Last checked at 10 Jul 2020 14:06
10 July 2020
Polar Capital Holdings plc ("Polar Capital" or the "Company")
Notification of Transactions by Persons Discharging Managerial Responsibilities (PDMRs)/Persons Closely Associated (PCAs) in accordance with the Market Abuse Regulations.
Polar Capital announces the grant of conditional share awards over ordinary shares of 2.5 pence each in Polar Capital Holdings PLC ("Awards") on 10 July 2020 to the following Directors and PDMRs of the Company in accordance with the rules of the 2016 Executive Incentive Plan.
Director / PDMR | Position | No. of shares under Award |
|
|
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Gavin Rochussen | Chief Executive Officer | 211,475 |
John Mansell | Executive Director | 70,844 |
Iain Evans | Global Head of Distribution | 105,737 |
Alexander Black | Chief Investment Officer | 105,737 |
Vesting of the Awards is subject to continued employment and performance based on the following measures:
- 40% of each Award will vest based on relative Total Shareholder Return (TSR) of the Company compared with the TSR performance of the constituents of the FTSE 250 index (excluding investment trusts) over a three-year performance period.
- 40% of each Award will vest based on achieving stretching targets for Core EPS in the 2022/23 financial year (as set out in the 2020 annual report).
- 20% of each Award will vest based on cumulative performance fee profits (PFP) earned over the three-year performance period. If cumulative PFP is less than £20m this part of an Award will not vest; if cumulative PFP is equal to £20m, 25% of this part an Award will vest and vesting will increase on a straight line basis to full vesting if cumulative PFP is equal to or exceeds £40m.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Gavin Rochussen | ||||
2 | Reason for Notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Polar Capital Holdings PLC | ||||
b) | LEI | 549300OXX7YE1947B825 | ||||
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
| Ordinary Shares of 2.5 pence each in Polar Capital Holdings PLC
| ||||
| Identification code | GB00B1GCLT25 | ||||
b) | Nature of the transaction | Grant of an award under the Company's 2016 Executive Incentive Plan as a conditional award. Subject to performance over 3 years and continued service, the award normally begins to vest after 3 years. One third of the vested shares may be released to the individual on the third, fourth and fifth anniversaries of the award date. The Net Vested Shares (as defined in the EIP Rules) are subject to a holding period and may not be sold until the fifth anniversary of the award date. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 10 July 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | John Mansell | ||||
2 | Reason for Notification | |||||
a) | Position/status | Executive Director | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Polar Capital Holdings PLC | ||||
b) | LEI | 549300OXX7YE1947B825 | ||||
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
| Ordinary Shares of 2.5 pence each in Polar Capital Holdings PLC
| ||||
| Identification code | GB00B1GCLT25 | ||||
b) | Nature of the transaction | Grant of an award under the Company's 2016 Executive Incentive Plan as a conditional award. Subject to performance over 3 years and continued service, the award normally begins to vest after 3 years. One third of the vested shares may be released to the individual on the third, fourth and fifth anniversaries of the award date. The Net Vested Shares (as defined in the EIP Rules) are subject to a holding period and may not be sold until the fifth anniversary of the award date. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 10 July 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Iain Evans | ||||
2 | Reason for Notification | |||||
a) | Position/status | Global Head of Distribution | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Polar Capital Holdings PLC | ||||
b) | LEI | 549300OXX7YE1947B825 | ||||
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
| Ordinary Shares of 2.5 pence each in Polar Capital Holdings PLC
| ||||
| Identification code | GB00B1GCLT25 | ||||
b) | Nature of the transaction | Grant of an award under the Company's 2016 Executive Incentive Plan as a conditional award. Subject to performance over 3 years and continued service, the award normally begins to vest after 3 years. One third of the vested shares may be released to the individual on the third, fourth and fifth anniversaries of the award date. The Net Vested Shares (as defined in the EIP Rules) are subject to a holding period and may not be sold until the fifth anniversary of the award date. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 10 July 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Alexander Black | ||||
2 | Reason for Notification | |||||
a) | Position/status | Chief Investment Officer | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Polar Capital Holdings PLC | ||||
b) | LEI | 549300OXX7YE1947B825 | ||||
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
| Ordinary Shares of 2.5 pence each in Polar Capital Holdings PLC
| ||||
| Identification code | GB00B1GCLT25 | ||||
b) | Nature of the transaction | Grant of an award under the Company's 2016 Executive Incentive Plan as a conditional award. Subject to performance over 3 years and continued service, the award normally begins to vest after 3 years. One third of the vested shares may be released to the individual on the third, fourth and fifth anniversaries of the award date. The Net Vested Shares (as defined in the EIP Rules) are subject to a holding period and may not be sold until the fifth anniversary of the award date. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 10 July 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
Enquiries:
Polar Capital Holdings | Numis Securities Limited - Nomad and Joint Broker |
Gavin Rochussen (CEO) | Charles Farquhar |
John Mansell (Executive Director) | Stephen Westgate |
Neil Taylor (Company Secretary) | Kevin Cruickshank (QE) |
Tel: +44 (0)20 7227 2700 | +44 (0)20 7260 1000 |
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|
| Peel Hunt LLP - Joint Broker |
| Andrew Buchanan |
| Rishi Shah |
| Tel: +44 (0)20 7418 8893 |