Last checked at 10 Apr 2013 16:22
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