Auction Technology Group plc has announced that on 8 December 2023, awards over ordinary shares in the company were granted to several Persons Discharging Managerial Responsibility (PDMRs) as part of the company's share incentive plans. The awards were granted to John-Paul Savant, Tom Hargreaves, Jeremy Stewart, and Richard Lewis. The awards to the Executive Directors, Savant and Hargreaves, are based on an award multiple of 200% of basic salary and will vest subject to the achievement of performance conditions over a three-year period ending 30 September 2026. The awards will also be subject to a two-year post-vesting holding period. The full details of the awards, including the performance targets, will be disclosed in the Directors' Remuneration Report in the FY2023 Annual Report to be published on 14 December 2023.
The Committee has decided to grant the awards by reference to a share price of £6.00, which is equivalent to the original offer price at the time of Admission in February 2021. This decision was made in recognition of the current share price level. The number of shares comprising each award is significantly lower than what would have resulted from using the 5-day average share price following the announcement of the company's preliminary results for the financial year ended 30 September 2023 (£4.958).
The company has provided contact information for investor and media enquiries. The relevant notifications regarding the awards are provided in accordance with the requirements of Article 19 of the UK Market Abuse Regulation.