Last checked at 30 Mar 2020 16:31
30 March 2020
Reach plc (the "Company")
Grant of Awards under the Company's Long Term Incentive Plan 2012 ("LTIP")
The independent trustee (the "Trustee") of the Company's Employees' Benefit Trust based in Jersey (the "Trust") notified the Company that on 27 March 2020 it granted awards under the LTIP to acquire ordinary shares in the capital of the Company to Persons Discharging Managerial Responsibility ("PDMR") within the Company, in the amounts set out below.
Under the terms of the LTIP, Awards will normally vest on the third anniversary of their date of grant subject to the satisfaction of conditions relating to the performance of the Company over the three financial years to which an award relates. Upon vesting, awards are subject to a holding period of a further two years. During the holding period restrictions will apply to the sale or other disposal of the shares. The Awards will also be subject to the malus and clawback provisions of the LTIP.
The awards will be subject to achievement of the performance conditions as set out in the Directors' Remuneration Report in the 2019 Annual Report and Accounts.
The total exercise price payable on any exercise of an LTIP award is £1. Nothing is paid for the grant of the Award.
The base price for calculating the level of award was 96.9p, the average market closing price between 24 and 26 March 2020.
The Reach share price has trended lower recently due to various global factors, which are not considered to be specific to the Company. Under the rules of the LTIP the Remuneration Committee has discretion to direct the Trustee to moderate vesting levels to ensure that the final outcomes are appropriate based on the performance of the Company and in light of any relevant factors (including any windfall gains).
Details of the transactions are set out below:
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Jim Mullen | |||
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
| 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
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary 10p Shares | |||
Identification code | GB0009039941 | ||||
b)
| Nature of the transaction
| Grant of share options under the Company's Long Term Incentive Plan 2012. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
£nil | 750,258 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 750,258 | ||||
- Price | nil | ||||
e)
| Date of the transaction
| 27 March 2020 | |||
f)
| Place of the transaction
| XLON | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Simon Fuller
| |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Financial Officer | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
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
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary 10p Shares | |||
Identification code | GB0009039941 | ||||
b)
| Nature of the transaction
| Grant of share options under the Company's Long Term Incentive Plan 2012. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
£nil | 468,272 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 468,272 | ||||
- Price | nil | ||||
e)
| Date of the transaction
| 27 March 2020 | |||
f)
| Place of the transaction
| XLON | |||
Enquiries
Reach | 020 7293 3000 |
Jim Mullen, Chief Executive Officer Simon Fuller, Chief Financial Officer Lorraine Clover, Group Company Secretary
| |
Tulchan Communications | 020 7353 4200 |
David Allchurch, Partner | |
LEI: 213800GNI5XF3XOATR61 Classification: 2.2 Information disclosed under article 19 of the Market Abuse Regulation.
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