Last checked at 4 Dec 2019 13:43
4 December 2019
ON THE BEACH GROUP PLC
Symbol: OTB
PDMR LTIP AWARDS
The notifications below are all in accordance with the requirements of Article 19 (3) of the EU Market Abuse Regulation 596/2014 and the dealings were in respect of ordinary shares of 1 pence each in the share capital of On the Beach Group plc.
On 3 December 2019, awards over shares (the "Awards") were made under the On the Beach Group plc Long Term Incentive Plan (the "Plan"), consequently, the share interests of the under-noted directors and persons discharging managerial responsibility have changed following the making of the Awards.
The Awards, made for nil consideration, are nil-cost options established in accordance with the rules of the Plan and vesting is subject to performance conditions (adjusted earnings per share ("EPS") (70% of each Award) and total shareholder return ("TSR") targets (30% of each Award)) and measured over three financial years commencing on 1 October 2019 and three years commencing on the award date respectively.
Director/PDMR | Number of shares over which Awards made |
Simon Cooper | 53,487 |
Paul Meehan | 162,559 |
Bill Allen | 52,176 |
Oliver Garner | 52,176 |
Stefan Nordin | 69,481 |
Kirsteen Vickerstaff | 12,585 |
These awards are subject to both EPS and TSR targets measured over a three year performance period and are summarised below:
Cumulative EPS* over the three financial years FY20, FY21 and FY22 | % of EPS element capable of vesting |
Below threshold: < 77.7 pence | 0% |
Threshold 77.7 pence | 25% |
Maximum: 94.9 pence or above | 100% |
Between 77.7 and 94.9 pence | 25%-100% pro-rata on a straight line basis |
*Cumulative EPS means the sum of the actual EPS for FY20, FY21 and FY22.
Annualised TSR over the three year performance period | % of TSR element capable of vesting |
Below threshold: | 0% |
Threshold: 8% | 25% |
Maximum: 15% | 100% |
Between 8% and 15% | 25%-100% pro-rata on a straight line basis |
There were 131,154,058 shares in issue at the time of this notification.
1. | Details of PDMR / person closely associated with them ("PCA") | |||||
a) | Name | SIMON COOPER
PAUL MEEHAN
BILL ALLEN
OLIVER GARNER
STEFAN NORDIN
KIRSTEEN VICKERSTAFF | ||||
2. | Reason for the notification | |||||
a) | Position / status | SIMON COOPER - CHIEF EXECUTIVE OFFICER PAUL MEEHAN - CHIEF FINANCIAL OFFICER BILL ALLEN - CHIEF SUPPLY OFFICER OLIVER GARNER - CHIEF INTERNATIONAL OFFICER STEFAN NORDIN - CHIEF TECHNOLOGY OFFICER KIRSTEEN VICKERSTAFF - GENERAL COUNSEL AND COMPANY SECRETARY | ||||
b) | Initial notification / amendment | Initial Notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | On the Beach Group plc | ||||
b) | LEI | 213800K51Y9BZY7F9R69 | ||||
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 Identification code | Ordinary shares of 1 pence GB00BYM1K758 | ||||
b) | Nature of the transaction | Awards made pursuant to the On the Beach Group plc Long Term Incentive Plan ("LTIP") | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price | N/A | ||||
e) | Date of the transaction | 3 December 2019 | ||||
f) | Place of the transaction | Outside a trading venue | ||||