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17 Feb 2022 12:49
17 February 2022
Watches of Switzerland Group PLC
Notification of transactions by Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them
As previously announced, on 26 August 2021 the Company agreed, in connection with his appointment as CFO, to compensate William ('Bill') Floydd for share awards forfeited by him (the 'Rank Awards') on leaving his previous employer Rank Group Plc ('Rank').
On 14 February 2022 the Company awarded Bill Floydd the share awards (the 'Awards') outlined below. The Awards are a replacement for the Rank Awards which Bill forfeited on his leaving his employment with Rank and in recognition of joining the Company. The number of shares granted in relation to the Awards were determined based on Rank and Watches of Switzerland Group PLC ('WOSG' or 'the Company') share prices on 31 December 2021, the last business day before Bill joined the Company.
The Awards granted are as follows:
(i) Award 1 - 3,443 ordinary shares in Watches of Switzerland Group PLC ('WOSG Ordinary Shares'). These were granted to Bill to compensate him for the portion of the 2017/18 LTIP award forfeited on Bill leaving employment with Rank. As disclosed in the Rank 2020/21 Annual Report, 47,013 shares, of the 2017/18 LTIP Award vested following the assessment of the Rank LTIP performance conditions. The first tranche of this award, 15,671 shares vested to Bill in October 2021 while he remained in employment with Rank and therefore is not being replaced by WOSG.
Award 1 replaces the final two tranches of the 2017/18 LTIP. 1,721 WOSG Ordinary Shares replace tranche 2 of the 2017/18 LTIP and will vest in October 2022 (subject to a one year holding period). 1,722 WOSG Ordinary Shares replace tranche 3 of the 2017/18 LTIP and will vest in October 2023 (no holding period will apply). These vesting dates and holding period are in line with the vesting timeline of the forfeited Rank Award.
(ii) Award 2 - 35,392 WOSG Ordinary Shares granted to Bill to compensate for a forfeited LTIP award granted by Rank under their 2020/21 LTIP. This Award is due to vest in December 2023. The portion of the Award vesting will be determined by the Company in line with the original Rank LTIP performance metrics applicable to the 2020/21 LTIP Award vest, to be disclosed in the 2022/23 Rank Group Annual Report. Any shares that vest will be subject to a two-year holding period. The vesting date and holding period are in line with the vesting timeline of the forfeited Rank Award.
(iii) Award 3 - 46,830 WOSG Ordinary Shares granted to Bill in recognition of joining the Company and having the same performance measures, targets and vesting terms as the 2021 WOSG LTIP award granted to other members of the Company's senior management in July 2021. The Award will vest in July 2024 and will be subject to a two-year holding period.
The following information is given in accordance with Article 19.3 of the Market Abuse Regulation:
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||||||
a) | Name | Bill Floydd | ||||||||||||
2 | Reason for the notification | |||||||||||||
a) | Position/status | Chief Financial Officer | ||||||||||||
b) | Initial notification/Amendment | Initial Notification | ||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||
a) | Name | Watches of Switzerland Group PLC | ||||||||||||
b) | LEI | 2138008ZOT5K9PJW7168 | ||||||||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||||||
a) | Description of the financial instrument, type of instrumentIdentification code | Ordinary Shares of £0.0125
ISIN: GB00BJDQQ870 | ||||||||||||
b) | Nature of the transaction | The grant of (i) and (ii) are replacement share awards on the terms of the Company's Long-Term Incentive Plan, in line with the remuneration terms agreed on appointment and in line with the Company's previous announcements on this subject. These awards compensate for forfeited Rank awards. The grant of (iii) is in recognition of joining the Company | ||||||||||||
c) | Price(s) and volume(s) |
| ||||||||||||
d) | Aggregated information
Aggregated volume
- Price |
85,665
£1,216,443 | ||||||||||||
e) | Date of the transaction | 17 February 2022 | ||||||||||||
f) | Place of the transaction | XLON | ||||||||||||
Contact
The Watches of Switzerland Group
Bill Floydd, Chief Financial Officer
+44 (0) 207 317 4600
Caroline Browne, Group Finance Director
+44 (0) 116 2817 420
investor.relations@thewosgroup.com
Laura Battley
Company Secretary & General Counsel
+44 (0) 207 317 4600
companysecretariat@thewosgroup.com
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