Last checked at 29 Mar 2018 17:51
SPIRENT COMMUNICATIONS PLC (the "Company")
29 March 2018
DIRECTOR / PDMR SHAREHOLDING: Vesting and Exercise of Performance Share Award under Spirent Long-term Incentive Plan
The Company confirms that on 23 March 2018, the performance conditions attached to 268,293 Performance Shares awarded to Paula Bell on 30 September 2016 as part of her remuneration package on appointment to the Company were tested, with the following results:
50% of awards subject to EPS performance condition 50.90% vest
50% of awards subject to TSR performance condition 81.10% vest
As a result, 177,073 shares vested and became exercisable by Ms Bell. Performance Shares forming part of this award which did not vest have lapsed.
Awards of Performance Shares under the Spirent Long-term Incentive Plan are not tax approved and therefore on vesting income tax and social security deductions become payable by the individual. To settle this tax liability, on 27 March 2018 Ms Bell sold 99,977 Ordinary shares at a price of 114.492 pence per share. Ms Bell then transferred the balance of 77,096 shares to a Person Closely Associated, her partner Mr Dean Ritchie.
Following this notification, Ms Bell has the following beneficial interests in the Company:
Director / PDMR | Total number of shares held | Total number of shares over which options held |
Paula Bell | 227,096 | 572,344 |
1. | Details of PDMR / person closely associated | |||||||||||||
Name
| Paula Bell | |||||||||||||
2. | Reason for the notification | |||||||||||||
a) | Position / status
| Chief Financial Officer | ||||||||||||
b) | Initial notification / amendment
| Initial notification | ||||||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||
a) | Full name of the entity
| Spirent Communications plc | ||||||||||||
b) | Legal Entity Identifier Code
| 213800HKCUNWP1916L38 | ||||||||||||
4. | Details of the transaction(s) | |||||||||||||
a) | Description of the financial instrument
Identification code
| Ordinary shares of 3 1/3 pence each
GB0004726096 | ||||||||||||
b) | Nature of the transaction
| (i) Exercise of shares arising from Spirent Long-term Incentive Plan at nil-cost (ii) Sale of shares to cover tax and national insurance liabilities (iii) Transfer of shares to Person Closely Associated
| ||||||||||||
c) | Price(s) and volume(s) |
| ||||||||||||
d) | Aggregated information
- Aggregated volume
- price
|
n/a
n/a
| ||||||||||||
e) | Date of the transaction
| 27 March 2018 | ||||||||||||
f) | Place of the transaction
| (i) Outside a trading venue (ii) London (iii) Outside a trading venue | ||||||||||||
Enquiries
Michelle Balch Spirent Communications plc +44 (0)1293 767676
Deputy Company Secretary