Last checked at 22 Jun 2023 08:56
LEI: 549300XVXU6S7PLCL855
For immediate release
22 June 2023
Liontrust Asset Management Plc
("Liontrust" or the "Company")
Notification of transactions of persons discharging managerial responsibilities ("PDMR")
Grant of LTIP Options
Liontrust announces that on 22 June 2023 it granted awards of nil price options ("Options") over the Company's ordinary shares of 1p each ("Shares") to John Ions, Chief Executive, and Vinay Abrol, Chief Financial Officer and Chief Operating Officer. John Ions and Vinay Abrol are both PDMRs. The details of the Options granted are as follows:
PDMR | Number of Options |
John Ions | 153,130 |
Vinay Abrol | 112,295 |
The Options are granted in accordance with the rules of the Company's Long Term Incentive Plan for its Executive Directors and are subject to stretching performance targets based on total shareholder return and earnings per share. The performance period will be from 1 April 2023 to 31 March 2026. The performance measures are:
(i) Diluted adjusted earnings (excluding performance fees) per share (60%)
Starting EPS (Diluted Adjusted EPS excluding performance fees): 100.98p for the financial year ending 31 March 2023. End of the performance period is the financial year ending 31 March 2026.
Performance will be assessed against the following targets:
EPS growth p.a.
| Vesting (% of maximum) |
Entry level performance: 8.5% | 10%
|
Target performance: 11% | 50%
|
Stretch performance: 16.75% | 100%
|
There will be straight line vesting between performance level thresholds. NIL vesting for performance below entry level.
(ii) Relative TSR growth versus FTSE250 ex-IT (40%)
Performance will be assessed against the performance of the constituents of the FTSE250 index. Performance will be assessed against the following targets:
Relative TSR growth versus FTSE250 | Vesting (% of maximum)
|
Entry level performance: median performance | 10%
|
Stretch performance: upper quintile performance | 100%
|
There will be straight line vesting between entry level and stretch performance. NIL vesting for performance below entry level.
Subject to the achievement of these targets and the PDMRs remaining in employment with the Company, the Options will vest three years after the date of grant. A holding period of two years from the date of vesting will apply to the Options and any Shares acquired pursuant to them, subject to the participant being permitted to sell Shares to cover any tax liabilities arising on exercise of an Option.
Formal notifications in respect of the PDMRs are set out below in accordance with the requirements of the Market Abuse Regulation.
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| John Ions | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| PDMR (Chief Executive) | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Liontrust Asset Management Plc | |||
b)
| LEI
| 549300XVXU6S7PLCL855 | |||
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 1p each | |||
Identification code | GB0007388407 | ||||
b)
| Nature of the transaction
| Grant of nil price options under the Liontrust Long Term Incentive Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil | 153,130 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | Not applicable | ||||
- Price | |||||
e)
| Date of the transaction
| 22 June 2023 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Vinay Abrol | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| PDMR (Chief Financial Officer and Chief Operating Officer) | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Liontrust Asset Management Plc | |||
b)
| LEI
| 549300XVXU6S7PLCL855 | |||
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 1p each | |||
Identification code | GB0007388407 | ||||
b)
| Nature of the transaction
| Grant of nil price options under the Liontrust Long Term Incentive Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil | 112,295 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | Not applicable | ||||
- Price | |||||
e)
| Date of the transaction
| 22 June 2023 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
For further information please contact:
Teneo (Tel: 020 7353 4200, Email: liontrust@teneo.com)
Tom Murray or Stephanie Mackrell
Liontrust Asset Management Plc (Tel: 020 7412 1700, Website: liontrust.co.uk)
John Ions: Chief Executive
Vinay Abrol: Chief Financial Officer & Chief Operating Officer
Simon Hildrey: Chief Marketing Officer
David Boyle: Head of Corporate Development
Singer Capital Markets (Tel: 020 7496 3000)
Corporate Broking: Tom Salvesen
Corporate Finance: Justin McKeegan
Panmure Gordon (Tel: 020 7886 2500)
Corporate Broking: David Watkins
Corporate Advisory: Atholl Tweedie