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Last checked at 
12 Oct 2021 08:48
GRAINGER PLC
("GRAINGER" OR THE "COMPANY")
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
RECRUITMENT AWARDS MADE UNDER LISTING RULE 9.4.2(2)
On 11 October 2021, the Company's new Chief Financial Officer, Rob Hudson, was granted three nil-cost option awards (the "Recruitment Awards") over ordinary shares of 5 pence each in the Company ("Shares").
The Recruitment Awards have been granted in order to facilitate Mr Hudson's recruitment as Chief Financial Officer of the Company, and to replace certain share awards granted to him by his former employer, St Modwen Properties plc, which Mr Hudson forfeited on joining the Company.
The Recruitment Awards have been granted in reliance on Listing Rule 9.4.2(2) and will be limited to settlement with market purchase Shares.
The Recruitment Awards have been granted as follows:
Recruitment Award | Number of Shares granted subject to Recruitment Award | Normal Vesting Date of Recruitment Award | Vesting / Performance Conditions |
2019 Recruitment Award | 93,380 | 20th February 2022 | - Continued employment with Grainger Group only (performance outcome of 50% already determined in accordance with outcomes of 2019 LTIP awards granted by St Modwen Properties plc). |
2020 Recruitment Award | 184,537 | 11th March 2023 | - Continued employment with Grainger Group; and - Vesting subject to the same performance conditions as the LTIP awards granted to other Grainger senior executives in February 2020. |
2021 Recruitment Award | 271,987 | 1st February 2024 | - Continued employment with Grainger Group; and - Vesting subject to the same performance conditions as the LTIP awards granted to other Grainger senior executives in December 2020. |
The number of shares under each Recruitment Award has been set by reference to the value of the forfeited awards and the mid-market closing price of Grainger Shares on the date that Mr Hudson's appointment was announced (18 February 2021) being 263.8 pence.
If the Recruitment Awards vest, any resulting Shares will be subject to a two-year holding period from the date of vesting (not including any Shares that are sold to pay income tax and social security contributions).
Further details regarding the Recruitment Awards will be set out in the Directors' Remuneration Report for 2021.
The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018).
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Rob Hudson
| |
2 | Reason for the notification | ||
a) | Position/status
| 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
| Grainger plc | |
b)
| LEI
| 2138007CEIRKZMNI2979 | |
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 Shares of £0.05 each
| |
b)
| Identification code
| ISIN: GB00B04V1276 | |
c)
| Nature of the transaction
| Grant of three nil-cost option awards under a share award agreement entered into in respect of terms agreed in relation to the recruitment of Rob Hudson and in recognition of forfeited share-based awards granted by his former employer. The share award agreement was entered into pursuant to Rule 9.4.2(2) of the Listing Rules.
| |
d)
| Price(s) and volume(s)
| Price(s)
| Volume(s) |
1. £nil 2. £nil 3. £nil
| 1. 93,380 2. 184,537 3. 271,987 | ||
e)
| Aggregated information
- Aggregated volume
- Price
|
549,904
£nil | |
f)
| Date of the transaction
| 11 October 2021 | |
g)
| Place of the transaction
| Outside a trading venue | |
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