1 Mar 2021 16:16
1 March 2021
THE VITEC GROUP PLC
Notification of Transactions of Directors and Persons Discharging Managerial Responsibility (PDMRs)
Long Term Incentive Plan (LTIP) - Lapse of 2018 Awards
The Vitec Group plc (the "Company") confirms that neither of the performance conditions associated with awards made under the LTIP on 2 March 2018 reached threshold performance conditions for vesting and hence all awards under the 2018 LTIP will lapse on their third anniversary on 2 March 2021. The performance conditions were based 67% on adjusted earnings per share growth and 33% on Total Shareholder Return performance compared to a comparator group.
Details of the awards that have lapsed are as follows:
Name | Position | Number of 2018 LTIP awards lapsed |
Stephen Bird | Group Chief Executive | 50,106 |
Martin Green | Group Finance Director | 29,558 |
Marco Pezzana | PDMR | 25,170 |
Jon Bolton | PDMR | 15,489 |
Nicola Dal Toso | PDMR | 5,000 |
Deferred Bonus Plan - Vesting of 2020 Awards
The following transactions were undertaken by Stephen Bird and Martin Green in the ordinary shares of the Company on 26 February 2021 in connection with the maturity of the 2020 Deferred Bonus Plan ("DBP"). Each Director deferred 100% of their 2019 bonus into the DBP. The deferred bonus was used to purchase shares in the Company at a price of £5.81 per share ("DBP award shares") that were held in the Employee Trust on behalf of each Director. 50% of the award was to vest in January 2021 (or as close as possible thereafter) and 50% on the third anniversary of the award.
Stephen Bird, Group Chief Executive
Transaction | Date of transfer | Total shares vested | Number of shares retained |
Transfer of DBP award shares | 26 February 2021 | 5,676 | 5,676 |
Following the above transaction, Stephen Bird's shareholding is 317,957 ordinary shares in the Company. This includes 25,095 ordinary shares purchased in the market with funds provided by Stephen Bird and held by Apex Fund Services, the Trustee used to hold shares in respect of awards made under The Vitec Group 2014 Deferred Bonus Plan. Stephen Bird's holding also includes 2,000 shares held by a connected person.
Martin Green, Group Finance Director
Transaction | Date of transfer | Total shares vested | Number of shares retained
|
Transfer of DBP award shares | 26 February 2021 | 3,701 | 3,701 |
Following the above transaction, Martin Green's shareholding is 112,105 ordinary shares in the Company. This includes 15,156 ordinary shares purchased in the market with funds provided by Martin Green and held Apex Fund Services, the Trustee used to hold shares in respect of awards made under The Vitec Group 2014 Deferred Bonus Plan.
Vesting of Restricted Share Award
On 26 February 2021 the following share award over ordinary shares of 20 pence each in the Company under the Restricted Share Award ("RSP") was exercised by the following PDMR. The award was not subject to any performance conditions, only ongoing employment on the vesting date. The award was made in exchange for a salary waiver implemented in response to COVID-19.
Name of PDMR | Number of Ordinary shares acquired for nil consideration
| Number of Ordinary shares disposed to cover tax liability | Number of Ordinary shares retained | Total holding of Ordinary shares |
Nicol Verheem | 22,166 | 0 | 22,166 | 143,185 |
Exercise of options under Sharesave Scheme
On 26 February 2021 the following option was exercised by a PDMR under The Vitec Group's 2011 International Sharesave Plan:
Name | Position | Number of options exercised and shares retained | Option price (per share) | Resultant holding of the Company's shares following exercise of Sharesave options |
Nicol Verheem | PDMR | 444 | £8.36
| 143,629 ordinary shares |
On 1 March 2021 the following option was exercised by a PDMR under The Vitec Group's 2011 UK Sharesave Scheme:
Name | Position | Number of options exercised and shares retained | Option price (per share) | Resultant holding of the Company's shares following exercise of Sharesave options |
Jon Bolton | PDMR | 459 | £7.84 | 43,459 ordinary shares made up of personal holdings of 40,354 shares and 3,105 shares held under the Deferred Bonus Plan ("DBP") by the Employee Trustee, Apex Group. |
Enquiries:
Jon Bolton
Group Company Secretary
Tel: 020 8332 4600
A snapshot of The Vitec Group plc
Vitec is a leading global provider of premium branded hardware products and software solutions to the growing content creation market.
Vitec's customers include broadcasters, film studios, production and rental companies, photographers, independent content creators and enterprises. Our product portfolio includes camera supports, video transmission systems and monitors, live streaming solutions, smartphone accessories, robotic camera systems, prompters, LED lighting, mobile power, bags and motion control, audio capture and noise reduction equipment.
We employ around 1,600 people across the world in 11 different countries and are organised in three Divisions: Imaging Solutions, Production Solutions and Creative Solutions.
The Vitec Group plc is listed on the London Stock Exchange.
More information can be found at: www.vitecgroup.com
LEI number: 2138007H5DQ4X8YOCF14