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8 Dec 2016 17:35
8 December 2016
Softcat plc (the "Company")
Notification of Transactions by
Persons Discharging Managerial Responsibilities
The following notification made under article 19.1 of the Market Abuse Regulation ("MAR") relates to awards of a nil-cost option to persons discharging managerial responsibilities ("PDMR") on 8 December 2016 under the Softcat plc Long Term Incentive Plan ("LTIP"). This announcement is made in accordance with Article 19.3 of MAR.
Softcat plc Long Term Incentive Plan
On 8 December 2016, awards under the Company's Long Term Incentive Plan (the "LTIP") were made as set out in the table below.
The awards were made as nil-cost options and the number of shares over which each nil-cost option was awarded has been calculated by reference to the closing middle market quotation of the ordinary shares derived from the Daily Official List on the dealing day preceding the date of grant.
Performance Conditions and Vesting of Awards
These nil-cost options are subject to the rules of the LTIP and will vest depending on performance against Total Shareholder Return ("TSR") and Earnings per Share ("EPS") targets as measured over a three year performance period.
50% of the Award will be subject to the Company's relative TSR performance against the FTSE 250 (excluding real estate and investment trusts):
TSR performance | % of Award vesting |
Below median | Nil |
At median | 30% |
Upper quartile or above | 100% |
50% of the Award will be subject to the Company's EPS for FY 2019:
EPS Growth | % of Award vesting |
Less than 20.6 pence | Nil |
20.6 pence | 20% |
23.7 pence or above | 100% |
There will be straight line vesting between the points as outlined above.
The normal date of vesting for these nil-cost options will be 8 December 2019 and the last date for exercise will be 7 December 2026, with dividend equivalents payable in respect of the vesting of nil-cost options in accordance with the rules of the LTIP.
1. Name | 2. Status | 3. No. of Shares subject to LTIP award |
Martin Hellawell | Director/PDMR | 176,129 |
Graham Charlton | Director/PDMR | 119,767 |
For further information on the LTIP, please refer to the Company's Annual Report and Accounts.
1. | Details of PDMR / person closely associated with them ("PCA") | ||||||
a) | Name | Martin Hellawell
| |||||
2. | Reason for the notification | ||||||
a) | Position / status | CEO
| |||||
b) | Initial notification / amendment | Initial Notification
| |||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||
a) | Name | Softcat plc | |||||
b) | LEI | N/A | |||||
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
Identification Code | Ordinary Shares of £0.0005 each
ISIN: GB00BYZDVK82 | |||||
b) | Nature of the transaction | Grant of nil cost option over Ordinary Shares of £0.0005 each under the Softcat plc Long Term Incentive Plan
| |||||
c) | Price(s) and volume(s) |
| |||||
d) | Aggregated information Aggregated volume Price |
N/A | |||||
e) | Date of the transaction |
2016-12-08 | |||||
f) | Place of the transaction |
Outside a trading venue | |||||
1. | Details of PDMR / person closely associated with them ("PCA") | ||||||
a) | Name | Graham Charlton
| |||||
2. | Reason for the notification | ||||||
a) | Position / status | CFO
| |||||
b) | Initial notification / amendment | Initial Notification
| |||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||
a) | Name | Softcat plc | |||||
b) | LEI | N/A | |||||
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
Identification Code | Ordinary Shares of £0.0005 each
ISIN: GB00BYZDVK82 | |||||
b) | Nature of the transaction | Grant of nil cost option over Ordinary Shares of £0.0005 each under the Softcat plc Long Term Incentive Plan
| |||||
c) | Price(s) and volume(s) |
| |||||
d) | Aggregated information Aggregated volume Price |
N/A | |||||
e) | Date of the transaction |
2016-12-08 | |||||
f) | Place of the transaction |
Outside a trading venue | |||||
Capita Company Secretarial Services Limited - Company Secretary
8 December 2016
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