Last checked at 5 May 2020 14:15
5 May 2020
ConvaTec Group Plc("ConvaTec" or "the Company")Director/PDMR Shareholding
The Company announces the following change in the interests of Directors in ordinary shares of 10 pence each in the share capital of the Company ("Shares").
On 1 May 2020, Karim Bitar, the Company's Chief Executive Officer and Frank Schulkes, the Company's Chief Financial Officer, both Executive Directors, were granted conditional share awards, under the Company's Long Term Incentive Plan ("LTIP"). Subject to shareholder approval of the Directors' Remuneration Policy at the 2020 Annual General Meeting, these awards shall be subject to continued employment for three years, and performance conditions based on a combination of: relative total shareholder return, and adjusted PBT growth, both over a three year period, weighted 25% and 75% respectively.
As published in the 2019 Annual Report, total shareholder return will be measured relative to the FTSE 350 excluding investment trusts. Relative TSR will be measured over the performance period of three years (commencing 1 January 2020) calculated in GBP and using three-month averaging. Adjusted PBT growth will be measured as the three‑year compound annualised growth rate over the same performance period (i.e. three years from 1 January 2020). The adjusted PBT targets will be appropriately stretching, and linked to a new strategic plan and corresponding operating model for the three years. However, as at the date of grant, the strategic plan remains under review to ensure that the impact of the COVID‑19 pandemic is appropriately reflected. This means that the PBT growth targets applicable to these awards have not been finalised yet. The Board expects that the PBT growth targets shall be set by 15 August 2020 and these will be announced by RNS once they have been agreed.
Karim Bitar: 1,061,532 Shares
Frank Schulkes: 535,752 Shares
No consideration was paid for the grant of these awards.
The attached notification, made in accordance with the requirements of the EU Market Abuse Regulation, gives 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 | Karim Bitar | ||
2 | Reason for the notification | |||
a) | Position/Status | CEO | ||
b) | Initial notification/Amendment | Initial notification | ||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||
a) | Name | ConvaTec Group Plc | ||
b) | LEI | 213800LS272L4FIDOH92 | ||
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 10p each in ConvaTec Group Plc GB00BD3VFW73 | ||
b) | Nature of the transaction | Grant of conditional share award under the ConvaTec Group Plc Long Term Incentive Plan, subject to (i) time vesting period of three years (ii) performance conditions based on a combination of: relative total shareholder return, and adjusted PBT growth, both measured over a three year period commencing 1 January 2020, weighted 25% and 75% respectively (iii) continued employment.
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c) | Price(s) and volume(s) | Price(s) N/A
| Volume(s) 1,061,532
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d) | Aggregated information - Aggregated volume - Price |
N/A | ||
e) | Date of the transaction | 1 May 2020 | ||
f) | Place of the transaction | Outside a trading venue | ||
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1 | Details of the person discharging managerial responsibilities/person closely associated | |||
a) | Name | Frank Schulkes | ||
2 | Reason for the notification | |||
a) | Position/Status | CFO | ||
b) | Initial notification/Amendment | Initial notification | ||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||
a) | Name | ConvaTec Group Plc | ||
b) | LEI | 213800LS272L4FIDOH92 | ||
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 10p each in ConvaTec Group Plc GB00BD3VFW73 | ||
b) | Nature of the transaction | Grant of conditional share award under the ConvaTec Group Plc Long Term Incentive Plan, subject to (i) time vesting period of three years (ii) performance conditions based on a combination of: relative total shareholder return, and adjusted PBT growth, both measured over a three year period commencing 1 January 2020, weighted 25% and 75% respectively (iii) continued employment. | ||
c) | Price(s) and volume(s) | Price(s) N/A
| Volume(s) 535,752
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d) | Aggregated information - Aggregated volume - Price |
N/A | ||
e) | Date of the transaction | 1 May 2020 | ||
f) | Place of the transaction | Outside a trading venue | ||
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Enquiries
Analysts and Investors
Mark Reynolds, Director Investor Relations, ConvaTec +44 (0)7551 036 625
ir@convatec.com
Media
Buchanan: Charles Ryland / Chris Lane / Vicky Hayns +44 (0)207 466 5000
ConvaTec Group Plc's LEI code is 213800LS272L4FIDOH92
About ConvaTec
ConvaTec is a global medical products and technologies company focused on therapies for the management of chronic conditions, with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion care. ConvaTec's products provide a range of clinical and economic benefits including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. To learn more about ConvaTec, please visit www.convatecgroup.com where a copy of this announcement can also be found.