Last checked at 14 Mar 2023 12:35
14 March 2023
PageGroup plc (the "Company")
Notification of Interests of Directors
In accordance with the UK Market Abuse Regulation, notification is hereby given of transactions in the ordinary shares of the Company as follows:
The Company's CEO, Nick Kirk, was granted an award in respect of 57,267 ordinary shares of 1p in the Company ("Shares") under a historic incentive plan in March 2020 (being before he became a director and PDMR of the Company). This award was granted subject to a three-year vesting period, with vesting determined by achievement against targets which were set by the Remuneration Committee. Following the Remuneration Committee's consideration of the performance against targets, the award, which is in the form of forfeitable "restricted shares" which have been held by a nominee on Mr Kirk's behalf during the three-year vesting period, vested on 13 March 2023 in respect of 38,178 Shares and the remaining balance (which did not vest) have reverted to the Company's employee benefit trust for nil consideration. Of the Shares which vested, Mr Kirk sold 17,989 Shares to settle his income tax and social security liabilities arising on the vesting of the award.
In March 2022 (also before he became a director and PDMR of the Company), Mr Kirk was granted an award under the Company's Management Incentive Plan ("MIP") in respect of 80,121 Shares. Awards under the MIP vest after three years. Depending on the level of performance achieved against pre-determined targets set by the Remuneration Committee, shares may lapse on the first anniversary of the award, with the remaining shares vesting after a further two years, subject to a continued employment condition. Following an assessment by the Remuneration Committee of the targets set, 16,826 shares have lapsed and reverted to the Company's employee benefit trust for nil consideration. The balance 63,295 will continue to be held by the nominee on behalf of Mr Kirk for the remainder of the vesting period.
Following his appointment as CEO, Mr Kirk is required to develop and sustain a shareholding in the Company worth 200% of salary in line with our approved Remuneration Policy. The Remuneration Committee has agreed that Mr Kirk will be required to retain at least half of any shares that vest under historic incentive plans that were awarded and relate to performance prior to his appointment as CEO (after allowing for share sales to settle income tax and social security liabilities that arise).
Kaye Maguire
General Counsel & Company Secretary
Tel: 020 3077 8069
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name
| Nicholas Kirk | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| Chief Executive Officer | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| PageGroup plc | ||||
b)
| LEI
| 213800JK5ZEQW4AB8G71 | ||||
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
| 1p ordinary shares each in PageGroup plc
ISIN: GB0030232317 | ||||
b)
| Nature of the transaction
| Transfer of unvested shares in respect of the 2020 award under the PageGroup Management Incentive Plan to the trustee of the Michael Page Employees' Benefit Trust
| ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price
|
19,089 nil
| ||||
e)
| Date of the transaction
| 2023-03-13 | ||||
f)
| Place of the transaction
| Outside a trading venue | ||||
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
| 1p ordinary shares each in PageGroup plc
ISIN: GB0030232317 | ||||
b)
| Nature of the transaction
| Sale of shares following the vesting of an award under the PageGroup Management Incentive Plan | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price
|
17,989 £4.437 | ||||
e)
| Date of the transaction
| 2023-03-13 | ||||
f)
| Place of the transaction
| London Stock Exchange, Main Market (XLON) | ||||
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
| 1p ordinary shares each in PageGroup plc
ISIN: GB0030232317 | ||||
b)
| Nature of the transaction
| Transfer of unvested shares in respect of the 2022 award under the PageGroup Management Incentive Plan to the trustee of the Michael Page Employees' Benefit Trust
| ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price
|
16,826 nil
| ||||
e)
| Date of the transaction
| 2023-03-13 | ||||
f)
| Place of the transaction
| Outside a trading venue | ||||