Last checked at 10 Sep 2020 11:35
10 September 2020
The Gym Group plc
("the Company")
Notification of transactions by Directors/PDMRs
The Gym Group plc announces that on 9 September 2020, awards over ordinary shares of 0.01p each in the capital of the Company ("Shares") were made under the terms of The Gym Group plc Performance Share Plan ("PSP") to directors and other persons discharging managerial responsibility ("PDMRs") as follows:
Name | Director/PDMR | Number of Shares under award |
Richard Darwin
| Director | 349,087
|
Mark George | Director
| 255,997
|
The awards represent 0.01p par value options which, to the extent that the awards vest, provide for Shares to be delivered to the individuals for 0.01p consideration per Share. Vesting of the awards is subject to the satisfaction of certain performance conditions.
In normal circumstances, the above awards will not vest until the third anniversary of the award date. Any awards made to directors will also be subject to a two year holding period.
Vesting of the awards is subject to continued employment and two performance conditions which will be measured over a three year period from the date of grant. Further details will be provided in the 2020 annual report, but in summary the performance conditions will operate as follows:
- 66.7% of each Award will vest based on relative Total Shareholder Return (TSR) of the Company compared with the TSR performance of the constituents of the FTSE SmallCap index (excluding investment trusts) over the three-year performance period. Threshold vesting (20%) will be achieved for median performance and vesting will increase on a straight line basis to full vesting for upper quintile performance (or better).
- 33.3% of each award may vest based on achieving stretching targets for TSR of the Company during the three-year performance period. Threshold vesting (20%) will be achieved if the adjusted share price reaches 210 pence per Share and vesting will increase on a straight line basis to full vesting achieved if the adjusted share price reaches 300 pence per Share (or better).
These performance conditions were determined by the Company's Remuneration Committee as the most appropriate for these awards, in line with the Company's approved Directors' Remuneration Policy.
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 PDMR / person closely associated with them ("PCA") | |||||
a) | Name | 1. Richard Darwin 2. Mark George | ||||
2. | Reason for the notification | |||||
a) | Position / status | 1. Chief Executive Officer 2. 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 | The Gym Group plc
| ||||
b) | LEI | 213800VCU9TBANZIN455 | ||||
2. | 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 | Ordinary Shares of 0.01p each ISIN: GB00BZBX0P70
| ||||
b) | Nature of the transaction | Awards over shares granted pursuant to The Gym Group Performance Share Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information Aggregated volume Price |
N/A (single transaction) | ||||
e) | Date of the transaction | 9 September 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
For further information, please contact:
The Gym Group Richard Darwin, CEO Mark George, CFO Katy Tucker, Company Secretary | via Instinctif Partners |