Last checked at 29 Mar 2018 17:52
SPIRENT COMMUNICATIONS PLC (the "Company")
29 March 2018
DIRECTOR / PDMR SHAREHOLDING: Vesting and Exercise of Performance Share Awards and Vesting of Stock Appreciation Rights under Spirent Employee Incentive Plan
The Company confirms that on 23 March 2018, the performance conditions attached to Performance Shares awarded to Directors/Persons Discharging Managerial Responsibility on 23 March 2015 awards were tested, with the following results:
50% of awards subject to EPS performance condition 81.00% vest
50% of awards subject to TSR performance condition 45.90% vest
As a result, the following awards to PDMRs vested and became exercisable:
Awarded: | Vest: | ||
James Armstrong | PDMR | 150,402 Performance Shares | 95,429 shares |
Angus Iveson | PDMR | 47,458 Performance Shares | 30,111 shares |
Nigel Wright | PDMR | 136,110 Performance Shares | 86,361 shares |
Performance Shares awarded on 23 March 2015 which have not vested have now lapsed.
Awards of Performance Shares under the Employee Incentive Plan are not tax approved and income tax and social security deductions become payable by the individual on vesting.
The following transactions have taken place:
1. | Details of PDMR / person closely associated | ||||||||||
Name
| James Armstrong | ||||||||||
2. | Reason for the notification | ||||||||||
a) | Position / status
| COO | |||||||||
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 Employee Incentive Plan at nil-cost (ii) Sale of shares to cover tax and national insurance liabilities
| |||||||||
c) | Price(s) and volume(s) |
| |||||||||
d) | Aggregated information
- Aggregated volume
- price
|
n/a
n/a
| |||||||||
e) | Date of the transaction
| 29 March 2018 | |||||||||
f) | Place of the transaction
| (i) Outside a trading venue (ii) London
| |||||||||
1. | Details of PDMR / person closely associated | ||||||||||
Name
| Angus Iveson | ||||||||||
2. | Reason for the notification | ||||||||||
a) | Position / status
| Company Secretary & General Counsel | |||||||||
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 Employee Incentive Plan at nil-cost (ii) Sale of shares to cover tax and national insurance liabilities
| |||||||||
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
| |||||||||
1. | Details of PDMR / person closely associated | |||||||
Name
| Nigel Wright | |||||||
2. | Reason for the notification | |||||||
a) | Position / status
| EVP, Global Sales | ||||||
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 Employee Incentive Plan at nil-cost (ii) Sale of shares to cover tax and national insurance liabilities
| ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information
- Aggregated volume
- price
|
n/a
n/a
| ||||||
e) | Date of the transaction
| 29 March 2018 | ||||||
f) | Place of the transaction
| (i) Outside a trading venue (ii) London
| ||||||
The Company also confirms that on 23 March 2018, the performance condition attached to Stock Appreciation Rights awarded to Directors/Persons Discharging Managerial Responsibility on 23 March 2015 awards were tested, with the following results:
100% of awards subject to EPS performance condition 81.00% vest
As a result, the following Stock Appreciation Rights award to a PDMR vested and became exercisable:
Awarded: | Vest: | ||
Bill Mortimer | PDMR | 8,240 Stock Appreciation Rights | 6,674 Stock Appreciation Rights |
Stock Appreciation Rights awarded on 23 March 2015 which did not vest have now lapsed.
Awards of Stock Appreciation Rights under the Employee Incentive Plan are not tax approved, and income tax and social security deductions become payable by the individual on exercise. If unexercised, these vested Stock Appreciation Rights will expire on 23 March 2025.
1. | Details of PDMR / person closely associated | |||||
Name
| Bill Mortimer | |||||
2. | Reason for the notification | |||||
a) | Position / status
| EVP, Strategic Marketing | ||||
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
| Vesting of award of Stock Appreciation Rights under the Spirent Employee Incentive Plan; if unexercised, these Stock Appreciation Rights will expire on 23 March 2025.
| ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
- Aggregated volume
- price
|
n/a
n/a
| ||||
e) | Date of the transaction
| 23 March 2018 | ||||
f) | Place of the transaction
| Outside a trading venue | ||||
Following this notification, the individuals listed above hold options over the following total number of shares:
Director / PDMR | Total number of shares held | Total number of shares over which options held |
James Armstrong | 61,455 | 424,379 |
Angus Iveson | 13,109 | 103,773 |
Nigel Wright | 76,993 | 347,518 |
Bill Mortimer | Nil | 169,577 total (6,674 vested, 162,903 unvested) |
Enquiries
Michelle Balch Spirent Communications plc +44 (0)1293 767676
Deputy Company Secretary