -------------------------- -------------------------------
Chris Stefani Chief Financial Officer See Part A See Part A
--------------------------------- -------------------------- -------------------------------
Matthew Doughty Chief Growth & Strategy Officer See Part A See Part A
--------------------------------- -------------------------- -------------------------------
Jason Ford CEO - Connected Services 156,829 0.05
--------------------------------- -------------------------- -------------------------------
Helen Hill Former Chief People Officer 74,455 0.02
--------------------------------- -------------------------- -------------------------------
Zelinda Bennett Chief Marketing Officer 49,657 0.01
--------------------------------- -------------------------- -------------------------------
Glyn Jones(3) Global Head of Insurance 3,694,990 1.08
--------------------------------- -------------------------- -------------------------------
Global Head of Dispute
Stefan Paciorek Resolution 2,595,349 0.76
--------------------------------- -------------------------- -------------------------------
Former Group General Counsel &
Mollie Stoker Company Secretary 16,033 0.001
--------------------------------- -------------------------- -------------------------------
(3) The previous Form 8.3 as per the RNS numbered 8596G can be disregarded and the party's
full position is disclosed here.
D. Options and awards held by members of concert party of DWF Group plc in DWF Group plc shares:
Details of awards for Nigel Knowles, Matthew Doughty and Chris Stefani are set out in Part
B.
Jason Ford
Description of award Date of award No. of shares under award Vesting date
--------------------------------- -------------------------- -------------------------------
DBP* 01/08/2022 9,760 FY24/25**
--------------------------------- -------------------------- -------------------------------
LTIP*** 27/08/2019 39,524 Vested 27/8/22
--------------------------------- -------------------------- -------------------------------
LTIP*** 23/09/2020 169,011 FY22/23**
--------------------------------- -------------------------- -------------------------------
LTIP*** 14/01/2021 56,337 FY22/23**
--------------------------------- -------------------------- -------------------------------
LTIP*** 16/08/2021 195,411 FY23/24**
--------------------------------- -------------------------- -------------------------------
LTIP*** 01/08/2022 244,328 FY24/25**
--------------------------------- -------------------------- -------------------------------
EIP**** 16/08/2021 11,189 FY22/23**
--------------------------------- -------------------------- -------------------------------
EIP**** 16/08/2021 11,189 FY23/24**
--------------------------------- -------------------------- -------------------------------
RSA***** 17/09/2020 1,903,928 FY24/25**
--------------------------------- -------------------------- -------------------------------
Helen Hill
Description of award Date of award No. of shares under award Vesting date
--------------------------------- -------------------------- -------------------------------
DBP* 01/08/2022 8,558 FY24/25**
--------------------------------- -------------------------- -------------------------------
LTIP*** 27/08/2019 48,373 Vested 27/8/22
--------------------------------- -------------------------- -------------------------------
LTIP*** 23/09/2020 27,811 FY22/23**
--------------------------------- -------------------------- -------------------------------
LTIP*** 14/01/2021 65,748 FY22/23**
--------------------------------- -------------------------- -------------------------------
LTIP*** 16/08/2021 130,274 FY23/24**
--------------------------------- -------------------------- -------------------------------
LTIP*** 01/08/2022 81,442 FY24/25**
--------------------------------- -------------------------- -------------------------------
EIP**** 15/03/2019 45,662 FY22/23**
--------------------------------- -------------------------- -------------------------------
EIP**** 15/03/2019 37,028 FY23/24**
--------------------------------- -------------------------- -------------------------------
Zelinda Bennett
Description of award Date of award No. of shares under award Vesting date
--------------------------------- -------------------------- -------------------------------
LTIP*** 14/01/2021 87,805 FY22/23**
--------------------------------- -------------------------- -------------------------------
LTIP*** 16/08/2021 195,411 FY23/24**
--------------------------------- -------------------------- -------------------------------
LTIP*** 01/08/2022 244,328 FY24/25**
--------------------------------- -------------------------- -------------------------------
EIP**** 27/08/2019 31,512 FY22/23**
--------------------------------- -------------------------- -------------------------------
EIP**** 27/08/2019 31,512 FY24/25**
--------------------------------- -------------------------- -------------------------------
Daniel Pollick
Description of award Date of award No. of shares under award Vesting date
--------------------------------- -------------------------- -------------------------------
DBP* 01/08/2022 9,788 FY24/25**
--------------------------------- -------------------------- -------------------------------
LTIP*** 27/08/2019 82,756 Vested 27/8/22
--------------------------------- -------------------------- -------------------------------
LTIP*** 23/09/2020 47,580 FY22/23**
--------------------------------- -------------------------- -------------------------------
LTIP*** 16/08/2021 130,274 FY23/24**
--------------------------------- -------------------------- -------------------------------
LTIP*** 01/08/2022 81,442 FY24/25**
--------------------------------- -------------------------- -------------------------------
EIP**** 27/08/2019 27,810 FY22/23**
--------------------------------- -------------------------- -------------------------------
EIP**** 27/08/2019 22,238 FY24/25**
--------------------------------- -------------------------- -------------------------------
Glyn Jones(3)
Description of award Date of award No. of shares under award Vesting date
--------------------------------- -------------------------- -------------------------------
LTIP*** 27/08/2019 55,126 Vested 27/8/22
--------------------------------- -------------------------- -------------------------------
LTIP*** 23/09/2020 337,173 FY22/23**
--------------------------------- -------------------------- -------------------------------
Stefan Paciorek
Description of award Date of award No. of shares under award Vesting date
--------------------------------- -------------------------- -------------------------------
LTIP*** 27/08/2019 48,235 Vested 27/8/22
--------------------------------- -------------------------- -------------------------------
LTIP*** 23/09/2020 295,026 FY22/23**
--------------------------------- -------------------------- -------------------------------
EIP**** 09/12/2022 12,164 FY22/23**
--------------------------------- -------------------------- -------------------------------
* Conditional Share Award granted under DWF Group plc Deferred Bonus Plan
** Vesting occurs on the announcement of the full year results for the relevant financial
year stated
*** Conditional Share Award granted under DWF Group plc Equity Incentive Plan
**** Vesting occurs on the announcement of the half year results for the relevant financial
year stated
***** Long Term Incentive Plan Award (conditional share award subject to performance conditions
disclosed in DWF Group plc annual report & accounts for FY21/22) granted under DWF Group plc
Equity Incentive Plan. Vested LTIP awards are subject to a two year holding period post vesting.
****** Restricted Share Award granted under the DWF Group plc Equity Incentive Plan
(3) The previous Form 8.3 as per the RNS numbered 8596G can be disregarded and the party's
full position is disclosed here.
Details of any open stock-settled derivative positions
(including traded options), or agreements to purchase or sell
relevant securities, should be given on a Supplemental Form 8 (Open
Positions).
Details of any securities borrowing and lending positions or
financial collateral arrangements should be disclosed on a
Supplemental Form 8 (SBL).
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal
or informal, relating to relevant securities which may be an inducement to deal or refrain
from dealing entered into by the party to the offer making the disclosure or any person acting
in concert with it:
Irrevocable commitments and letters of intent should not be included. If there are no such
agreements, arrangements or understandings, state "none"
None
(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the party
to the offer making the disclosure, or any person acting in concert with it, and any other
person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which
any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
None
(c) Attachments
Are any Supplemental Forms attached?
Supplemental Form 8 (Open Positions) NO
Supplemental Form 8 (SBL) NO
---
Date of disclosure: 24 July 2023
Contact name: Darren Drabble
-----------------
Telephone number: +44 333 320 2220
-----------------
Public disclosures under Rule 8 of the Code must be made to a
Regulatory Information Service.
The Panel's Market Surveillance Unit is available for
consultation in relation to the Code's disclosure requirements on
+44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at
www.thetakeoverpanel.org.uk .
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END
FEEUSOSRORUBUAR
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