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18 Jul 2018 07:00
18 July 2018
Vertu Motors plc
(the "Company")
Notification of Directors' interests
The Remuneration Committee of the Company approved grants of nil-cost options over ordinary shares of 10p each in the Company ("Ordinary Shares") to directors of the Company, under the Vertu 2013 Long Term Incentive Plan voted on by shareholders at the 2013 AGM and 2016 AGM ("LTIP Options"). The LTIP Options were issued as detailed below on 17 July 2018:
Director | Number of Ordinary Shares subject to the LTIP Options | Resultant number of Ordinary Shares subject to options | Beneficial holding of Ordinary Shares excluding options* |
Robert Forrester | 262,208 | 855,092 | 6,929.868 |
Michael Sherwin | 196,656 | 641.320 | 489,253 |
*includes shares held by persons closely associated with the Director.
Vesting of the LTIP Options is dependent upon stretching absolute growth in the Company's total shareholder return and stretching return on equity achieved by the Company over a three year performance period commencing on 1 March 2018. The performance criteria are the same as those approved by shareholders at the 2016 Annual General Meeting. The LTIP Options are then subject to a further two year holding period. Further details are set out on page 104 - 106 of the 2018 annual report and accounts.
The Company's issued share capital consists of 379,292,049 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | ROBERT FORRESTER | ||||
2. | Reason for the notification | ISSUE OF LTIP OPTIONS | ||||
b) | Position/status | CEO | ||||
c) | Initial notification/Amendment | INITIAL NOTIFICATION | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
d) | Name | VERTU MOTORS PLC | ||||
e) | LEI | 213800GIKJEIUIGMI575 | ||||
4. | Details of transactions(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (vi) each place where transactions have been conducted | |||||
f) | Description of the financial instrument, type of instrument identification code
Identification code | ORDINARY SHARES OF 10p EACH IN VERTU MOTORS PLC
GB00B1GK4645 | ||||
g) | Nature of the transaction | ACCEPTANCE OF OPTION OVER ORDINARY SHARES OF 10p EACH IN VERTU MOTORS PLC, PURSUANT TO THE COMPANY'S LONG TERM INCENTIVE PLAN | ||||
h) | Price(s) and volume(s)
| |||||
i) | Aggregated information
-Aggregated volume
- Price | NOT APPLICABLE - SINGLE TRANSACTION |
j) | Date of the transaction | 17 JULY 2018 |
k) | Place of transaction | LONDON STOCK EXCHANGE, AIM |
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | MICHAEL SHERWIN | ||||
2. | Reason for the notification | ISSUE OF LTIP OPTIONS | ||||
b) | Position/status | CFO | ||||
c) | Initial notification/Amendment | INITIAL NOTIFICATION | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
d) | Name | VERTU MOTORS PLC | ||||
e) | LEI | 213800GIKJEIUIGMI575 | ||||
4. | Details of transactions(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (vi) each place where transactions have been conducted | |||||
f) | Description of the financial instrument, type of instrument identification code
Identification code | ORDINARY SHARES OF 10p EACH IN VERTU MOTORS PLC
GB00B1GK4645 | ||||
g) | Nature of the transaction | ACCEPTANCE OF OPTION OVER ORDINARY SHARES OF 10p EACH IN VERTU MOTORS PLC, PURSUANT TO THE COMPANY'S LONG TERM INCENTIVE PLAN | ||||
h) | Price(s) and volume(s)
| |||||
i) | Aggregated information
-Aggregated volume
- Price | NOT APPLICABLE - SINGLE TRANSACTION |
j) | Date of the transaction | 17 JULY 2018 |
k) | Place of transaction | LONDON STOCK EXCHANGE, AIM |
- Ends -
For further information please contact:
Vertu Motors plcRobert Forrester, CEOMichael Sherwin, CFO | Tel: 0191 491 2111Tel: 0191 491 2112 |
Canaccord Genuity Limited Chris ConnorsHenry Fitzgerald-O'Connor Richard Andrews | Tel: 020 7523 8000 |
Zeus Capital LimitedDominic King | Tel: 020 3829 5000 |
Camarco Billy Clegg Tom Huddart | Tel: 020 3757 4983 |
Notes to Editors
Vertu Motors, the UK automotive retailer with a proven growth strategy, is the sixth largest automotive retailer in the UK with a network of 125 sales outlets across the UK. Its dealerships operate predominantly under the Bristol Street Motors, Vertu, Farnell and Macklin Motors brand names.
Vertu Motors was established in November 2006 with the strategy to consolidate the UK motor retail sector. It is intended that the Group will continue to acquire motor retail operations to grow a scaled dealership group. The Group's acquisition strategy is supplemented by a focused organic growth strategy to drive operational efficiencies through its national dealership network. The Group currently operates 122 franchised sales outlets and 3 non-franchised sales operations from 106 locations across the UK.
Vertu Motors Group websites - www.vertumotors.com / www.vertucareers.com
Vertu brand websites - www.bristolstreet.co.uk / www.vertuhonda.com / www.vertutoyota.com / www.macklinmotors.co.uk / www.farnelllandrover.com / www.farnelljaguar.com / www.vertuvolkswagen.com / www.vertumercedes-benz.com
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