Last checked at 30 Jun 2020 16:52
SAVILLS PLC (THE 'COMPANY')
NOTIFICATION OF INTERESTS OF DIRECTORS/ PERSONS DISCHARGING MANAGERIAL RESPONSIBILIES ('PDMRS')
Grant of Share Awards
The Company announces that on 30 June 2020 awards have been made under The Savills plc Performance Share Plan (the "Performance Share Plan") to Directors and PDMRS of the Company as follows:
Director / PDMR | Number of Shares subject to the Performance Share Plan awarded to the Director / PDMR on 30 June 2020 | Total number of shares subject to the Performance Share Plan following this notification |
Mark Ridley (Director) | 70,828 | 200,658 |
Simon Shaw (Director) | 54,141 | 171,401 |
Chris Lee (PDMR) | 27,551 | 82,205 |
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 following grant:
(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 real (i.e. growth in excess of RPI) Group Earnings per Share ('EPS') growth performance; and
(c) the final one-third of the initial value of an award is subject to the Return on Equity ('ROE') targets, with ROE defined as underlying profit before tax divided by average ordinary shareholders' equity measured over the three-year performance period.
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 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 real EPS growth (i.e. growth in excess of RPI) is 3% p.a., compound rising to 100% (i.e. maximum) if the Company's real (i.e. growth in excess of RPI) EPS growth is 8% p.a., compound with sliding scale vesting between the two points; and
(c) for the ROE linked part of an award, 25% (i.e. threshold) will vest if the Company's ROE is 24%, rising to 100% (i.e. maximum) if the Company's ROE is 32.5% or more; and with straight-line vesting between the two points.
We acknowledge that, in common with many other companies we have seen a fall in our share price since the end of February as a result of the coronavirus pandemic. Under the rules of the Performance Share Plan, the Remuneration Committee has full discretion to ensure that the final outturns reflect all relevant factors, including consideration of any windfall gains.
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 person discharging managerial responsibilities/ person closely associated
| ||
(a) | Name | 1. Mark Ridley 2. Simon Shaw 3. Chris Lee
| |
2. | Reason for the notification
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(a) | Position/ status | 1. Group Chief Executive/ Director 2. Group Chief Financial Officer/ Director 3. Group Legal Director and Company Secretary/ 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
| Awards over Savills plc Ordinary Shares of 2.5p each | |
(b) | Identification code of the Financial Instrument
| GB00B135BJ46 | |
(c) | Nature of the transaction
| Grant of awards over Ordinary Shares in accordance with the Company's Performance Share Plan | |
(d) | Price(s) and volume(s)
| Price(s) | Volume(s)
|
£nil per share | 1. 70,828 2. 54,141 3. 27,551
| ||
(e) | Aggregated information
- Aggregated volume - Price
| N/A
| |
(f) | Date of the transaction
| 30 June 2020 | |
(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
30 June 2020