REG - On the Beach Group - PDMR LTIP AWARDS

On Beach groupAnnouncement

04/12/2019 13:45

RNS Number : 6922V
On the Beach Group PLC
04 December 2019
 


4 December 2019
ON THE BEACH GROUP PLC
Symbol: OTB
 
 
PDMR LTIP AWARDS
 
The notifications below are all in accordance with the requirements of Article 19 (3) of the EU Market Abuse Regulation 596/2014 and the dealings were in respect of ordinary shares of 1 pence each in the share capital of On the Beach Group plc.
 
On 3 December 2019, awards over shares (the "Awards") were made under the On the Beach Group plc Long Term Incentive Plan (the "Plan"), consequently, the share interests of the under-noted directors and persons discharging managerial responsibility have changed following the making of the Awards.
 
The Awards, made for nil consideration, are nil-cost options established in accordance with the rules of the Plan and vesting is subject to performance conditions (adjusted earnings per share ("EPS") (70% of each Award) and total shareholder return ("TSR") targets (30% of each Award)) and measured over three financial years commencing on 1 October 2019 and three years commencing on the award date respectively. 
 
 



Director/PDMR


Number of shares over which Awards made




Simon Cooper


53,487




Paul Meehan


162,559




Bill Allen


52,176




Oliver Garner


52,176




Stefan Nordin


69,481




Kirsteen Vickerstaff


12,585



 
These awards are subject to both EPS and TSR targets measured over a three year performance period and are summarised below:
 
 



Cumulative EPS* over the three financial years FY20, FY21 and FY22


% of EPS element capable of vesting




Below threshold:         < 77.7 pence


0%




Threshold                      77.7 pence


25%




Maximum:                     94.9 pence or above


100%




Between 77.7 and 94.9 pence


25%-100% pro-rata on a straight line basis



 
*Cumulative EPS means the sum of the actual EPS for FY20, FY21 and FY22.
                                           



Annualised TSR over the three year performance period


% of TSR element capable of vesting




Below threshold:           <8%


0%




Threshold:                       8%


25%




Maximum:                       15%


100%




Between 8% and 15%


25%-100% pro-rata on a straight line basis



 
There were 131,154,058 shares in issue at the time of this notification.
 



1.


Details of PDMR / person closely associated with them ("PCA")




a)


Name


SIMON COOPER
 
PAUL MEEHAN
 
BILL ALLEN
 
OLIVER GARNER
 
STEFAN NORDIN
 
KIRSTEEN VICKERSTAFF




2.


Reason for the notification




a)


Position / status


SIMON COOPER - CHIEF EXECUTIVE OFFICER
PAUL MEEHAN - CHIEF FINANCIAL OFFICER
BILL ALLEN - CHIEF SUPPLY OFFICER
OLIVER GARNER - CHIEF INTERNATIONAL OFFICER
STEFAN NORDIN - CHIEF TECHNOLOGY OFFICER
KIRSTEEN VICKERSTAFF - GENERAL COUNSEL AND COMPANY SECRETARY




b)


Initial notification / amendment


Initial Notification




3.


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




a)


Name


On the Beach Group plc




b)


LEI


213800K51Y9BZY7F9R69




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
Identification code


Ordinary shares of 1 pence
GB00BYM1K758




b)


Nature of the transaction


Awards made pursuant to the On the Beach Group plc Long Term Incentive Plan ("LTIP")




c)


Price(s) and volume(s)





Price(s)


Volume(s)




Nil
Nil
Nil
Nil
Nil
Nil


SIMON COOPER - 53,487
 
PAUL MEEHAN - 162,559
 
BILL ALLEN - 52,176
 
OLIVER GARNER - 52,176
 
STEFAN NORDIN - 69,481
 
KIRSTEEN VICKERSTAFF - 12,585



 
 




d)


Aggregated information
-          Aggregated volume
-          Price


N/A




e)


Date of the transaction


3 December 2019




f)


Place of the transaction


Outside a trading venue



 




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