31 Mar 2014 17:02
31 March 2014
THE VITEC GROUP PLC
Notification of Transactions of Directors and Persons Discharging Managerial Responsibility (PDMRs)
The Vitec Group plc ("the Company") announces that the following transactions were undertaken by Directors or PDMRs in the ordinary shares of the Company on the dates indicated below:
· the vesting of Long Term Incentive Plan ("LTIP") and Deferred Bonus Plan ("DBP") awards made in 2011;
· the purchases of ordinary shares under the Company's DBP; and
· the exercise of maturing Sharesave options granted in 2011.
Stephen Bird, Group Chief Executive
Name of Incentive Plan | Transaction | Date | Number of shares acquired for nil consideration (unless stated otherwise)
| Number of shares disposed (including shares sold to cover tax) | Price per share at which transaction completed |
LTIP | Vesting | 31 March 2014 | 19,590 | 10,000 | £6.2475
|
DBP | Vesting | 31 March 2014 | 40,414 shares (of which 28,690 were Core award shares purchased with funds from Stephen Bird in 2011) | 25,000 | £6.2475 |
DBP | Award | 31 March 2014 | 28,313 (Core award shares purchased with funds from Stephen Bird) | - | £6.28 (Total purchase price - £177,805.64) |
The DBP award for 2014 represented a 50% deferral of Stephen Bird's 2013 gross annual cash bonus.
Following the above transactions, Stephen Bird's holding has increased to 219,071 ordinary shares from 194,459 ordinary shares in the Company. This includes 67,228 ordinary shares purchased in the market with funds provided by Stephen Bird and held by Computershare Trustees (Jersey) Limited, the Trustee used to hold shares in respect of awards made under The Vitec Group 2005 Deferred Bonus Plan.
Paul Hayes, Group Finance Director
Name of Incentive Plan | Transaction | Date | Number of shares acquired for nil consideration (unless stated otherwise)
| Number of shares disposed (including shares sold to cover tax) | Price per share at which transaction completed |
DBP | Award | 31 March 2014 | 20,147 (Core award shares purchased with funds from Paul Hayes) | - | £6.28 (Total purchase price - £126,523.16) |
The DBP award for 2014 represented a 50% deferral of Paul Hayes' 2013 gross annual cash bonus.
Following the above transactions, Paul Hayes' holding has increased to 69,036 ordinary shares from 48,889 ordinary shares in the Company. This includes 40,036 ordinary shares purchased in the market with funds provided by Paul Hayes and held by Computershare Trustees (Jersey) Limited, the Trustee used to hold shares in respect of awards made under The Vitec Group 2005 Deferred Bonus Plan.
Steve Shpock, PDMR
Name of Incentive Plan | Transaction | Date | Number of shares acquired for nil consideration (unless stated otherwise)
| Number of shares disposed (including shares sold to cover tax) | Price per share at which transaction completed |
DBP | Vesting | 31 March 2014 | 778 shares (of which 553 were Core award shares purchased with funds from Steve Shpock in 2011) | 778 | £6.2475 |
DBP | Award | 31 March 2014 | 4,327 (Core award shares purchased with funds from Steve Shpock) | - | £6.28 (Total purchase price - £27,173.56) |
Sharesave | Maturity | 28 March 2014 | 581 shares acquired at £5.02 per share | 581 | £6.28 |
Following the above transactions, Steve Shpock holds 9,834 ordinary shares in the Company. This includes 9,834 ordinary shares purchased in the market with funds provided by Steve Shpock and held by Computershare Trustees (Jersey) Limited, the Trustee used to hold shares in respect of awards made under The Vitec Group 2005 Deferred Bonus Plan.
Matt Danilowicz, PDMR
Name of Incentive Plan | Transactions | Date | Number of shares acquired for nil consideration (unless stated otherwise)
| Number of shares disposed (including shares sold to cover tax) | Price per share at which transaction completed |
DBP | Award | 31 March 2014 | 6,597 (Core award shares purchased with funds from Matt Danilowicz) | - | £6.28 (Total purchase price - £41,429.16) |
Following the above transactions, Matt Danilowicz holds 11,606 ordinary shares in the Company. This includes 11,606 ordinary shares purchased in the market with funds provided by Matt Danilowicz and held by Computershare Trustees (Jersey) Limited, the Trustee used to hold shares in respect of awards made under The Vitec Group 2005 Deferred Bonus Plan.
Marco Pezzana, PDMR
Name of Incentive Plan | Transactions | Date | Number of shares acquired for nil consideration (unless stated otherwise)
| Number of shares disposed (including shares sold to cover tax) | Price per share at which transaction completed |
DBP | Award | 31 March 2014 | 4,491 (Core award shares purchased with funds from Marco Pezzana) | - | £6.28 (Total purchase price - £28,203.48) |
Following the above transactions, Marco Pezzana holds 25,324 ordinary shares in the Company. This includes 9,976 ordinary shares purchased in the market with funds provided by Marco Pezzana and held by Computershare Trustees (Jersey) Limited, the Trustee used to hold shares in respect of awards made under The Vitec Group 2005 Deferred Bonus Plan.
Martin Green, PDMR
Name of Incentive Plan | Transactions | Date | Number of shares acquired for nil consideration (unless stated otherwise)
| Number of shares disposed (including shares sold to cover tax) | Price per share at which transaction completed |
DBP | Vesting | 31 March 2014 | 1,305 shares (of which 927 were Core award shares purchased with funds from Martin Green in 2011) | 1,305 | £6.2475 |
DBP | Award | 31 March 2014 | 8,588 (Core award shares purchased with funds from Martin Green) | - | £6.28 (Total purchase price - £53,932.64) |
Following the above transactions, Martin Green holds 30,032 ordinary shares in the Company. This includes 13,070 ordinary shares purchased in the market with funds provided by Martin Green and held by Computershare Trustees (Jersey) Limited, the Trustee used to hold shares in respect of awards made under The Vitec Group 2005 Deferred Bonus Plan.
Jon Bolton, PDMR
Name of Incentive Plan | Transactions | Date | Number of shares acquired for nil consideration (unless stated otherwise) | Number of shares disposed (including shares sold to cover tax) | Price per share at which transaction completed |
DBP | Vesting | 31 March 2014 | 1,294 shares (of which 919 were Core award shares purchased with funds from Jon Bolton in 2011) | 177 | £6.2475 |
DBP | Award | 31 March 2014 | 2,979 (Core award shares purchased with funds from Jon Bolton) | - | £6.28 (Total purchase price - £18,708.12) |
Following the above transactions, Jon Bolton holds 24,835 ordinary shares in the Company. This includes 5,251 ordinary shares purchased in the market with funds provided by Jon Bolton and held by Computershare Trustees (Jersey) Limited, the Trustee used to hold shares in respect of awards made under The Vitec Group 2005 Deferred Bonus Plan.
DBP Awards 2014
The shares purchased under the DBP 2014 will form the individuals' Core Awards and will be held in trust by Computershare Trustees (Jersey) Limited, as trustee of the Vitec Group Employee Trust. Any Matching Award under the DBP will be calculated on vesting in accordance with the rules of the DBP and subject to satisfaction of performance conditions following the end of the three year performance period on 31 March 2017. Both the Core Award and Matching Award will vest on this date.
50% of the Matching Award is subject to the Company's Total Shareholder Return ranked against the constituents of the FTSE 250 index (excluding financial services companies and investment trusts). One Matching share for every three Core Award shares will vest at median performance, and one Matching share for every one Core Award share will vest at top 25th percentile performance against the comparator group, with a straight line sliding scale between these two points. None of this part of the Matching Award will vest for TSR performance below the median.
50% of the Matching Award is subject to the growth in the Company's published adjusted basic Earnings per Share ("Adjusted EPS Growth"). One Matching share for every three Core Award shares will vest for Adjusted EPS Growth of 6% per annum, and one Matching share for every one Core Award share will vest for Adjusted EPS Growth of 12% plus per annum, with a straight line sliding scale between these two points. None of this part of the Matching Award will vest for Adjusted EPS Growth lower than 6%.
Both performance conditions are independent of one another for the Matching Award.
Enquiries:
Jon Bolton
Group Company Secretary
020 8332 4600
A Snapshot of The Vitec Group
Vitec is an international Group principally serving customers in the Broadcast & Video, Photographic and Military, Aerospace and Government (MAG) markets. Listed on the London Stock Exchange with 2013 revenue of £315.4 million, Vitec is based on strong, well known, premium brands on which its customers worldwide rely. Vitec is organised in three Divisions: Videocom, Imaging and Services.
Videocom designs and distributes systems and products used in broadcasting and live entertainment, film and video production and MAG.
Imaging designs, manufactures and distributes equipment and accessories for photography and video.
Services provides equipment rental, workflow design and technical support to TV production teams and film crews.
More information can be found at: www.vitecgroup.com.