Last checked at 10 Feb 2021 10:03
10 February 2021
On the Beach Group plc
("On the Beach" or the "Group")
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 5 February 2021, 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 adjusted earnings per share ("EPS") (70% of each Award) and total shareholder return ("TSR") targets (30% of each Award)), measured over the final financial year of the performance period ending 30 September 2023 and over the three year period commencing on the date of grant respectively.
Director/PDMR | Role | Number of shares over which Awards made |
Simon Cooper | Chief Executive Officer | 84,861 |
Shaun Morton | Chief Financial Officer | 204,918 |
Adam Hansen | Director of Corporate Development | 73,770 |
Bill Allen | Chief Supply Officer | 83,627 |
Kirsteen Vickerstaff | General Counsel and Company Secretary | 53,279 |
Oliver Garner | Chief Executive Officer, Classic Collection Holidays and Classic Package Holidays | 83,627 |
Stefan Nordin | Chief Technology and Product Officer | 111,352 |
Zoe Harris | Chief Marketing Officer | 118,852 |
These awards are subject to both EPS and TSR targets measured over a three year performance period and are summarised below:
Adjusted EPS for the financial year ending 30 September 2023 | % of EPS element capable of vesting |
Below threshold: < 17.27 pence | 0% |
Threshold: 17.27 pence | 25% |
Maximum: 23.37 pence or above | 100% |
Between 17.27 and 23.37 pence | 25%-100% pro-rata on a straight line basis |
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 157,474,962 shares in issue at the time of this notification.
1. | Details of PDMR / person closely associated with them ("PCA") | |||||||||||||||||||
a) | Name | SIMON COOPER
SHAUN MORTON
ADAM HANSEN
BILL ALLEN
KIRSTEEN VICKERSTAFF
OLIVER GARNER
STEFAN NORDIN
ZOE HARRIS | ||||||||||||||||||
2. | Reason for the notification | |||||||||||||||||||
a) | Position / status | SIMON COOPER - CHIEF EXECUTIVE OFFICER SHAUN MORTON - CHIEF FINANCIAL OFFICER ADAM HANSEN - DIRECTOR OF CORPORATE DEVELOPMENT BILL ALLEN - CHIEF SUPPLY OFFICER KIRSTEEN VICKERSTAFF - GENERAL COUNSEL AND COMPANY SECRETARY OLIVER GARNER - CHIEF EXECUTIVE OFFICER, CLASSIC COLLECTION HOLIDAYS AND CLASSIC PACKAGE HOLIDAYS STEFAN NORDIN - CHIEF TECHNOLOGY AND PRODUCT OFFICER ZOE HARRIS - CHIEF MARKETING OFFICER | ||||||||||||||||||
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 | 5 February 2021 | ||||||||||||||||||
f) | Place of the transaction | Outside a trading venue | ||||||||||||||||||
For further information:
On the Beach Group plc Kirsteen Vickerstaff, Company Secretary
| via FTI Consulting |
FTI Consulting Alex Beagley Fiona Walker Sam Macpherson Holly Ayres | Tel: +44 (0)20 3727 1000 |