Last checked at 9 Mar 2021 15:30
9 March 2021
Rotork plc
("Company")
Notification of transactions by Persons Discharging Managerial Responsibilities ("PDMRs")
The Company provides notification of the following transactions, all effected on 8 March 2021 outside of a market venue, relating to the two below named Executive Directors as PDMRs and their respective interests in the ordinary share capital of the Company ("Shares") (ISIN: GB00BVFNZH21).
The transactions arise from: (i) the conditional award of Shares granted to Kevin Hostetler and Jonathan Davis under the Company's Deferred Annual Bonus Plan 2018 ("DABP") relating to the three-year deferred element of their respective 2020 annual bonus, and (ii) the exercise and immediate dealing by Jonathan Davis of a fully vested nil cost option award over certain Shares granted to him on 7 March 2018 under the Company's DABP relating to the three-year deferred element of his 2017 annual bonus.
Individual PDMR details are set out in the table below:
Name and position of PDMR | No. of conditional award Shares granted on 8 March 2021 as per (i) above ¹ ²
| No. of Shares acquired on exercise, sold and retained on 8 March 2021 as per (ii) above |
Kevin Hostetler, Chief Executive
| 18,533 | N/A |
Jonathan Davis, Group Finance Director
| 8,544 | 15,438 Shares acquired ³ (including dividend equivalent) 7,231 Shares sold at 365.20p per share ⁴ 8,207 Shares retained ⁵
|
¹ Recovery and Withholding apply to the conditional award Shares granted under the DABP for three-years from the date of grant, including post cessation of employment. A dividend equivalent entitlement also attaches to the Shares.
² The amount of the 2020 annual bonus being deferred for Messrs. Hostetler and Davis is £67,685 (12.9%) and £31,203 (12.9%) respectively. The number of conditional award Shares were determined based on a share price of 365.20p, being the MMQ of a Rotork share on the business day immediately preceding the date of grant, ie on 5 March 2021 ("Strike Price").
³ The Shares acquired on exercise were existing market purchased Shares delivered from the Company's Employee Benefit Trust ("EBT").
⁴ The Shares sold were to cover Jonathan Davis' immediate personal income tax and social security liability arising on exercise. The Shares sold were purchased by the EBT at the Strike Price.
⁵ The Shares retained are held in the name of Jonathan Davis' spouse, a Person Closely Associated with him as defined under the EU Market Abuse Regulation ("MAR").
Full details relating to: (a) the 2020 annual bonus outturns for the Executive Directors and the corresponding 2021 DABP conditional Shares award to them, and (b) the 2018 DABP Shares vesting to Jonathan Davis, will appear in the Directors' Remuneration Report to the Company's 2020 Annual Report due to be published on 30 March 2021.
The Company can confirm that each of the above named PDMRs have complied with their respective obligation to notify the Financial Conduct Authority of the above transactions as required under MAR.
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Rotork contact and telephone number for enquiries:
Sandra Forbes, Group General Counsel & Company Secretary (Interim)
++44 (0) 7775 703 579
Notes:
Legal Entity Identifier: 213800AH5RZIHGWRJ718