Last checked at 16 Dec 2022 11:30
16 December 2022
Reach plc (the "Company")
Notification of Transactions by a Person Discharging Managerial Responsibilities ("PDMR")
Exercise of 2019 Award under the Reach Long-Term Incentive Plan 2012 ("LTIP") and sale of shares
On 4 December 2022, the award granted to the Chief Executive Officer, Mr. Jim Mullen, under the LTIP on 4 December 2019 vested and became exercisable. On 14 December 2022, Mr. Mullen exercised his LTIP award and a number of the vested shares have been sold to cover applicable withholding tax and other deductions arising on exercise (the 'sale'). That sale is ongoing, and a further announcement will be released once the sale has completed.
Once the sale has completed, the remaining shares will be subject to a two-year holding period from 4 December 2022 to 4 December 2024.
The notification below, which have been made in accordance with the requirements of the Market Abuse Regulation, provides further detail.
1
| Details of the person discharging managerial responsibilities / person closely associated
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a)
| Name
| Jim Mullen | |||||||||||||||||||
2
| Reason for the notification
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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
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a)
| Name
| Reach plc | |||||||||||||||||||
b)
| LEI
| 213800GNI5XF3XOATR61 | |||||||||||||||||||
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
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a)
| Description of the financial instrument, type of instrument | Ordinary 10p Shares | |||||||||||||||||||
Identification code | GB0009039941 | ||||||||||||||||||||
b)
| Nature of the transaction
| Exercise of award granted under the LTIP on 4 December 2019 | |||||||||||||||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information | ||||||||||||||||||||
- Aggregated volume | 1,013,951 | ||||||||||||||||||||
- Price | Nil | ||||||||||||||||||||
e)
| Date of the transaction
| 2022-12-14 | |||||||||||||||||||
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 | Ordinary 10p Shares | |||||||||||||||||||
Identification code | GB0009039941 | ||||||||||||||||||||
b)
| Nature of the transaction
| Sale of shares to cover some of the applicable withholding tax and other deductions arising on exercise of the award under the LTIP (up to market close on 15 December)
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c)
| Price(s) and volume(s) | ||||||||||||||||||||
Price(s) | Volume(s) | ||||||||||||||||||||
£0.986341 | 320,926 | ||||||||||||||||||||
d)
| Aggregated information | ||||||||||||||||||||
- Aggregated volume | 320,926 | ||||||||||||||||||||
- Price | £0.986341 | ||||||||||||||||||||
e)
| Date of the transaction
| 2022-12-15 | |||||||||||||||||||
f)
| Place of the transaction
| XLON | |||||||||||||||||||
Enquiries
Reach | 020 7293 3000 |
Lorraine Clover, Group Company Secretary | |
Tulchan Communications | 020 7353 4200 |
Giles Kernick / David Allchurch | |
LEI: 213800GNI5XF3XOATR61 Classification: 2.2 Information disclosed under article 19 of the Market Abuse Regulation.
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