Kerching! More ‘golden handcuffs’ revealed for TPFG directors
Parent company of brands including EweMove and Martin & Co grants significant new share options to management team.
The Property Franchise Group (TPFG), the UK’s largest property franchisor, has granted nearly half a million ordinary shares to members of its senior management team under the TPFG Share Option Plan.
Those taking home the spoils include Chief Executive Gareth Samples (a maximum 175,000 shares), chief financial officer David Raggett (a maximum 115,000) and Group Marketing and Commercial director Kate Randall and EweMove Managing Director Nick Neill (both a maximum 22,000).
In total 465,000 ordinary shares in the Bournemouth-based company were granted at nominal cost options, recognising each of their roles and responsibilities in developing and implementing the company’s strategic plans.
CONDITIONAL
The awards will be subject to two performance conditions; adjusted basic earnings per share adjusted for exceptional income/costs, amortisation arising on consolidation and share-based payment charges (“adjusted EPS”) and total shareholder return (“TSR”) over the three years to 31 December 2024.
Each performance condition will apply to 50% of the awards being made.
In respect of both performance conditions, growth of 20% over the three-year period will be required for threshold vesting of the awards, with growth of 42% or higher in both performance measures required for all of the awards to vest (the “cap”). Straight-line vesting applies between the floor and the cap.
Immediately prior to these awards the Company’s issued share capital was 32,041,966 ordinary shares and it had outstanding awards granted under prior incentive schemes of 1,825,500 ordinary shares.
TPFG was founded in 1986 and has a portfolio of nine brands. As well as EweMove they include Martin & Co, Hunters, CJ Hole, Ellis & Co, Parkers, Whitegates, Mullucks and Country Properties.
