UP Global Sourcing Holdings PLC Employee Share Scheme (8980P)
February 13 2019 - 5:01AM
UK Regulatory
TIDMUPGS
RNS Number : 8980P
UP Global Sourcing Holdings PLC
13 February 2019
13 February 2019
UP Global Sourcing Holdings plc
"Ultimate Products" or "the Group"
EMPLOYEE SHARE SCHEME
Ultimate Products, the owner, manager, designer and developer of
an extensive range of value-focused consumer goods brands, is
pleased to announce that it has launched a Save As You Earn Scheme
for all eligible employees (the "SAYE Scheme"). Under the SAYE
Scheme, employees have been offered the opportunity to participate
in the future growth of the Company through the granting of share
options.
Eligible employees were invited to subscribe for options over
ordinary shares of 0.25 pence each ("Ordinary Shares") with an
exercise price of 39.5 pence per Ordinary Share, representing a 20
percent discount to the average closing mid-market price of the
Ordinary Shares between 15 January 2019 and 17 January 2019, being
the three business days prior to opening of the SAYE scheme for
application. The options have a savings contract start date of 1
March 2019 and are exercisable between 1 March 2022 and 30
September 2022 for the three-year contracts and between 1 March
2024 and 30 September 2024 for the five year contracts.
Out of 138 eligible employees, 95 elected to participate in the
SAYE Scheme and, pursuant to this, a grant of 1,268,914 options
over Ordinary Shares has been made on 13 February 2019, equating to
1.54 percent of the current issued share capital of 82,169,600
Ordinary Shares. It is currently intended that any future exercise
of these options will be satisfied through the 2,371,000 Ordinary
Shares currently held in trust by the UP Global Sourcing Employee
Benefit Trust, with no dilution to existing shareholders.
As a tax-advantaged share plan compliant with Schedule 3 of the
Income Tax (Earnings and Pensions) Act 2003, eligible employees
included all UK-based employees and full-time directors who have
been employed by the Group for twelve months or more.
Simon Showman, Chief Executive Officer, commented:
"We wouldn't be where we are today without the outstanding team
that we are lucky to have at every level of the business, so I'm
delighted that so many employees have chosen to take part in the
Group's Save As You Earn scheme. In doing so, colleagues from all
areas of the business are increasing their participation in the
future growth of Ultimate Products."
For more information, please contact:
Ultimate Products +44 (0) 161 627 1400
Simon Showman, CEO
Andrew Gossage, Managing Director
Graham Screawn, Finance Director
Shore Capital +44 (0) 20 7408 4090
Mark Percy
Edward Mansfield
Powerscourt +44 (0) 207 250 1446
Rob Greening
Sam Austrums
Notes to Editors
Ultimate Products is an owner, manager, designer and developer
of a series of well-known brands focused on the home, selling to
over 300 retailers across 36 countries. It has six product
categories: Audio; Heating and Cooling; Housewares; Laundry;
Luggage; and Small Domestic Appliances. Its brands include Beldray
(laundry, floor care, heating and cooling), Intempo (audio), Salter
(kitchenware), Constellation (luggage), and Progress (cookware and
bakeware).
The Group's products are sold to a broad cross-section of both
large national and international multi-channel retailers as well as
smaller national retail chains, incorporating discount retailers,
supermarkets, general retailers and online retailers.
Founded in 1997, Ultimate Products is headquartered in Oldham,
Greater Manchester, where it has design, sales, marketing, buying,
quality assurance, support functions and warehouse facilities
across two sites. Manor Mill, the Group's head office, includes a
spectacular 20,000 sq ft showroom that showcases each of its
brands. In addition, the Group has an office and showroom in
Guangzhou, China and a recently established showroom in Cologne,
Germany. In total, Ultimate Products now employs over 250 staff.
For further information, please visit www.upgs.com
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END
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