Last checked at 2 Jun 2020 15:56
2 June 2020
SAGA PLC ("THE COMPANY") - DIRECTOR/PDMR SHAREHOLDING
Pursuant to the notification obligations under Article 19 of the Market Abuse Regulation, the Company hereby notifies the following changes in the interests of directors and persons discharging managerial responsibility ("PDMRs") in Ordinary Shares of 1 pence each in the Company ("Shares").
Buy-out Award
On 1 June 2020, the Company granted an award ("Buy-out Award") in the form of a nil-cost option over 466,822 Shares to Cheryl Agius.
The Board agreed to grant the Buy-out Award to compensate, on a fair value basis, the value forgone by Cheryl Agius for share awards forfeited on cessation of employment with her previous employer. The fair value of the Buy-out Award has been calculated to take account of the original performance period and the estimated satisfaction of the performance conditions as at the time of the buy-out. The vesting level will be revisited at the time of vesting to adjust the number of Shares which vest to reflect the actual vesting of the original awards from her previous employer. The first tranche of 162,723 Shares will vest on 6 April 2021; the second tranche of 304,099 Shares will vest on 6 April 2022.
The share price used for calculation of the award is 52.50 pence per share; the average share price for the period 27 to 31 December 2019, being the 3 working days prior to her date of joining the Company. Further details of the award are contained in the 2020 Annual Report.
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Cheryl Agius | |
2 | Reason for the notification | ||
a) | Position/status | Director | |
b) | Initial notification /Amendment | Initial notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Saga plc | |
b) | LEI | 2138004WWUJN94K2LH95 | |
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 Identification code | Ordinary shares of 1 pence | |
GB00BLT1Y088 | |||
b) | Nature of the transaction | Buy-out award in the form of a nil-cost option. | |
c) | Price(s) and volume(s) | Price(s) | Volume(s) |
£nil | 466,822 | ||
d) | Aggregated information - Aggregated volume - Price |
n/a | |
e) | Date of the transaction | 1 June 2020 | |
f) | Place of the transaction | Outside of trading venue | |