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4 Apr 2014 07:00
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3 April 2014
Notification of Transactions of Persons Discharging Managerial Responsibilities
Vesuvius plc
This notification is made in accordance with DTR 3.1.4R(1)(a) of the Disclosure Rules and Transparency Rules
Vesting of 2011 LTIP Awards
In accordance with the rules of the Cookson Group Long-Term Incentive Plan, the allocation of Performance and Matching Shares awarded to Francois Wanecq on 1 April 2011 vested on 1 April 2014, following the application of the performance conditions specified at the time of grant. Following the demerger in December 2012, the Awards over Cookson Group plc Shares were rolled-over to become an award over ordinary shares in Vesuvius plc (the "Company").
The Remuneration Committee awarded dividends in respect of the shares that vested. As a result, Mr Wanecq received additional shares equivalent in value to the dividends that would have accrued on the shares that vested during the three year vesting period. The shares to satisfy the vesting of these awards were sourced from Vesuvius's Employee Share Ownership Trust and Mr Wanecq has sold sufficient shares to meet his associated tax and social security liabilities and the dealing costs for selling these shares. The remaining shares for Mr Wanecq will be transferred into his own name.
F C Wanecq
Performance Shares Vested | Matching Shares Vested Β | Dividend Shares | Total number of Shares Sold to cover dealing costs, tax and social security liabilities | Total Shares to be retained | ||
42,105 | 91,752 | 16,905 | 71,001 | 79,761 |
The mid-market closing price of the Company's shares on the date of vesting was Β£4.355.
Following the transaction detailed above, the interests of Francois Wanecq in the shares of the Company are as follows:-
Shareholdings:
Executive Director | Vesuvius Shareholdings prior to this notification | Vesuvius Total Shares to be retained | Vesuvius Total holding following notification | Vesuvius Total percentage holding following notification |
F C Wanecq | 1,210,386 | 79,761 | 1,290,147 | 0.48% |
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Tony Dand
Interim Deputy Company Secretary
Vesuvius plc
165 Fleet Street
London EC4A 2AE
Tel: +44 (0) 20 7822 0062
Fax: +44 (0) 20 7822 0100
Web: www.Vesuvius.com
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