The Property Franchise Group (TPFG) said in a stock market update yesterday that it has granted nominal cost options over 465,000 ordinary shares in the company to its chief executive officer, chief financial officer and members of its senior management team under the TPFG Share Option Plan. 

The franchisor says that these awards recognise each of their roles and responsibilities in developing and implementing the company’s strategic plans and are designed to continue to incentivise them appropriately. 

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 and total shareholder return over the 3 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 (the “floor”), 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.

The maximum awards for directors and PDMRs are stated below:

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.

The grant of the awards constitutes a related party transaction for the purposes of AIM Rule 13. The independent directors consider, having consulted with the company’s nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

The Property Franchise Group 2021 results show benefit of acquistions