REG - GVC Holdings PLC - Director/PDMR Shareholding

EntainAnnouncement

10/06/2020 11:40

RNS Number : 5523P
  
GVC Holdings PLC
  
10 June 2020
  
 

 
 
 
 
 
 
 
 
 
10 June 2020
GVC Holdings PLC
("GVC" or "Company")
 
Notification of Transactions by Persons Discharging Managerial Responsibility
Or Persons Closely Associated
 
Awards granted under the GVC Holdings PLC 2017 Long Term Incentive Plan ("LTIP") and the Annual and Deferred Bonus Plan ("ADBP")
 
GVC Holdings PLC (LSE: GVC), the global sports betting and gaming group, announces the following awards over GVC ordinary shares of €0.01 each ("Shares") were granted to Executive Directors of the Company on 10 June 2020 as set out below:
 




Director


Plan


Number of Shares subject to the Award




Kenneth Alexander
CEO


LTIP - 2020 grant


311,529
 




Kenneth Alexander
CEO


ADBP - 2019 Deferred Bonus


118,663




Rob Wood
CFO


LTIP - 2020 grant


136,803




Rob Wood
CFO


ADBP - 2019 Deferred Bonus


39,067




 
2020 LTIP Awards
 
The LTIP awards will normally vest on 10 June 2023, being the third anniversary of the award date subject to 1) continuous employment; and 2) the satisfaction of the relative Total Shareholder Return  and the cumulative Earnings Per Share performance conditions set by the Company's Remuneration Committee on 25 February 2020.  These stretching performance conditions, which have not been adjusted to take into account any impact of the COVID-19 pandemic on GVC's performance, are detailed in the 2019 Directors' Remuneration Report on pages 111 and 112 of the GVC 2019 Annual Report (available on the GVC corporate website at https://gvc-plc.com/wp-content/uploads/2020/04/GVC-2019-Annual-Report-and-Accounts.pdf). 
 
GVC was originally due to make these LTIP awards (and the ADBP wards) in March but, due to the uncertain outlook caused by COVID-19 and the impact on market values at that time, the Board's Remuneration Committee took the decision to delay the grant. However, having taken early and decisive actions to mitigate the impact, and with the imminent reopening of its retail estate and the gradual resumption of sporting events, the Company's outlook is now more certain, as reflected in the recovery in the share price. Accordingly, the Remuneration Committee agreed that it is now appropriate to make the awards. The terms of these awards provide the Remuneration Committee with the ability to review the outcome at vesting and, if it concludes that participants would benefit from 'windfall gains', it will consider making appropriate adjustments to reflect this.
 
2019 ADBP Awards
 
In the Company's remuneration policy, 50% of the Executive Directors' annual bonus is deferred in shares.  The above deferred bonus awards have therefore been granted in respect of the CEO and CFO's annual bonus for the 2019 financial year.  These awards will normally vest on 10 June 2023, being the third anniversary of the award date, subject to continued employment.
 
Pay in response to COVID-19 pandemic
 
Separately, and not withstanding the more certain outlook, the Company announced on 1 May 2020 that, in light of the ongoing impact of the COVID-19 pandemic, the Board of Directors and members of the Group's Executive Committee ("ExCo") have taken a voluntary 20% reduction in basic salary and fees for three months (from  May 2020). In addition, the Executive Board Directors and ExCo members have also decided to forego their bonuses for 2020.
 
The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
 
 
Enquiries:
 




Investor Relations
GVC Holdings PLC


 


 




David Lloyd-Seed, Director of Investor Relations & External Communications


Tel: +44 (0) 203 938 0000




Jennifer Spencer, Investor Relations Manager
 


investors@gvc-plc.com




Media
GVC Holdings PLC
Jay Dossetter, Head of CSR & Corporate Communications


 
 
Tel: +44 (0) 203 938 0000




Powerscourt


 




Rob Greening / Elly Williamson


Tel: +44 (0) 20 7250 1446



 
 
 
 



 
 
 
 




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Kenneth Alexander




2


Reason for the notification




a)


Position/status


Chief Executive Officer




b)


Initial notification/Amendment


Initial notification




3


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name


GVC Holdings PLC




b)


LEI


213800GNI3K45LQR8L28




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 instrument
Identification code


Ordinary shares of GVC Holdings PLC of €0.01 each 

 
IM00B5VQMV65




b)


Nature of the transaction


Grant of Conditional shares under the GVC Holdings PLC 2017 Long Term Incentive Plan




c)


Price(s) and volume(s)






Price(s)


Volume(s)




Nil


 311,529
 




 




d)


Aggregated information




-


Aggregated volume




-


Price




 


 
311,529 ordinary shares of €0.01 each


Nil consideration




e)


Date of the transaction


2020 June 10




f)


Place of the transaction


Outside a trading venue




 
 
 
 
 




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Kenneth Alexander




2


Reason for the notification




a)


Position/status


Chief Executive Officer




b)


Initial notification/Amendment


Initial notification




3


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name


GVC Holdings PLC




b)


LEI


213800GNI3K45LQR8L28




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 instrument
Identification code


Ordinary shares of GVC Holdings PLC of €0.01 each 

 
IM00B5VQMV65




b)


Nature of the transaction


Grant of Conditional shares under the GVC Holdings PLC Annual and Deferred Bonus Plan




c)


Price(s) and volume(s)






Price(s)


Volume(s)




Nil


 118,663




 




d)


Aggregated information




-


Aggregated volume




-


Price




 


 
118,663 ordinary shares of €0.01 each


Nil consideration




e)


Date of the transaction


2020 June 10




f)


Place of the transaction


Outside a trading venue




 
 
 




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Rob Wood




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


GVC Holdings PLC




b)


LEI


213800GNI3K45LQR8L28




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 instrument
Identification code


Ordinary shares of GVC Holdings PLC of €0.01 each 

 
IM00B5VQMV65




b)


Nature of the transaction


Grant of Conditional shares under the GVC Holdings PLC 2017 Long Term Incentive Plan




c)


Price(s) and volume(s)






Price(s)


Volume(s)




Nil


136,803




 




d)


Aggregated information




-


Aggregated volume




-


Price




 


 
136,803 ordinary shares of €0.01 eac h


Nil consideration




e)


Date of the transaction


2020 June 10




f)


Place of the transaction


Outside a trading venue




 
 
 
 




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Rob Wood




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


GVC Holdings PLC




b)


LEI


213800GNI3K45LQR8L28




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 instrument
Identification code


Ordinary shares of GVC Holdings PLC of €0.01 each 

 
IM00B5VQMV65




b)


Nature of the transaction


Grant of Conditional shares under the GVC Holdings PLC Annual and Deferred Bonus Plan




c)


Price(s) and volume(s)






Price(s)


Volume(s)




Nil


39,067
 




 




d)


Aggregated information




-


Aggregated volume




-


Price




 


 
39,067 ordinary shares of €0.01 each


Nil consideration




e)


Date of the transaction


2020 June 10




f)


Place of the transaction


Outside a trading venue




 
 
 
 
 


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