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28 Feb 2017 17:11
28 February 2017
THE VITEC GROUP PLC
Notification of Transactions of Directors and Persons Discharging Managerial Responsibility (PDMRs)
Long Term Incentive Plan ("LTIP") - 2017 Awards
The Vitec Group plc ("the Company") announces that on 28 February 2017 awards of ordinary shares of 20 pence each were made under the Company's LTIP to Executive Directors and PDMRs. The number of shares awarded is set out in the following table and further details on the awards are provided below.
Name | Position | Award of LTIP shares |
Stephen Bird | Group Chief Executive | 78,647 |
Martin Green | Group Business Development Director | 46,395 |
Marco Pezzana | PDMR | 37,495 |
Alan Hollis | PDMR | 31,477 |
Jon Bolton | PDMR | 24,312 |
Halid Hatic | PDMR | 17,366 |
Martin Vann | PDMR | 17,132 |
The awards are made subject to the following performance conditions that are contingent on the approval by the Company's shareholders at the 2017 AGM of the Remuneration Policy Report.
Subject to satisfaction of performance conditions, the awards made under the LTIP will vest on the third anniversary of the date of grant on 28 February 2020. In respect of Executive Directors, any awards vesting under the 2017 award will, after deduction of taxes, be subject to a further two year holding period.
33% of the 2017 award is subject to the Company's total shareholder return ("TSR") ranked against the constituents of the FTSE 250 index (excluding financial services companies and investment trusts). For median performance in the comparator group there will be 25% vesting and for upper quartile performance there will be full vesting, with a straight line sliding scale between these two points. None of this part of the award will vest for TSR performance below the median.
67% of the 2017 award is subject to the growth in the Company's basic earnings per share, excluding restructuring costs and charges associated with acquired businesses ("adjusted EPS"). Annualised adjusted EPS growth of 6% p.a. over the period will be required for threshold vesting (25%) of this part of the award, with annualised adjusted EPS growth of 14% p.a. or higher required for all of this part of the award to vest. There will be a straight line sliding scale between these two points. None of this part of the award will vest for annualised adjusted EPS growth below 6% p.a. over the period.
Both performance conditions are independent of one another and vesting will also take into account the Group's underlying performance. In particular, the Remuneration Committee will adopt a discretionary underpin that will take into account Return on Capital Employed ("ROCE") performance over the performance period for the adjusted EPS element of the award.
Enquiries:
Jon Bolton
Group Company Secretary
020 8332 4600
A Snapshot of The Vitec Group
Vitec is a leading global provider of premium branded products and services to the fast changing and growing "image capture and sharing" market.
Vitec's customers include broadcasters, independent content creators, photographers and enterprises, and our activities comprise: design, manufacture and distribution of high performance products and software including camera supports, wireless systems, robotic camera systems, prompters, LED lights, mobile power, monitors and bags; and premium services including technical solutions, systems integration and equipment rental for TV production teams, film crews and enterprises.
We employ around 1,700 people across the world in ten different countries and are organised in two Divisions: Broadcast and Photographic.
The Vitec Group plc is listed on the London Stock Exchange with 2016 revenue of £376.2 million.
More information can be found at: www.vitecgroup.com.
LEI number: 2138007H5DQ4X8YOCF14
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