Nightcap grants share options to staff

Nightcap has announced that it has granted a total of 1,160,000 share options to a number of the group’s employees, which have been granted on the same terms as all other share options. 

All of these shares have been granted with an exercise price of 11.00 pence, which represents the closing mid-market share price on 29 June 2023. 

Following these grants, Nightcap’s entire option pool is now equivalent to 11.3% of the company’s issued ordinary share capital. 

The employee share options have been granted alongside the company’s existing share option plans, and include grants under the Company Share Option Plan (CSOP) and the grant of unapproved options.   

Some 1,000,000 options have been granted to Adam Dilks who is a person discharging managerial responsibilities, while the other 160,000 share options have been granted to the operator’s employees.

The options will become exercisable from the third anniversary of the grants until the tenth anniversary of the date of the grant. 

However, it will only be exercisable subject to the group achieving EBITDA profitability targets based on the audited accounts in the prior accounting year at the time of exercise.

Nightcap is the operator of The Cocktail Club, the Adventure Bar Group, Barrio Familia, and the Dirty Martini group of bars.