Last checked at 12 Mar 2019 13:05
Reach plc
12 March 2019
Reach plc (the "Company")
Grant of Awards under the Company's Restricted Share Plan ("RSP")
The independent trustee (the "Trustee") of the Company's Employees' Benefit Trust based in Jersey (the "Trust") further notified the Company that on 11 March 2019 it granted Restricted Share awards under the RSP to Simon Fuller, a Person Discharging Managerial Responsibility ("PDMR") within the Company, in the amounts set out below.
These awards represent a partial buy-out of awards forfeited by Simon Fuller on his joining the Company. Under the terms of the RSP, the executive director is the beneficial owner of the Restricted Shares but the shares are held in trust by the Trustee who remains the legal owner until the shares are released at the end of a three year vesting period (the "Restricted Period").
During the Restricted Period, the executive director may not sell or otherwise dispose of the Restricted Shares, cannot vote the restricted shares and will not receive any dividends on the Restricted Shares.
During the Restricted Period, the Restricted Shares will be subject to the malus provisions of the RSP rules (the "Rules") which would allow for forfeiture of all of the shares or a reduction in the number released in circumstances as set out in the Rules. An additional award of Restricted Shares equal in value to any dividends paid during the Restricted Period may be made on the release of the awards.
The base price for calculating the level of award was 64.6p, the average market closing price between 6 March 2019 and 8 March 2019.
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 and Company Secretary | |||
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 an award of restricted shares under the Restricted Share Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
£0.646 | 77,399 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | N/A | ||||
- Price | N/A | ||||
e)
| Date of the transaction
| 12 March 2019 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
Enquiries
Reach plc | ||
Simon Fox, Chief Executive Simon Fuller, Chief Financial Officer and Company Secretary | 020 7293 3553 | |
Brunswick | ||
Nick Cosgrove, Partner | 020 7404 5959 | |
Will Medvei, Director | ||