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Pin to quick picksVesuvius Regulatory News (VSVS)

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Director/PDMR Shareholding

10 Apr 2013 16:22

RNS Number : 0598C
Vesuvius plc
10 April 2013
 



10 April 2013

 

Notification of Transactions of Persons Discharging Managerial Responsibilities

Vesuvius Group plc

 

This notification is made in accordance with DTR 3.1.4R(1)(a) of the Disclosure Rules and Transparency Rules

 

Vesting of 2010 LTIP Awards

 

In accordance with the rules of the Cookson Group Long-Term Incentive Plan (the "Plan"), the allocation of Performance and Matching Shares awarded to the executive Directors of Cookson Group plc ("Cookson" or "the Company") on 07 April 2010 vested on 08 April 2013, following the application of the performance conditions specified at the time of grant. Following the demerger of Cookson Group plc in December 2012 the Awards over Cookson Shares were rolled-over so as to become an award over a mixture of ordinary shares in Vesuvius plc ("Vesuvius Shares") and ordinary shares in Alent plc ("Alent Shares"). The original 2010 Award was replaced by an award over 1 Vesuvius Share and 1 Alent Share for each Cookson Share subject to that original award.

The Remuneration Committee awarded dividends in respect of the shares that vested. As a result each participant 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 was sourced from Cookson's Employee Share Ownership Trust and the Trustees have arranged for sufficient shares to be sold to meet Mr Wanecq's 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

 Shares

Matching Shares Vested

Performance Shares Vested

Dividend Shares

Total number of Shares Sold to cover dealing costs, tax and social security liabilities

 

Total Shares to be retained

Vesuvius

41090

63182

6392

45594

65070

Alent

41090

63182

5829

45365

64736

 

 

The mid-market closing price of the Company's shares on the date of vesting was £3.30.

 

 Following the transaction detailed above, the interests of the executive Directors 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

1,145,316

65070

1,210,386

0.43%

 

 

Richard Malthouse

Group Secretary

 

Vesuvius plc

165 Fleet Street

London EC4A 2AE

Tel: +44 (0) 20 7822 0000

Fax: +44 (0) 20 7822 0100

Web: www.Vesuvius.com

 

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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