Company Announcements

Director/PDMR Shareholding

Source: RNS
RNS Number : 4131K
Connect Group PLC
13 December 2018
 

Connect Group PLC

Director/PDMR Shareholding

Connect Group PLC (the "Company") announces that it has been notified of the following transactions in the Company's ordinary 5p shares undertaken by directors / persons discharging managerial responsibility:

Connect Group Long Term Incentive Plan FY2019-2021 ('LTIP')

The following awards were granted as conditional awards, where a participant will receive an allocation of shares following the normal vesting date, subject to the extent to which the applicable performance conditions have been satisfied and their continuing employment.

As indicated in the Company's FY2018 Directors' Remuneration Report, the Company confirms that the vesting of the LTIP award will depend on the achievement of the following performance conditions:

Performance period

Adjusted Earnings Per Share (Adjusted EPS) in final year of performance period

Aggregate

cash-flow from operations over three years

Proportion exercisable

Three years ending 31 August 2021

Below 9.8p

£125m

Zero

9.8p

£125m

20%

Between 9.8p and 12.3p

Between £125m and £150m

20%-100%

12.3p or more

£150m or more

100%

The Company has considered carefully the level of target performance and the corresponding performance range for each measure to ensure that they are sufficiently stretching and promote long-term sustainable success.  Whilst the performance ranges are lower than those set for the LTIP awards made in FY2017, recognising the scale of the prior year under performance and the degree of challenge contained in the Group's recovery plan, both target ranges are set at a level higher than the FY2018 financial results and exceed the Company's assessment of analyst consensus at the present time.

The vested shares will be subject to a holding period of two years from the vesting date and subject to customary malus and clawback events.  The value of any dividends accrued, in the form of dividend equivalents, will normally be paid in shares at the end of period (third anniversary) based on the number of vested shares and will also be subject to the holding period of two years from the vesting date.

No consideration was paid for the grant of the award. For the purposes of this award, the grant was made at a share price of 36.025p.

Name of Participant

Form of Award

Normal Vesting Date

Maximum Number of Shares

Jos Opdeweegh

Conditional award

The day following the end of the performance period on which  the performance Conditions have been assessed and notified to the Participant

1,249,132

Tony Grace

Conditional award

The day following the end of the performance period on which  the performance conditions have been assessed and notified to the Participant

818,875

 

Jonathan Bunting

Conditional award

The day following the end of the performance period on which  the performance conditions have been assessed and notified to the Participant

404,319

 

As noted in the Company's FY2018 Directors' Remuneration Report, the LTIP grant levels for Jos Opdeweegh and Tony Grace are equivalent to 100% of base salary at grant, which was agreed as part of their joining terms.  For Jonathan Bunting the award represents a scale-back of 50% of the usual award of 100% of base salary.

 

The relevant notifications set out below are provided in accordance with the requirements of Article 19 of the EU Market Abuse Regulation.

 



 

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

Jos Opdeweegh

 

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Executive Director, Chief Executive Officer

b)

 

Initial notification /Amendment

 

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Connect Group PLC

b)

 

LEI

 

 

2138004033ONVOOQXB02

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

 

a)

 

Description of the financial instrument, type of instrument

Ordinary 5p shares



Identification code

ISIN: GB00B17WCR61



b)

 

Nature of the transaction

 

 

Award of conditional award pursuant to the Connect Group PLC Long Term Incentive Plan

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




36.025p

1,249,132







d)

 

Aggregated information

n/a single transaction



- Aggregated volume




- Price




e)

 

Date of the transaction

 

 

13 December 2018

f)

 

Place of the transaction

 

 

Grant of the award took place outside of a trading venue

 



 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

Tony Grace

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Executive Director, Chief Financial Officer

b)

 

Initial notification /Amendment

 

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Connect Group PLC

b)

 

LEI

 

 

2138004033ONVOOQXB02

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

 

a)

 

Description of the financial instrument, type of instrument

Ordinary 5p shares



Identification code

ISIN: GB00B17WCR61



b)

 

Nature of the transaction

 

 

Award of conditional award pursuant to the Connect Group PLC Long Term Incentive Plan

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




36.025p

818,875







d)

 

Aggregated information

n/a single transaction



- Aggregated volume




- Price




e)

 

Date of the transaction

 

 

13 December 2018

f)

 

Place of the transaction

 

 

Grant of the conditional award took place outside of a trading venue

 



 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

Jonathan Bunting

 

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Executive Director, Chief Executive Officer of Smiths News

b)

 

Initial notification /Amendment

 

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Connect Group PLC

b)

 

LEI

 

 

2138004033ONVOOQXB02

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

 

a)

 

Description of the financial instrument, type of instrument

Ordinary 5p shares



Identification code

ISIN: GB00B17WCR61



b)

 

Nature of the transaction

 

 

Award of conditional award pursuant to the Connect Group PLC Long Term Incentive Plan

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




36.025p

404,319







d)

 

Aggregated information

n/a single transaction



- Aggregated volume




- Price




e)

 

Date of the transaction

 

 

13 December 2018

f)

 

Place of the transaction

 

 

Grant of the conditional award took place outside of a trading venue

 

 

Adele Duff

Deputy Company Secretary 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
DSHFFAFFDFASELE