10 Jun 2020 11:38
10 June 2020
GVC Holdings PLC
("GVC" or "Company")
Notification of Transactions by Persons Discharging Managerial Responsibility
Or Persons Closely Associated
Awards granted under the GVC Holdings PLC 2017 Long Term Incentive Plan ("LTIP") and the Annual and Deferred Bonus Plan ("ADBP")
GVC Holdings PLC (LSE: GVC), the global sports betting and gaming group, announces the following awards over GVC ordinary shares of €0.01 each ("Shares") were granted to Executive Directors of the Company on 10 June 2020 as set out below:
Director | Plan | Number of Shares subject to the Award |
Kenneth Alexander CEO | LTIP - 2020 grant | 311,529
|
Kenneth Alexander CEO | ADBP - 2019 Deferred Bonus | 118,663 |
Rob Wood CFO | LTIP - 2020 grant | 136,803 |
Rob Wood CFO | ADBP - 2019 Deferred Bonus | 39,067 |
2020 LTIP Awards
The LTIP awards will normally vest on 10 June 2023, being the third anniversary of the award date subject to 1) continuous employment; and 2) the satisfaction of the relative Total Shareholder Return and the cumulative Earnings Per Share performance conditions set by the Company's Remuneration Committee on 25 February 2020. These stretching performance conditions, which have not been adjusted to take into account any impact of the COVID-19 pandemic on GVC's performance, are detailed in the 2019 Directors' Remuneration Report on pages 111 and 112 of the GVC 2019 Annual Report (available on the GVC corporate website at https://gvc-plc.com/wp-content/uploads/2020/04/GVC-2019-Annual-Report-and-Accounts.pdf).
GVC was originally due to make these LTIP awards (and the ADBP wards) in March but, due to the uncertain outlook caused by COVID-19 and the impact on market values at that time, the Board's Remuneration Committee took the decision to delay the grant. However, having taken early and decisive actions to mitigate the impact, and with the imminent reopening of its retail estate and the gradual resumption of sporting events, the Company's outlook is now more certain, as reflected in the recovery in the share price. Accordingly, the Remuneration Committee agreed that it is now appropriate to make the awards. The terms of these awards provide the Remuneration Committee with the ability to review the outcome at vesting and, if it concludes that participants would benefit from 'windfall gains', it will consider making appropriate adjustments to reflect this.
2019 ADBP Awards
In the Company's remuneration policy, 50% of the Executive Directors' annual bonus is deferred in shares. The above deferred bonus awards have therefore been granted in respect of the CEO and CFO's annual bonus for the 2019 financial year. These awards will normally vest on 10 June 2023, being the third anniversary of the award date, subject to continued employment.
Pay in response to COVID-19 pandemic
Separately, and not withstanding the more certain outlook, the Company announced on 1 May 2020 that, in light of the ongoing impact of the COVID-19 pandemic, the Board of Directors and members of the Group's Executive Committee ("ExCo") have taken a voluntary 20% reduction in basic salary and fees for three months (from May 2020). In addition, the Executive Board Directors and ExCo members have also decided to forego their bonuses for 2020.
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.
Enquiries:
Investor Relations GVC Holdings PLC |
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David Lloyd-Seed, Director of Investor Relations & External Communications | Tel: +44 (0) 203 938 0000 | ||
Jennifer Spencer, Investor Relations Manager
| investors@gvc-plc.com | ||
Media GVC Holdings PLC Jay Dossetter, Head of CSR & Corporate Communications |
Tel: +44 (0) 203 938 0000 | ||
Powerscourt |
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Rob Greening / Elly Williamson | Tel: +44 (0) 20 7250 1446 | ||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Kenneth Alexander | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | GVC Holdings PLC | ||||
b) | LEI | 213800GNI3K45LQR8L28 | ||||
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 GVC Holdings PLC of €0.01 each IM00B5VQMV65 | ||||
b) | Nature of the transaction | Grant of Conditional shares under the GVC Holdings PLC 2017 Long Term Incentive Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
311,529 ordinary shares of €0.01 each Nil consideration | ||||
e) | Date of the transaction | 2020 June 10 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Kenneth Alexander | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | GVC Holdings PLC | ||||
b) | LEI | 213800GNI3K45LQR8L28 | ||||
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 GVC Holdings PLC of €0.01 each IM00B5VQMV65 | ||||
b) | Nature of the transaction | Grant of Conditional shares under the GVC Holdings PLC Annual and Deferred Bonus Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
118,663 ordinary shares of €0.01 each Nil consideration | ||||
e) | Date of the transaction | 2020 June 10 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Rob Wood | ||||
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 | GVC Holdings PLC | ||||
b) | LEI | 213800GNI3K45LQR8L28 | ||||
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 GVC Holdings PLC of €0.01 each IM00B5VQMV65 | ||||
b) | Nature of the transaction | Grant of Conditional shares under the GVC Holdings PLC 2017 Long Term Incentive Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
136,803 ordinary shares of €0.01 eac h Nil consideration | ||||
e) | Date of the transaction | 2020 June 10 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Rob Wood | ||||
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 | GVC Holdings PLC | ||||
b) | LEI | 213800GNI3K45LQR8L28 | ||||
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 GVC Holdings PLC of €0.01 each IM00B5VQMV65 | ||||
b) | Nature of the transaction | Grant of Conditional shares under the GVC Holdings PLC Annual and Deferred Bonus Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
39,067 ordinary shares of €0.01 each Nil consideration | ||||
e) | Date of the transaction | 2020 June 10 | ||||
f) | Place of the transaction | Outside a trading venue | ||||