21 Dec 2018 14:51
Park Group plc
("Park" the "Company" or the "Group")
Notification of Transactions by Persons Discharging Managerial Responsibilities ("PDMRs")
Awards under the Park Group plc Strategic Growth Plan
Following the adoption of the Park Group plc Strategic Growth Plan (the "Plan") the Company has today, 21 December, 2018, granted awards under the Plan to the directors of the Company listed below.
Under the terms of the Plan, participants have the right to receive a proportion of a pool of ordinary shares of 2 pence each in the Company ("Ordinary Shares") that in aggregate deliver a value equal to 10% of the value created for shareholders over a 5 year performance period beginning from the date of grant. The awards will vest for nil consideration and are subject to certain performance conditions, principally delivering a total shareholder return in excess of 10% p.a. compound growth during the performance period. The awards will be settled in Ordinary Shares. In consideration for the grant of the awards under the Plan, any entitlement to receive a usual award under the Company's Long Term Incentive Plan ("LTIP") will be suspended for the participants during this period.
An overall cap on the maximum number of shares that can be granted under the SGP is set at 5% of the outstanding share capital at grant to prevent excessive payouts or dilution. This will sit outside of the current share plan limits and therefore be in addition to the current 10% limit that applies to awards under the LTIP and the Company's Save As You Earn scheme.
The number of Ordinary Shares under award will be determined and vest at the end of the 5 year performance period, or earlier in the event of a change of control of the Company, and will be calculated at that time by reference to the director's percentage entitlement to the growth in value below.
Director | Position | Percentage entitlement of 10% pool |
IAN O'DOHERTY | CHIEF EXECUTIVE OFFICER | 45% |
TIM CLANCY | CHIEF FINANCIAL OFFICER | 25% |
For further information, please contact:
Park Group plc | Arden Partners plc | MHP Communications |
Ian O'Doherty |
Steve Douglas Benjamin Cryer Paul Shackleton |
Reg Hoare Katie Hunt Charles Hirst |
Tel: 0151 653 1700 |
Tel: 020 7614 5920 |
Tel: 020 3128 8100 |
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail:
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Ian O'Doherty | ||||
2 | Reason for the notification | |||||
a) | Position/status | Director - CEO | ||||
b) | Initial notification/ Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Park Group plc | ||||
b) | LEI | 213800MQ5U1F8SPHK638 | ||||
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
Identification code | Ordinary shares of 2p each
ISIN: GB0006710643 | ||||
b) | Nature of the transaction | Grant of award under the Park Group plc Strategic Growth Plan
| ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
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N/A | ||||
e) | Date of the transaction | 21 December 2018 | ||||
f) | Place of the transaction | London Stock Exchange | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Tim Clancy | ||||
2 | Reason for the notification | |||||
a) | Position/status | Director - CFO | ||||
b) | Initial notification/ Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Park Group plc | ||||
b) | LEI | 213800MQ5U1F8SPHK638 | ||||
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
Identification code | Ordinary shares of 2p each
ISIN: GB0006710643 | ||||
b) | Nature of the transaction | Grant of award under the Park Group plc Strategic Growth Plan
| ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
N/A | ||||
e) | Date of the transaction | 21 December 2018 | ||||
f) | Place of the transaction | London Stock Exchange | ||||