16 Dec 2019 11:41
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 FY2020-2022 ('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.
The Company confirms that the vesting of the LTIP award will depend on the achievement of the following performance conditions:
Adjusted Earnings Per Share (Adjusted EPS) in final year of performance period
|
Relative TSR benchmarked vs the FTSE Small Cap Index |
Proportion exercisable | |
Performance period | Three years ending 27 August 2022 | Three years from the date of award to 12 December 2022
| |
Performance Targets | Below 10.0p | Below Median | Zero |
10.0p | Median | 20% | |
Between 10.0p and 12.9p | Between Median and Upper Quartile | 20%-100% | |
13.0p or more | Upper Quartile | 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. 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 30.0p.
Name of Participant | Form of Award | Normal Vesting Date | Maximum Number of Shares |
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 | 1,411,840 |
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 | 983,333 |
The LTIP grant levels for Jonathan Bunting and Tony Grace are equivalent to 100% of base salary at grant.
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
| 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) | ||||
30.0p | 983,333 | ||||
d)
| Aggregated information | n/a single transaction | |||
- Aggregated volume | |||||
- Price | |||||
e)
| Date of the transaction
| 13 December 2019 | |||
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, Interim Chief Executive Officer (and CEO 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) | ||||
30.0p | 1,411,840 | ||||
d)
| Aggregated information | n/a single transaction | |||
- Aggregated volume | |||||
- Price | |||||
e)
| Date of the transaction
| 13 December 2019 | |||
f)
| Place of the transaction
| Grant of the conditional award took place outside of a trading venue | |||
Karen Mills
Deputy Company Secretary