Last checked at 22 May 2017 12:44
Morgan Sindall Group plc
('the Company')
NOTIFICATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES
2014 Long Term Incentive Plan (the 'Plan')
On 19 May 2017, the performance share awards granted to the executive directors on 19 May 2014 under the Plan vested following partial achievement of the performance conditions at 62.06%. The remainder of the award which has not vested has now lapsed. The PDMR's named below have each received shares in satisfaction of the award. These shares include additional shares representing the dividend equivalent to which they are entitled under the Plan rules. These shares were satisfied from market purchased shares held in the Morgan Sindall Employee Benefit Trust.
Both John Morgan and Steve Crummett disposed of sufficient of the vested shares to fund the tax and national insurance contribution (PAYE) payable in respect of them.
Name of Director | Number of performance shares awarded 19 May 2014 | 62.06% of performance share awards vesting | Number of dividend equivalent shares | Total number of shares vested | Number of shares disposed to satisfy the PAYE payable |
Total number of shares transferred to the PDMR | Number of performance share awards lapsed |
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John Morgan | 55,687 | 34,560 | 2,642 | 37,202 | 17,485 | 19,717 | 21,127 |
Steve Crummett | 41,956 | 26,038 | 1,991 | 28,029 | 13,174 | 14,855 | 15,918 |
The closing mid-market price of a share on 19 May 2017 was £11.90 and the shares disposed to fund the PAYE payable were sold to the Morgan Sindall Employee Benefit Trust at that price.
Interests of Directors and PDMRs
As a result of the above transactions, the PDMRs hold the following interests (all of which are beneficial) in the share capital of the Company:
Name of Director | Beneficial interest in shares |
% issued share capital of the Company | Total number of shares over which options are held | Total number of conditional share awards held |
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John Morgan | 4,524,069 | 10.12 | 106,364 | 264,943 |
Steve Crummett | 29,470 | 0.07 | - | 206,921 |
The following disclosures are made in accordance with Article 19 of the Market Abuse Regulation.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | John Morgan | ||||
2 | Reason for the notification | |||||
a) | Position/status | Executive Director/PDMR | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Morgan Sindall Group plc | ||||
b) | LEI | 2138008339ULDGZRB345 | ||||
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 5 pence each
ISIN: GB0008085614 | ||||
b)
| Nature of the transaction
| Vesting of conditional share awards under the Morgan Sindall Group 2014 Long Term Incentive Plan: - 37,202 shares acquired at nil cost - 17,485 shares sold to satisfy PAYE payable at £11.90 per share | ||||
c)
| Price(s) and volume(s)
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d) | Aggregated information - Aggregated volume - Price | As above
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e) | Date of the transaction | 19 May 2017 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Steve Crummett | ||||
2 | Reason for the notification | |||||
a) | Position/status | Executive Director/PDMR | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Morgan Sindall Group plc | ||||
b) | LEI | 2138008339ULDGZRB345 | ||||
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 5 pence each
ISIN: GB0008085614 | ||||
b)
| Nature of the transaction
| Vesting of conditional share awards under the Morgan Sindall Group 2014 Long Term Incentive Plan: - 28,029 shares acquired at nil cost - 13,174 shares sold to satisfy PAYE payable at £11.90 per share | ||||
c)
| Price(s) and volume(s)
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| ||||
d) | Aggregated information - Aggregated volume - Price | As above
| ||||
e) | Date of the transaction | 19 May 2017 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
Enquiries:
Clare Sheridan Tel: 020 7307 9200
Company Secretary
22 May 2017