14 Sep 2021 16:24
14 September 2021
Studio Retail Group plc (the "Group")
Director/PDMR Share Dealings
Studio Retail Group plc, the digital value retail business, announces that awards which previously vested pursuant to the Studio Retail Group plc Performance Share Plan 2016 ("PSP") have been exercised by Paul Kendrick (CEO), Stuart Caldwell (CFO), and Mark Ashcroft (Company Secretary), each being a Person Discharging Managerial Responsibilities.
Following the exercise of these awards, each of the executives disposed of a number of shares in order to satisfy (in part, in the case of the CEO and CFO), their respective liabilities to income tax and employee's national insurance contributions arising on the exercise of the option ("Tax Liabilities").
In the CEO and CFO's cases, part of the Tax Liabilities was also satisfied in cash by the application of 25% of their after-tax FY 21 bonus. This reduced the number of exercised shares under the PSP award required to be sold in order to cover the Tax Liabilities, by 16,626 shares in the case of the CEO and by 12,317 shares in the case of the CFO. These additional retained shares will be required to be retained for a period of three years from the date of payment of the FY21 bonus in accordance with Studio's bonus deferral requirements. The balance of exercised shares retained by each of them must be held for a period of two years from the vesting date of the PSP awards in accordance with the post-vesting holding period applicable to the PSP.
The Company Secretary sold a sufficient number of shares to meet his liability to income tax and employee's national insurance arising on the exercise of the option. He is required to retain the balance of the exercised shares for a period of two years from the vesting date of the PSP award in accordance with the post-vesting holding period applicable to the PSP.
The notifications below, made in accordance with the requirements of the UK Market Abuse Regulation, provide further detail.
Enquiries
Studio Retail Group plc
Ian Burke 0161 303 3465
Tulchan Communications LLPSunni Chauhan020 7353 4200
1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Paul Kendrick | |||
2 | Reason for the notification | ||||
a) | Position/status | CEO | |||
b) | Initial notification /Amendment | Initial | |||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | Studio Retail Group plc | |||
b) | LEI | 2138006V9ZT2KO6PZY81 | |||
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 | Ordinary shares of 10 pence each
GB00B8B4R053 | |||
b) | Nature of the transaction | (i) Exercise of share option issued pursuant to the Studio Retail Group plc Performance Share Plan 2016 (ii) Sale of shares | |||
c) | Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
(i) Nil-cost option exercise (ii) 265 pence per share | (i) 58,522 Shares
(ii) 10,931 Shares | ||||
d) | Aggregated information
- Aggregated volume
- Price |
N/A | |||
e) | Date of the transaction | 10 September 2021 | |||
f) | Place of the transaction | (i) Outside a trading venue (ii) London | |||
1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Stuart Caldwell | |||
2 | Reason for the notification | ||||
a) | Position/status | CFO | |||
b) | Initial notification /Amendment | Initial | |||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | Studio Retail Group plc | |||
b) | LEI | 2138006V9ZT2KO6PZY81 | |||
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 | Ordinary shares of 10 pence each
GB00B8B4R053 | |||
b) | Nature of the transaction | (i) Exercise of share option issued pursuant to the Studio Retail Group plc Performance Share Plan 2016 (ii) Sale of shares | |||
c) | Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
(i) Nil-cost option exercise (ii) 265 pence per share | (i) 63,959 Shares
(ii) 17,828 Shares | ||||
d) | Aggregated information
- Aggregated volume
- Price |
N/A | |||
e) | Date of the transaction | 10 September 2021 | |||
f) | Place of the transaction | (i) Outside a trading venue (ii) London | |||
1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Mark Ashcroft | |||
2 | Reason for the notification | ||||
a) | Position/status | PDMR | |||
b) | Initial notification /Amendment | Initial | |||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | Studio Retail Group plc | |||
b) | LEI | 2138006V9ZT2KO6PZY81 | |||
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 | Ordinary shares of 10 pence each
GB00B8B4R053 | |||
b) | Nature of the transaction | (i) Exercise of share option issued pursuant to the Studio Retail Group plc Performance Share Plan 2016 (ii) Sale of shares | |||
c) | Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
(i) Nil-cost option exercise (ii) 265 pence per share | (i) 38,376 Shares
(ii) 18,123 Shares | ||||
d) | Aggregated information
- Aggregated volume
- Price |
N/A | |||
e) | Date of the transaction | 10 September 2021 | |||
f) | Place of the transaction | (i) Outside a trading venue (ii) London | |||