Last checked at 27 Nov 2018 16:35
LUCECO PLC (THE "COMPANY")
AWARDS UNDER LUCECO 2017 PERFORMANCE SHARE PLAN
Grant of an award to Matthew Webb
On 21 February 2018 shortly following his appointment, the Company announced that Matthew Webb, the Company's Chief Financial Officer, had been granted an award under the Luceco 2017 Performance Share Plan (the "PSP"). This award was in the form of a nil-cost option in conjunction with a linked tax qualifying option.
Due to an administrative error this award was not formally granted to Mr Webb. As the nil-cost option operates in conjunction with a linked tax qualifying option it was not possible to rectify the terms of the award.
On 23 November 2018 the Company therefore made a replacement award under the PSP.
The award is in the form of a nil-cost option over 729,040 ordinary shares of 0.05 pence in the Company.
In addition Mr Webb has been awarded a linked tax qualifying option over 72,904 shares at an exercise price of 41.15 pence. On exercise the number of shares under the nil-cost option will be reduced proportionally to take account of any gain on the exercise of the tax qualifying option such that Mr Webb will not receive a greater number of shares than is subject to the nil-cost option.
The award will vest subject to the satisfaction of performance conditions measuring the Company's earnings per share and total shareholder return performance. Earnings per share will be measured over the three financial years from 1 January 2018 to 31 December 2020. Total shareholder return will be measured over the three year period from 23 November 2018 to 22 November 2021.
No consideration was paid for the award.
The Remuneration Committee of the Company believes that making this award to Mr Webb is in the best interests of the Company.
Surrender of a PSP Award by John Hornby
On 27 November 2018, John Hornby, the Company's Chief Executive Officer, surrendered the award granted to him under the PSP on 27 July 2018. This award was in the form of a nil-cost option over 431,415 ordinary shares of 0.05 pence in the Company.
This notification is made in accordance with the Market Abuse Regulation ("MAR"). Template notifications required by the MAR are attached to this announcement.
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Matt Webb | |
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 | Luceco PLC | |
b) | LEI | 213800BBFZK4W4P98U76 | |
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 £0.0005
GB00BZC0LP49 | |
b) | Nature of transaction | An award of Ordinary Shares made under the Luceco PLC Performance Share Plan ("PSP") on 23 November 2018 in the form of 1) a nil-cost option and 2) a linked tax qualifying option | |
c) | Price(s) and volume(s) | Price(s) | Volume(s) |
1: nil 2: £0.4115 | 1: 729,040 2: 72,904 | ||
d) | Aggregated information - Aggregated volume - Price |
N/A | |
e) | Date of the transaction | 23/11/2018 | |
f) | Place of the transaction | Outside a trading venue (XOFF) | |