3 April
2024
Kitwave Group
plc
("Kitwave", the "Group" or the "Company")
Director/PDMR
Shareholdings
Kitwave Group plc (AIM: KITW), the
delivered wholesale business, today announces the granting of
awards under the Company's Long Term Incentive Plan ("LTIP") to a
number of persons discharging management responsibilities
("PDMRs").
Under the LTIP, selected
participants are offered the opportunity to acquire a defined
number of £0.01 ordinary shares in the Company at nil cost subject
to certain performance conditions being achieved in a defined time
period. The awards will either be in the form of a nil cost option
or a conditional share award ("Awards"). No consideration will be
paid for the grant of the Awards.
In respect of the nil cost options,
they will vest and will be capable of exercise (subject to
achievement of the applicable performance targets) approximately 5
years from the date of grant (being the aggregate of a 3 year
performance period and a 2 year deferment period).
The following PDMRs were granted nil
cost options:
Director/PDMR
|
Position
|
Number of Awards Awarded
|
Ben Maxted
|
Chief Executive Officer
|
116,000
|
David Brind
|
Chief Financial Officer
|
86,000
|
In respect of the conditional share
awards, they will be released (subject to achievement of the
applicable performance targets) approximately 3 years from the date
of grant.
The following PDMRs were granted
conditional share awards:
Director/PDMR
|
Position
|
Number of Awards Awarded
|
Michael Young
|
Commercial Director
|
24,000
|
John Hope
|
Group Operations Director
|
24,000
|
Christopher Young
|
Divisional Operations
Director
|
24,000
|
Lucie Milburn
|
Divisional Operations
Director
|
24,000
|
Alan McCartney
|
IT Director
|
20,000
|
Mark Earl
|
Group Financial
Controller
|
20,000
|
It is intended that the Awards will
be satisfied by the issue of new shares.
The Awards were granted in
accordance with the Remuneration Committee Report as set out in the
Company's 2023 Annual Report and Accounts.
Further details on the LTIP are
disclosed in the Remuneration Committee Report of the Company's
2023 Annual Report and Accounts, which can be found on the
Company's website at https://www.kitwave.co.uk/investors/reports-presentations/
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name:
|
Ben Maxted
|
2
|
Reason for the notification
|
a)
|
Position/Status:
|
Chief Executive Officer
|
b)
|
Initial
Notification/Amendment:
|
Initial Notification
|
3
|
Details of the issuer, emission allowance market
participation, auction platform, auctioneer or auction
monitor
|
a)
|
Name:
|
Kitwave Group plc
|
b)
|
LEI:
|
2138007DLCYPVY95UD40
|
4.
|
Details of 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:
Identification code:
|
Ordinary Shares of 1 pence
each
ISIN: GB00BNYKB709
|
b)
|
Nature of the
transaction:
|
Grant of nil cost options
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
nil
|
116,000
|
d)
|
Aggregated volume:
Price:
|
n/a single transaction
|
e)
|
Date of the Transaction:
|
3 April 2024
|
f)
|
Place of the Transaction:
|
Off Market
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name:
|
David Brind
|
2
|
Reason for the notification
|
a)
|
Position/Status:
|
Chief Financial Officer
|
b)
|
Initial
Notification/Amendment:
|
Initial Notification
|
3
|
Details of the issuer, emission allowance market
participation, auction platform, auctioneer or auction
monitor
|
a)
|
Name:
|
Kitwave Group plc
|
b)
|
LEI:
|
2138007DLCYPVY95UD40
|
4.
|
Details of 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:
Identification code:
|
Ordinary Shares of 1 pence
each
ISIN: GB00BNYKB709
|
b)
|
Nature of the
transaction:
|
Grant of nil cost options
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
nil
|
86,000
|
d)
|
Aggregated volume:
Price:
|
n/a single transaction
|
e)
|
Date of the Transaction:
|
3 April 2024
|
f)
|
Place of the Transaction:
|
Off Market
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name:
|
Michael Young
|
2
|
Reason for the notification
|
a)
|
Position/Status:
|
Commercial Director
|
b)
|
Initial
Notification/Amendment:
|
Initial Notification
|
3
|
Details of the issuer, emission allowance market
participation, auction platform, auctioneer or auction
monitor
|
a)
|
Name:
|
Kitwave Group plc
|
b)
|
LEI:
|
2138007DLCYPVY95UD40
|
4.
|
Details of 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:
Identification code:
|
Ordinary Shares of 1 pence
each
ISIN: GB00BNYKB709
|
b)
|
Nature of the
transaction:
|
Grant of conditional share
award
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
nil
|
24,000
|
d)
|
Aggregated volume:
Price:
|
n/a single transaction
|
e)
|
Date of the Transaction:
|
3 April 2024
|
f)
|
Place of the Transaction:
|
Off Market
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name:
|
John Hope
|
2
|
Reason for the notification
|
a)
|
Position/Status:
|
Group Operations Director
|
b)
|
Initial
Notification/Amendment:
|
Initial Notification
|
3
|
Details of the issuer, emission allowance market
participation, auction platform, auctioneer or auction
monitor
|
a)
|
Name:
|
Kitwave Group plc
|
b)
|
LEI:
|
2138007DLCYPVY95UD40
|
4.
|
Details of 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:
Identification code:
|
Ordinary Shares of 1 pence
each
ISIN: GB00BNYKB709
|
b)
|
Nature of the
transaction:
|
Grant of conditional share
award
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
nil
|
24,000
|
d)
|
Aggregated volume:
Price:
|
n/a single transaction
|
e)
|
Date of the Transaction:
|
3 April 2024
|
f)
|
Place of the Transaction:
|
Off Market
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name:
|
Christopher Young
|
2
|
Reason for the notification
|
a)
|
Position/Status:
|
Divisional Operations
Director
|
b)
|
Initial
Notification/Amendment:
|
Initial Notification
|
3
|
Details of the issuer, emission allowance market
participation, auction platform, auctioneer or auction
monitor
|
a)
|
Name:
|
Kitwave Group plc
|
b)
|
LEI:
|
2138007DLCYPVY95UD40
|
4.
|
Details of 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:
Identification code:
|
Ordinary Shares of 1 pence
each
ISIN: GB00BNYKB709
|
b)
|
Nature of the
transaction:
|
Grant of conditional share
award
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
nil
|
24,000
|
d)
|
Aggregated volume:
Price:
|
n/a single transaction
|
e)
|
Date of the Transaction:
|
3 April 2024
|
f)
|
Place of the Transaction:
|
Off Market
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name:
|
Lucie Milburn
|
2
|
Reason for the notification
|
a)
|
Position/Status:
|
Divisional Operations
Director
|
b)
|
Initial
Notification/Amendment:
|
Initial Notification
|
3
|
Details of the issuer, emission allowance market
participation, auction platform, auctioneer or auction
monitor
|
a)
|
Name:
|
Kitwave Group plc
|
b)
|
LEI:
|
2138007DLCYPVY95UD40
|
4.
|
Details of 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:
Identification code:
|
Ordinary Shares of 1 pence
each
ISIN: GB00BNYKB709
|
b)
|
Nature of the
transaction:
|
Grant of conditional share
award
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
nil
|
24,000
|
d)
|
Aggregated volume:
Price:
|
n/a single transaction
|
e)
|
Date of the Transaction:
|
3 April 2024
|
f)
|
Place of the Transaction:
|
Off Market
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name:
|
Mark Earl
|
2
|
Reason for the notification
|
a)
|
Position/Status:
|
Group Financial
Controller
|
b)
|
Initial
Notification/Amendment:
|
Initial Notification
|
3
|
Details of the issuer, emission allowance market
participation, auction platform, auctioneer or auction
monitor
|
a)
|
Name:
|
Kitwave Group plc
|
b)
|
LEI:
|
2138007DLCYPVY95UD40
|
4.
|
Details of 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:
Identification code:
|
Ordinary Shares of 1 pence
each
ISIN: GB00BNYKB709
|
b)
|
Nature of the
transaction:
|
Grant of conditional share
award
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
nil
|
20,000
|
d)
|
Aggregated volume:
Price:
|
n/a single transaction
|
e)
|
Date of the Transaction:
|
3 April 2024
|
f)
|
Place of the Transaction:
|
Off Market
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name:
|
Alan McCartney
|
2
|
Reason for the notification
|
a)
|
Position/Status:
|
IT Director
|
b)
|
Initial
Notification/Amendment:
|
Initial Notification
|
3
|
Details of the issuer, emission allowance market
participation, auction platform, auctioneer or auction
monitor
|
a)
|
Name:
|
Kitwave Group plc
|
b)
|
LEI:
|
2138007DLCYPVY95UD40
|
4.
|
Details of 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:
Identification code:
|
Ordinary Shares of 1 pence
each
ISIN: GB00BNYKB709
|
b)
|
Nature of the
transaction:
|
Grant of conditional share
award
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
nil
|
20,000
|
d)
|
Aggregated volume:
Price:
|
n/a single transaction
|
e)
|
Date of the Transaction:
|
3 April 2024
|
f)
|
Place of the Transaction:
|
Off Market
|
-
Ends-
For
further information please contact:
Kitwave Group plc
Ben Maxted, Chief Executive
Officer
David Brind, Chief Financial
Officer
www.kitwave.co.uk
|
Tel: +44 (0) 191 259 2277
|
Canaccord Genuity Limited
(Nominated Adviser and Sole Broker)
Bobbie Hilliam
Alex Orr
|
Tel: +44 (0) 20 7523 8150
|
Yellow Jersey PR
(Financial media and PR)
Sarah Hollins
Shivantha Thambirajah
Bessie Elliot
|
Tel: +44 (0) 20 3004 9512
|
Company Overview
Founded in 1987, following the acquisition of a single-site
confectionery wholesale business based in North Shields, United
Kingdom, Kitwave is a delivered wholesale business, specialising in
selling and delivering impulse products, frozen, chilled and fresh
foods, alcohol, groceries and tobacco to approximately 42,000,
mainly independent, customers.
With a network of 32 depots, Kitwave
is able to support delivery throughout the UK to a diverse customer
base, which includes independent convenience retailers, leisure
outlets, vending machine operators, foodservice providers and other
wholesalers, as well as leading national retailers.
The Group's growth to date has been
achieved both organically and through a strategy of acquiring
smaller, predominantly family-owned, complementary businesses in
the fragmented UK grocery and foodservice wholesale
market.
Kitwave Group plc was admitted to
trading on AIM of the London Stock Exchange in May 2021.
For further information, please
visit www.kitwave.co.uk.