Last checked at 29 Jun 2022 12:01
29th June 2022
Severfield plc
Notification of Transactions of Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them
The following notification relates to the vesting and exercise of nil cost options granted under the Severfield Deferred Share Bonus Plan ("the Plan") on 28th June 2019. These options vested on 28 June 2022 and were exercised and settled as set out below.
In accordance with the rules of the Plan and the Company's Directors' Remuneration Policy, where directors chose to exercise and sell the shares they would have acquired, they were allocated shares out of the Severfield EBT and some of these were then sold to settle their tax liability with the remainder then being sold and the cash value transferred to the director.
This only applied to directors who already satisfy the Company's shareholding requirement for executive directors.
In accordance with the rules of the Plan and the Company's Directors' Remuneration Policy, where directors chose to exercise and keep their shares, they were awarded shares out of the Severfield EBT to the value of the after tax benefit with shares out of the Severfield EBT being sold to settle their tax liability.
Name | Number of shares awarded on 28 June 2019 | Number of shares vested and exercised on 28 June 2022 after dividend equivalent adjustment | Shares sold to settle tax calculated at a share price of £0.62 | Cash paid to participant after tax calculated at a share price of £0.62 | Shares retained by individual |
Derek Randall | 111,521 | 125,827 | 49,073 | £47,587 | 0 |
Adam Semple | 31,884 | 35,974 | 17,357 | n/a | 18,617 |
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Derek Randall | ||||||
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 | Severfield plc | ||||||
b) | LEI | 21380025AWPR781CY104 | ||||||
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 |
| ||||||
b) | Nature of the transaction | Exercise of DSBP award and sale of shares to settle tax liability with an after tax cash payment. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information
| Not applicable-single transaction | ||||||
e) | Date of the transaction | 2022-06-28
| ||||||
f) | Place of the transaction | XLON | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Adam Semple | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | Finance director | ||||||
b) | Initial notification/Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Severfield plc | ||||||
b) | LEI | 21380025AWPR781CY104 | ||||||
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 |
| ||||||
b) | Nature of the transaction | Exercise of DSBP award and settlement of that exercise by selling some shares to pay for tax and share transfer to the value of the after tax benefit. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information
| Not applicable-single transaction | ||||||
e) | Date of the transaction | 2022-06-28
| ||||||
f) | Place of the transaction | XLON | ||||||