REG - Reach PLC - Director/PDMR Shareholding
RNS Number : 1035IReach PLC30 March 202030 March 2020
Reach plc (the "Company")
Grant of Awards under the Company's Long Term Incentive Plan 2012 ("LTIP")
The independent trustee (the "Trustee") of the Company's Employees' Benefit Trust based in Jersey (the "Trust") notified the Company that on 27 March 2020 it granted awards under the LTIP to acquire ordinary shares in the capital of the Company to Persons Discharging Managerial Responsibility ("PDMR") within the Company, in the amounts set out below.
Under the terms of the LTIP, Awards will normally vest on the third anniversary of their date of grant subject to the satisfaction of conditions relating to the performance of the Company over the three financial years to which an award relates. Upon vesting, awards are subject to a holding period of a further two years. During the holding period restrictions will apply to the sale or other disposal of the shares. The Awards will also be subject to the malus and clawback provisions of the LTIP.
The awards will be subject to achievement of the performance conditions as set out in the Directors' Remuneration Report in the 2019 Annual Report and Accounts.
The total exercise price payable on any exercise of an LTIP award is £1. Nothing is paid for the grant of the Award.
The base price for calculating the level of award was 96.9p, the average market closing price between 24 and 26 March 2020.
The Reach share price has trended lower recently due to various global factors, which are not considered to be specific to the Company. Under the rules of the LTIP the Remuneration Committee has discretion to direct the Trustee to moderate vesting levels to ensure that the final outcomes are appropriate based on the performance of the Company and in light of any relevant factors (including any windfall gains).
Details of the transactions are set out below:
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Jim Mullen
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
Reach plc
b)
LEI
213800GNI5XF3XOATR61
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
Ordinary 10p Shares
Identification code
GB0009039941
b)
Nature of the transaction
Grant of share options under the Company's Long Term Incentive Plan 2012.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£nil
750,258
d)
Aggregated information
- Aggregated volume
750,258
- Price
nil
e)
Date of the transaction
27 March 2020
f)
Place of the transaction
XLON
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Simon Fuller
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
Reach plc
b)
LEI
213800GNI5XF3XOATR61
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
Ordinary 10p Shares
Identification code
GB0009039941
b)
Nature of the transaction
Grant of share options under the Company's Long Term Incentive Plan 2012.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£nil
468,272
d)
Aggregated information
- Aggregated volume
468,272
- Price
nil
e)
Date of the transaction
27 March 2020
f)
Place of the transaction
XLON
Enquiries
Reach
020 7293 3000
Jim Mullen, Chief Executive Officer
Simon Fuller, Chief Financial Officer
Lorraine Clover, Group Company Secretary
Tulchan Communications
020 7353 4200
David Allchurch, Partner
LEI: 213800GNI5XF3XOATR61
Classification: 2.2 Information disclosed under article 19 of the Market Abuse Regulation.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDDSHEBLFXBXLBBBB
Recent news on Reach
See all newsREG - Reach PLC - Holding(s) in Company
AnnouncementREG - Reach PLC - Notice of Meeting
AnnouncementREG - Reach PLC - Annual Report Publication
AnnouncementREG - Reach PLC - Annual Results for 53 weeks ended 31 December 2023
AnnouncementREG - Reach PLC - Notice of Results
Announcement