Last checked at 29 Apr 2020 12:00
29 April 2020
SEGRO plc (the Company)
Director/PDMR Shareholding
On 28 April 2020, following a recommendation made by the Company, the Trustee of the SEGRO plc Employees' Benefit Trust agreed to:
- grant the 2019 Deferred Share Bonus Plan (DSBP) Award in respect of the 2019 Bonus;
- release the shares in respect of the 2016 DSBP Award, made on 28 June 2017; and
- release the shares in respect of the 2016 and 2017 Long Term Incentive Plan (LTIP) Awards, made on 7 April 2016 and 28 April 2017 respectively,
to Directors and PDMRs in the Company.
Full details about the DSBP and the LTIP, including performance conditions, can be found in the Company's 2019 Annual Report and Accounts which was released on 28 February 2020.
At the 2017 AGM, shareholders approved the reduction of the performance period of the LTIP from four years to three years, with the addition of a two-year post vesting holding period (Holding Period) for Executive Directors. As a result, both the 2016 and 2017 LTIP vested on 28 April 2020. During the Holding Period, the Executive Directors will be the beneficial owners of the 2017 LTIP shares but they will not be permitted to sell them.
The table below shows the number of shares awarded, released and subsequently sold on 28 April 2020, and Directors' and PDMRs' resultant beneficial holdings.
Name | Award | Number of Shares awarded on 28 April 2020 | Number of Shares vested on 28 April 2020 (Gross) | Number of Shares vested on 28 April 2020 (Net) | Number of Shares sold on 28 April 2020 | Beneficial holdings (inclusive of the SEGRO plc Share Incentive Plan (the SIP)) | Beneficial holding as a percentage of base salary as at 28 April 202010 |
Directors | |||||||
David Sleath | 2019 DSBP1 | 63,200 | - | - | - | 696,513 | 914% |
2016 DSBP | - | 90,271 | 47,843 | 47,8439 | |||
2016 LTIP2 | - | 290,152 | 153,780 | 153,7808 | |||
2017 LTIP2,3 | - | 243,813 | 129,220 | - | |||
Other7 | - | - | - | 125,000 | |||
Soumen Das4 | 2019 DSBP1 | 44,786 | - | - | - | 293,937 | 596% |
2016 DSBP | - | 14,474 | 7,671 | 7,6719 | |||
2016 LTIP2 | - | 153,674 | 81,447 | 81,4478 | |||
2017 LTIP2,3 | - | 279,918 | 148,356 | - | |||
Andy Gulliford5 | 2019 DSBP1 | 41,329 | - | - | - | 621,312 | 1,204% |
2016 DSBP | - | 47,283 | 25,059 | - | |||
2016 LTIP2 | - | 189,916 | 100,655 | 100,6559 | |||
2017 LTIP2,3 | - | 159,634 | 84,606 | - | |||
PDMRs | |||||||
Elizabeth Blease6 | 2019 DSBP1 | 5,293 | - | - | - | 151,482 | - |
2016 DSBP | - | 7,980 | 4,229 | - | |||
2016 LTIP2 | - | 63,848 | 33,839 | 33,8399 | |||
2017 LTIP2 | - | 53,651 | 28,435 | 28,4359 | |||
Liz Reilly | 2019 DSBP1 | 5,502 | - | - | - | 140,523 | - |
2016 DSBP | - | 8,060 | 4,271 | - | |||
2016 LTIP2 | - | 62,058 | 32,890 | 32,8909 | |||
2017 LTIP2 | - | 52,147 | 27,637 | 27,6379 | |||
1. The 2019 DSBP Award has been structured as a provisional allocation over ordinary shares in the Company. As the MSCI benchmark data was not available at the date of publication of the Company's 2019 Annual Report and Accounts, the payments disclosed were based on an estimate of 49 per cent of the TPR element being achieved. The TPR element has since been confirmed at 100 per cent and adjustments have been made accordingly.
The calculation of the 2019 DSBP Award was based on a share price of 821.20 pence, which was the mid-market quotation price for the day before award.
2. As estimated in the 2019 Annual Report and Accounts, the Company's performance against benchmarks resulted in a 100 per cent vesting of both the 2016 and 2017 LTIP Awards.
3. The 2017 LTIP is subject to a two-year post-vesting Holding Period which will end on 28 April 2022.
4. Soumen Das' beneficial holding is partly held by a Person Closely Associated (PCA), Dipa Das.
5. Andy Gulliford's beneficial holding is partly held by a PCA, Jan Gulliford.
6. Elizabeth Blease's beneficial holding is partly held by a PCA, Tim Rayner.
7. David Sleath also sold 125,000 shares on 28 April 2020 at 814.03 pence per share.
8. Shares sold at 814.32 pence per share.
9. Shares sold at 814.62 pence per share
10. David Sleath is expected to build a shareholding in the Company equivalent to 300 per cent of the value of his base salary. Soumen Das and Andy Gulliford are expected to hold shares equivalent to 250 per cent of their base salaries. The number of shares which contribute towards this shareholding requirement comprise beneficial interests (including SIP shares) and shares subject to deferral under the DSBP, net of Income Tax and National Insurance. The value of the shares has been calculated using the vesting share price of the 2016 and 2017 LTIP Awards, at 814.32 pence.
The Notification of Dealing Forms provided in accordance with the requirements of the Market Abuse Regulation (2014/596/EU) in relation to the transactions listed above are set out below:
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||||||||||||||||||||||
a)
| Name | David Sleath | ||||||||||||||||||||||||||||||||
2. | Reason for the notification | |||||||||||||||||||||||||||||||||
a)
| Position/status
| Chief Executive | ||||||||||||||||||||||||||||||||
b)
| Initial notification /Amendment
| Initial | ||||||||||||||||||||||||||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||||||||||||||||||||
a)
| Name
| SEGRO plc | ||||||||||||||||||||||||||||||||
b)
| LEI | 213800XC35KGM9NFC641 | ||||||||||||||||||||||||||||||||
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 | 1. Grant of 2019 DSBP Award 2. Vesting of 2016 DSBP Award 3. Sale of 2016 DSBP Shares 4. Vesting of 2016 LTIP 5. Sale of 2016 LTIP 6. Vesting of 2017 LTIP 7. Sale | ||||||||||||||||||||||||||||||||
b)
| Nature of the transaction | 1. Grant 2. Vesting 3. Sale following vesting of 2 4. Vesting 5. Sale following vesting of 4 6. Vesting 7. Sale | ||||||||||||||||||||||||||||||||
c)
| Price(s) and volume(s) |
| ||||||||||||||||||||||||||||||||
d)
| Aggregated information | N/A | ||||||||||||||||||||||||||||||||
e)
| Date of the transaction
| 28 April 2020 | ||||||||||||||||||||||||||||||||
f)
| Place of the transaction
| London Stock Exchange (XLON) | ||||||||||||||||||||||||||||||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||||||||||||||||||
a)
| Name | Soumen Das | ||||||||||||||||||||||||||||
2. | Reason for the notification | |||||||||||||||||||||||||||||
a)
| Position/status
| Chief Financial Officer | ||||||||||||||||||||||||||||
b)
| Initial notification /Amendment
| Initial | ||||||||||||||||||||||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||||||||||||||||
a)
| Name
| SEGRO plc | ||||||||||||||||||||||||||||
b)
| LEI | 213800XC35KGM9NFC641 | ||||||||||||||||||||||||||||
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 | 1. Grant of 2019 DSBP Award 2. Vesting of 2016 DSBP Award 3. Sale of 2016 DSBP Shares 4. Vesting of 2016 LTIP 5. Sale of 2016 LTIP 6. Vesting of 2017 LTIP | ||||||||||||||||||||||||||||
b)
| Nature of the transaction | 1. Grant 2. Vesting 3. Sale following vesting of 2 4. Vesting 5. Sale following vesting of 4 6. Vesting | ||||||||||||||||||||||||||||
c)
| Price(s) and volume(s) |
| ||||||||||||||||||||||||||||
d)
| Aggregated information | N/A | ||||||||||||||||||||||||||||
e)
| Date of the transaction
| 28 April 2020 | ||||||||||||||||||||||||||||
f)
| Place of the transaction
| London Stock Exchange (XLON) | ||||||||||||||||||||||||||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||||||||||||||
a)
| Name | Andy Gulliford | ||||||||||||||||||||||||
2. | Reason for the notification | |||||||||||||||||||||||||
a)
| Position/status
| Chief Operating Officer | ||||||||||||||||||||||||
b)
| Initial notification /Amendment
| Initial | ||||||||||||||||||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||||||||||||
a)
| Name
| SEGRO plc | ||||||||||||||||||||||||
b)
| LEI | 213800XC35KGM9NFC641 | ||||||||||||||||||||||||
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 | 1. Grant of 2019 DSBP Award 2. Vesting of 2016 DSBP Award 3. Vesting of 2016 LTIP 4. Sale of 2016 LTIP 5. Vesting of 2017 LTIP | ||||||||||||||||||||||||
b)
| Nature of the transaction | 1. Grant 2. Vesting 3. Vesting 4. Sale following vesting of 3 5. Vesting | ||||||||||||||||||||||||
c)
| Price(s) and volume(s) |
| ||||||||||||||||||||||||
d)
| Aggregated information | N/A | ||||||||||||||||||||||||
e)
| Date of the transaction
| 28 April 2020 | ||||||||||||||||||||||||
f)
| Place of the transaction
| London Stock Exchange (XLON) | ||||||||||||||||||||||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||||||||||||||||||
a)
| Name | Elizabeth Blease | ||||||||||||||||||||||||||||
2. | Reason for the notification | |||||||||||||||||||||||||||||
a)
| Position/status
| General Counsel and Group Company Secretary | ||||||||||||||||||||||||||||
b)
| Initial notification /Amendment
| Initial | ||||||||||||||||||||||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||||||||||||||||
a)
| Name
| SEGRO plc | ||||||||||||||||||||||||||||
b)
| LEI | 213800XC35KGM9NFC641 | ||||||||||||||||||||||||||||
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 | 1. Grant of 2019 DSBP Award 2. Vesting of 2016 DSBP Award 3. Vesting of 2016 LTIP 4. Sale of 2016 LTIP 5. Vesting of 2017 LTIP 6. Sale of 2017 LTIP | ||||||||||||||||||||||||||||
b)
| Nature of the transaction | 1. Grant 2. Vesting 3. Vesting 4. Sale following vesting of 3 5. Vesting 6. Sale following vesting of 5 | ||||||||||||||||||||||||||||
c)
| Price(s) and volume(s) |
| ||||||||||||||||||||||||||||
d)
| Aggregated information | N/A | ||||||||||||||||||||||||||||
e)
| Date of the transaction
| 28 April 2020 | ||||||||||||||||||||||||||||
f)
| Place of the transaction
| London Stock Exchange (XLON) | ||||||||||||||||||||||||||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||||||||||||||||||
a)
| Name | Liz Reilly | ||||||||||||||||||||||||||||
2. | Reason for the notification | |||||||||||||||||||||||||||||
a)
| Position/status
| Group HR Director | ||||||||||||||||||||||||||||
b)
| Initial notification /Amendment
| Initial | ||||||||||||||||||||||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||||||||||||||||
a)
| Name
| SEGRO plc | ||||||||||||||||||||||||||||
b)
| LEI | 213800XC35KGM9NFC641 | ||||||||||||||||||||||||||||
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 | 1. Grant of 2019 DSBP Award 2. Vesting of 2016 DSBP Award 3. Vesting of 2016 LTIP 4. Sale of 2016 LTIP 5. Vesting of 2017 LTIP 6. Sale of 2017 LTIP | ||||||||||||||||||||||||||||
b)
| Nature of the transaction | 1. Grant 2. Vesting 3. Vesting 4. Sale following vesting of 3 5. Vesting 6. Sale following vesting of 5 | ||||||||||||||||||||||||||||
c)
| Price(s) and volume(s) |
| ||||||||||||||||||||||||||||
d)
| Aggregated information | N/A | ||||||||||||||||||||||||||||
e)
| Date of the transaction
| 28 April 2020 | ||||||||||||||||||||||||||||
f)
| Place of the transaction
| London Stock Exchange (XLON) | ||||||||||||||||||||||||||||
Stephanie Murton
Legal Counsel
020 7451 9083