Last checked at 13 Jul 2022 10:23
13 July 2022
Polar Capital Holdings plc ("Polar Capital" or the "Company")
Notification of Transactions by Persons Discharging Managerial Responsibilities (PDMRs)
Long Term Incentive Plans
On 11 July 2019 Gavin Rochussen, John Mansell, Iain Evans and Alexander Black were granted awards under the Long Term Incentive Plan ("LTIP"), as part of the Company's Equity Incentive Plan. Details of the original grant are contained in RNS No. 6003F.
The terms of the LTIP award provide for vesting in equal tranches on the third, fourth and fifth anniversaries of grant, subject to continued employment and the achievement of an EPS performance condition by reference to the adjusted total EPS for the year ended 31 March 2022. The vesting criteria would be 50% vesting on achievement of adjusted diluted total EPS of 41.1p; 100% vesting on achievement of adjusted diluted total EPS of 62.2p and above; and pro-rata straight-line vesting for an adjusted diluted total EPS achieved between the 50% and 100% targets.
The third anniversary of this award was on 11 July 2022.
The adjusted diluted total EPS for the 2021/22 financial year was 56.0p, which based on the pro-rata straight-line basis described above, meant that there would be an 85% vesting of the 2019 LTIP Award.
Conditional Share Awards
On 11 July 2019, Samir Ayub and Nicholas Farren were granted conditional awards as part of the Company's Equity Incentive Plan, details of which are contained in RNS No. 6708F.
The terms of these conditional share awards provided for the vesting on the third, fourth and fifth anniversaries of grant, subject to continued employment. The third anniversary of this award was also on 11 July 2022.
The following table provides details of the vesting of the awards:
Name | Title | Vesting 2019 LTIP /Conditional Awards
| Shares vested on 11 July 2022 (1st Vesting Date) | Shares vested on 11 July 2023 (2nd Vesting Date) | Shares vested on 11 July 2024 (3rd Vesting Date)
|
Gavin Rochussen | Chief Executive Officer | 346,829 | 115,609 | 115,610 | 115,610 |
Samir Ayub
| Finance Director | 10,000 | 3,333 | 3,333 | 3,334 |
John Mansell | Director
| 174,358 | 58,119 | 58,119 | 58,120 |
Alexander Black
| Chief Investment Officer | 43,589 | 14,529 | 14,530 | 14,530 |
Iain Evans | Global Head of Distribution | 174,358 | 58,119 | 58,119 | 58,120 |
Nicholas Farren | Chief Operating Officer | 10,000 | 3,333 | 3,333 | 3,334 |
On each vesting date there will be a sale of sufficient shares to cover tax liabilities and the remaining shares will be retained under the holding period. These awards have been satisfied by the release of shares from the Employee Benefit Trust to the participants, who have established nominee accounts with the EBT for the retention of the shares during the holding period.
Details of the first vesting and sale of shares for each PDMR is provided below:
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Gavin Rochussen | |||
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
| 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 2.5p each | |||
Identification code | GB00B1GCLT25 | ||||
b)
| Nature of the transaction
| Acquisition of an interest in the shares of the Company on vesting of one third of the 2019 LTIP Award | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil | 115,609 | ||||
| |||||
d)
| Aggregated information | Single transaction as in 4 c) above | |||
e)
| Date of the transaction
| 11-07-2022 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Gavin Rochussen | |||
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
| 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 2.5p each | |||
Identification code | GB00B1GCLT25 | ||||
b)
| Nature of the transaction
| Sale of shares of the Company on vesting of one third of the 2019 LTIP Award | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
473.18p | 65,351 | ||||
| |||||
d)
| Aggregated information | Single transaction as in 4 c) above | |||
e)
| Date of the transaction
| 11-07-2022 | |||
f)
| Place of the transaction
| London Stock Exchange, AIM | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Samir Ayub | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Finance Director | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
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 2.5p each | |||
Identification code | GB00B1GCLT25 | ||||
b)
| Nature of the transaction
| Acquisition of an interest in the shares of the Company on vesting of one third of the 2019 conditional award | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil | 3,333 | ||||
| |||||
d)
| Aggregated information | Single transaction as in 4 c) above | |||
e)
| Date of the transaction
| 11-07-2022 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Samir Ayub | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Finance Director | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
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 2.5p each | |||
Identification code | GB00B1GCLT25 | ||||
b)
| Nature of the transaction
| Sale of shares of the Company on vesting of one third of the 2019 conditional award | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
473.18p | 1,884 | ||||
| |||||
d)
| Aggregated information | Single transaction as in 4 c) above | |||
e)
| Date of the transaction
| 11-07-2022 | |||
f)
| Place of the transaction
| London Stock Exchange, AIM | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| John Mansell | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Director | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
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 2.5p each | |||
Identification code | GB00B1GCLT25 | ||||
b)
| Nature of the transaction
| Acquisition of an interest in the shares of the Company on vesting of one third of the 2019 LTIP Award | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil | 58,119 | ||||
| |||||
d)
| Aggregated information | Single transaction as in 4 c) above | |||
e)
| Date of the transaction
| 11-07-2022 | |||
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 the notification
| ||||
a)
| Position/status
| Director | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
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 2.5p each | |||
Identification code | GB00B1GCLT25 | ||||
b)
| Nature of the transaction
| Sale of shares of the Company on vesting of one third of the 2019 LTIP Award | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
473.18p | 32,853 | ||||
| |||||
d)
| Aggregated information | Single transaction as in 4 c) above | |||
e)
| Date of the transaction
| 11-07-2022 | |||
f)
| Place of the transaction
| London Stock Exchange, AIM | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Alexander Black | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Investment Officer | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
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 2.5p each | |||
Identification code | GB00B1GCLT25 | ||||
b)
| Nature of the transaction
| Acquisition of an interest in the shares of the Company on vesting of one third of the 2019 LTIP Award | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil | 14,529 | ||||
e)
| Date of the transaction
| 11-07-2022 | |||
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 the notification
| ||||
a)
| Position/status
| Chief Investment Officer | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
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 2.5p each | |||
Identification code | GB00B1GCLT25 | ||||
b)
| Nature of the transaction
| Sale of shares of the Company on vesting of one third of the 2019 LTIP Award | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
473.18p | 8,213 | ||||
| |||||
d)
| Aggregated information | Single transaction as in 4 c) above | |||
e)
| Date of the transaction
| 11-07-2022 | |||
f)
| Place of the transaction
| London Stock Exchange, AIM | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Iain Evans | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Global Head of Distribution | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
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 2.5p each | |||
Identification code | GB00B1GCLT25 | ||||
b)
| Nature of the transaction
| Acquisition of an interest in the shares of the Company on vesting of one third of the 2019 LTIP Award | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil | 58,119 | ||||
e)
| Date of the transaction
| 11-07-2022 | |||
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 the notification
| ||||
a)
| Position/status
| Global Head of Distribution | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
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 2.5p each | |||
Identification code | GB00B1GCLT25 | ||||
b)
| Nature of the transaction
| Sale of shares of the Company on vesting of one third of the 2019 LTIP Award | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
473.18p | 32,853 | ||||
| |||||
d)
| Aggregated information | Single transaction as in 4 c) above | |||
e)
| Date of the transaction
| 11-07-2022 | |||
f)
| Place of the transaction
| London Stock Exchange, AIM | |||
trt
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Nicholas Farren | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Operating Officer | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
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 2.5p each | |||
Identification code | GB00B1GCLT25 | ||||
b)
| Nature of the transaction
| Acquisition of an interest in the shares of the Company on vesting of one third of the 2019 conditional award | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil | 3,333 | ||||
e)
| Date of the transaction
| 11-07-2022 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Nicholas Farren | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Operating Officer | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
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 2.5p each | |||
Identification code | GB00B1GCLT25 | ||||
b)
| Nature of the transaction
| Sale of shares of the Company on vesting of one third of the 2019 LTIP Award | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
473.18p | 1,884 | ||||
| |||||
d)
| Aggregated information | Single transaction as in 4 c) above | |||
e)
| Date of the transaction
| 11-07-2022 | |||
f)
| Place of the transaction
| London Stock Exchange, AIM | |||
Enquiries:
Polar Capital +44 (0)20 7227 2700
Gavin Rochussen (Chief Executive)
Samir Ayub (Finance Director)
Numis Securities Limited - Nomad and Joint Broker +44 (0)20 7260 1000
Giles Rolls
Charles Farquhar
Stephen Westgate
Peel Hunt LLP - Joint Broker +44 (0)20 3597 8680
Andrew Buchanan
Camarco +44 (0)20 7757 4995
Ed Gascoigne-Pees
Jennifer Renwick
Phoebe Pugh