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24 Jul 2020 12:00
JAMES FISHER AND SONS PLC
Notification of Directors' Interest in Shares
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations.
On 24 July 2020, awards over ordinary shares of 25p each in James Fisher and Sons plc (the "Company") were made to the Executive Directors of the Company under the James Fisher and Sons 2015 Long Term Incentive Plan, as follows:
PDMR
| Number of Shares held under award |
Eoghan O'Lionaird
| 42,307 |
Stuart Kilpatrick
| 27,938 |
Notes:
No consideration was paid for the grant of the awards which are structured as nil cost restricted share awards.
The awards will normally vest on the 24 July 2023 subject to the satisfaction of the performance conditions set by the Remuneration Committee of the Company and which are consistent with performance conditions attached to past LTIP awards.
In line with the Remuneration Policy approved by shareholders at the 2018 AGM a two-year post-vesting period will apply to this award.
Recognising the prevailing share price, which has been impacted by Covid-19 and market conditions more generally, the Remuneration Committee has agreed to set the price on which the LTIPs are granted equal to the average share price between 1 January 2020 and 30 June 2020. This effectively reduces the value of the LTIP grants by c.15%. The reduction of LTIP award levels in connection with Covid-19 is in addition to the 20% salary/fee reduction previously announced for the Board for the three months from 1 April 2020, as well as a deferral of the 2019 annual bonuses to the second half of 2020.
Furthermore, the Remuneration Committee retains the discretion to adjust the Awards at vesting to ensure that all relevant factors are taken into account, including the consideration of any windfall gains.
Details of the full notifications received by the Company are set out below.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Eoghan Pol O'Lionaird | ||||
2 | Reason for Notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | James Fisher and Sons plc | ||||
b) | LEI | 213800J975E5OYR6S216 | ||||
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 25 pence each in James Fisher and Sons plc GB0003395000
| ||||
b) | Nature of the transaction | Grant of a restricted share award under the James Fisher and Sons 2015 Long Term Incentive Plan. The award will ordinarily vest on 24 July 2023. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
42,307
| ||||
e) | Date of the transaction | 24 July 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Stuart Charles Kilpatrick | ||||
2 | Reason for Notification | |||||
a) | Position/status | Group Finance Director | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | James Fisher and Sons plc | ||||
b) | LEI | 213800J975E5OYR6S216 | ||||
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 25 pence each in James Fisher and Sons plc GB0003395000
| ||||
b) | Nature of the transaction | Grant of a restricted share award under the James Fisher and Sons 2015 Long Term Incentive Plan. The award will ordinarily vest on 24 July 2023. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
27,938
| ||||
e) | Date of the transaction | 24 July 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
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