Last checked at 5 Dec 2019 12:00
Reach plc
5 December 2019
Reach plc (the "Company")
Grant of Awards under the Company's Long Term Incentive Plan 2012
Long Term Incentive Plan 2012 (the "LTIP")
The independent trustee (the "Trustee") of the Company's Employees' Benefit Trust based in Jersey (the "Trust") notified the Company that on 4 December 2019 it granted an award under the LTIP to acquire ordinary shares in the capital of the Company in the form of nil-cost options to Jim Mullen, a Person Discharging Managerial Responsibility ("PDMR"), in the amount set out below. The award to Jim Mullen represents an award equating to 200% of his base salary for 2019 and relates to the terms of his appointment in August 2019.
Under the terms of the LTIP, Awards 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 (the "Performance Period"). 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 be exercisable based on two performance measures. 60% of the shares under award depend on the satisfaction of an Absolute TSR Condition. 40% of the shares under award depend on the satisfaction of a Net Cash Flow performance condition (the "Performance Conditions"). The Performance Conditions are as set out in the announcement dated 12 March 2019 ("LTIP Announcement").
The base price for calculating the level of award was 97.7p, the average market closing price between 29 November 2019 and 3 December 2019.
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) | ||||
£0.977 | 972,364 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | N/A | ||||
- Price | N/A | ||||
e)
| Date of the transaction
| 4 December 2019 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
Enquiries
Reach plc | |
Jim Mullen, Chief Executive Officer | 020 7293 3000 |
Simon Fuller, Chief Financial Officer and Company Secretary
| |
Tulchan Communications | |
David Allchurch, Partner | 020 7353 4200 |