Last checked at 24 Apr 2023 17:15
SAVILLS PLC (THE "COMPANY")
TRANSACTION IN SHARES BY DIRECTORS AND PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES (PDMRS)
Vesting of Share Awards
On 21 April 2023, ordinary shares of the Company have been allotted to Directors and PDMRs of the Company as follows in satisfaction of the partial vesting of Awards made on 16 April 2018 under The Savills plc Performance Share Plan (the "Performance Share Plan"):-
Director / PDMR | Number of Shares Transferred | Number of Shares Disposed | Shareholding following this notification | Shareholding as a % of issued share capital |
Mark Ridley (Director) | 11,173 | 11,173 | 231,854 | 0.16 |
Simon Shaw (Director) | 11,758 | 11,758 | 182,579 | 0.13 |
Chris Lee (PDMR) | 5,985 | 5,985 | 119,000 | 0.08 |
The share price on disposal of all shares was £9.766 per share.
The balance of the Awards made on 16 April 2018 have lapsed.
Grant of Share Awards
The Company announces that on 21 April 2023 awards have been made under to Directors and PDMRs of the Company as follows under the Performance Share Plan:
Director / PDMR | Number of Shares subject to the Performance Share Plan awarded to the Director / PDMR on 21 April 2023 | Total number of shares subject to the Performance Share Plan following this notification |
Mark Ridley (Director) | 65,336 | 234,751 |
Simon Shaw (Director) | 50,000 | 179,497 |
Chris Lee (PDMR) | 25,288 | 91,116 |
The Performance Share Plan provides for the award of nil cost options or conditional awards of ordinary shares in the Company.
Awards of shares are made subject to a three-year performance period. Awards which satisfy the applicable performance criteria (as below) in the three-year performance period will then vest after an additional two-year holding period.
Awards vest subject to the satisfaction of the following performance criteria measured over the three years to 31 December 2025:
(a) one-third of the initial value of an award is subject to the Company's Total Shareholder Return ('TSR') performance measured against the TSR of the FTSE Mid 250 Index (excluding investment trusts);
(b) a further one-third of the initial value of an award is subject to Group Earnings per Share ('EPS') performance; and
(c) the final one-third of the initial value of an award is subject to the three-year average Return on Capital Employed ('ROCE') of the Company.
Awards vest as follows:
(a) for the TSR linked part of an award, 25% (i.e. threshold) will vest if the Company's TSR matches Index performance, rising to 100% (i.e. maximum) if the Company's TSR outperforms the Index by 8% p.a., compound or more with sliding scale vesting between the two points;
(b) for the EPS growth linked part of an award, 25% (i.e. threshold) will vest if the Company's EPS growth over the period is 4% p.a., compound rising to 100% (i.e. maximum) if the Company's EPS growth over the period is 10% p.a., compound or more with sliding scale vesting between the two points; and
(c) for the ROCE linked part of an award, 25% (i.e. threshold) will vest if the Company's ROCE is at least 12% p.a., rising to 100% (i.e. maximum) if the Company's ROCE is 22% p.a. or more; and with straight-line vesting between the two points.
The Company announces that on 21 April 2023 the grant of the share based element of 2022 profit share awards has been made under the Savills Deferred Share Bonus Plan to Directors and PDMRs as follows:-
Director/ PDMR | Number of shares subject to the Savills Deferred Share Bonus Plan awarded to the Director/ PDMR on 21 April 2023 |
Mark Ridley (Director) | 108,981 |
Simon Shaw (Director) | 83,876 |
Alex Jeffrey (PDMR) | 40,966 |
Chris Lee (PDMR) | 16,806 |
Raymond Lee (PDMR) | 32,432 |
David Lipson (PDMR) | 9,309 |
Christian Mancini (PDMR) | 27,037 |
Mitchell Rudin (PDMR) | 9,309 |
James Sparrow (PDMR) | 73,529 |
The Company announces that on 21 April 2023 the grant of an award has been made under the Savills Deferred Share Plan to a PDMR as follows:-
PDMR | Number of shares subject to the Savills Deferred Share Plan awarded to the PDMR on 21 April 2023 |
Alex Jeffrey | 36,764 |
Vesting on a sliding scale is dependent upon the satisfaction of performance criteria relating to the financial performance of Savills Investment Management, including the performance of funds managed by Savills Investment Management, over the period 2023 to 2025.
All the above awards have a Deferred Period of three years and are subject to rolled-up dividend shares whereby the number of shares awarded will be increased on the vesting date to reflect final and interim dividends declared during the Deferred Period.
The Company announces that on 21 April 2023 the grant of an award has been made under The Schedule to The Savills Deferred Share Plan to a PDMR based in the United States of America as follows:-
PDMR | Number of shares subject to the Savills Deferred Share Plan awarded to the PDMR on 21 April 2023 |
David Lipson (PDMR) | 42,318 |
20% of Mr Lipson's award will vest on each of the five anniversaries subsequent to the date of grant subject to continued employment. The award is subject to rolled-up dividend shares whereby the number of shares awarded will be increased on the vesting dates to reflect final and interim dividends declared during the Deferred Periods.
Resulting beneficial interests under the Savills Deferred Share Bonus Plan and Savills Deferred Share Plan further to the above notifications are as follows:
Director/ PDMR | Resulting beneficial interest under the Savills Deferred Share Bonus Plan and Savills Deferred Share Plan |
Mark Ridley (Director) | 308,398 |
Simon Shaw (Director) | 232,772 |
Alex Jeffrey (PDMR) | 387,042 |
Chris Lee (PDMR) | 78,650 |
Raymond Lee (PDMR) | 130,574 |
David Lipson (PDMR) | 187,304 |
Christian Mancini (PDMR) | 146,408 |
Mitchell Rudin (PDMR) | 194,919 |
James Sparrow (PDMR) | 165,149 |
The information set out below is provided in accordance with the requirements of Article 19 of the EU Market Abuse Regulation No 596/2014.
1. | Details of the Director/ PDMR
| ||
(a) | Name | 1. Mark Ridley 2. Simon Shaw 3. Alex Jeffrey 4. Chris Lee 5. Raymond Lee 6. David Lipson 7. Christian Mancini 8. Mitchell Rudin 9. James Sparrow
| |
2. | Reason for the notification
| ||
(a) | Position/ status | 1. Group Chief Executive/ Director 2. Group Chief Financial Officer/ Director 3. Chief Executive Officer - Savills Investment Management/ PDMR 4. Group Legal Director and Company Secretary/ PDMR 5. Chief Executive - Hong Kong, Macau and Greater China/ PDMR 6. President - Savills North America/ PDMR 7. Chief Executive Officer Asia Pacific (ex-Greater China)/ PDMR 8. Chairman and CEO - Savills North America/ PDMR 9. CEO, Savills UK & EMEA/ PDMR
| |
(b) | Initial notification/ Amendment
| Initial notification | |
3. | Details of the issuer
| ||
(a) | Name | Savills plc
| |
(b) | LEI | 213800WXICGMBWHTA933
| |
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
| Savills plc Ordinary Shares of 2.5p each | |
(b) | Identification code of the Financial Instrument
| GB00B135BJ46 | |
(c) | Nature of the transaction
| 1) Vesting of awards under the Company's Performance Share Plan and sale of resultant shares 2) Grant of awards over Ordinary Shares in accordance with the Company's Performance Share Plan 3) Grant of awards over Ordinary Shares in accordance with the Company's Deferred Share Bonus Plan and Deferred Share Plan
| |
(d) | Price(s) and volume(s)
| Price(s) | Volume(s)
|
1) Acquisition £0.025 per share
Disposal £9.766 per share | 1. 11,173 2. 11,758 3. n/a 4. 5,985 5. n/a 6. n/a 7. n/a 8. n/a 9. n/a
1. 11,173 2. 11,758 3. n/a 4. 5,985 5. n/a 6. n/a 7. n/a 8. n/a 9. n/a
| ||
2) £nil per share | 1. 65,336 2. 50,000 3. n/a 4. 25,288 5. n/a 6. n/a 7. n/a 8. n/a 9. n/a
| ||
3) £nil per share | 1. 108,981 2. 83,876 3. 77,730 4. 16,806 5. 32,432 6. 51,627 7. 27,037 8. 9,309 9. 73,529
| ||
(e) | Aggregated information
- Aggregated volume - Price
| N/A
| |
(f) | Date of the transaction
| 21 April 2023 | |
(g) | Place of the transaction
| Outside a trading venue | |
Name of contact and telephone number for queries:
Chris Lee
Group Legal Director & Company Secretary
020 3107 5444
24 April 2023