REG - Reach PLC - Director/PDMR Shareholding
RNS Number : 8385VReach PLC05 December 2019Reach plc
5 December 2019
Reach plc (the "Company")
Grant of Awards under the Company's Long Term Incentive Plan 2012
Long Term Incentive Plan 2012 (the "LTIP")
The independent trustee (the "Trustee") of the Company's Employees' Benefit Trust based in Jersey (the "Trust") notified the Company that on 4 December 2019 it granted an award under the LTIP to acquire ordinary shares in the capital of the Company in the form of nil-cost options to Jim Mullen, a Person Discharging Managerial Responsibility ("PDMR"), in the amount set out below. The award to Jim Mullen represents an award equating to 200% of his base salary for 2019 and relates to the terms of his appointment in August 2019.
Under the terms of the LTIP, Awards 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 (the "Performance Period"). 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 be exercisable based on two performance measures. 60% of the shares under award depend on the satisfaction of an Absolute TSR Condition. 40% of the shares under award depend on the satisfaction of a Net Cash Flow performance condition (the "Performance Conditions"). The Performance Conditions are as set out in the announcement dated 12 March 2019 ("LTIP Announcement").
The base price for calculating the level of award was 97.7p, the average market closing price between 29 November 2019 and 3 December 2019.
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)
£0.977
972,364
d)
Aggregated information
- Aggregated volume
N/A
- Price
N/A
e)
Date of the transaction
4 December 2019
f)
Place of the transaction
Outside a trading venue
Enquiries
Reach plc
Jim Mullen, Chief Executive Officer
020 7293 3000
Simon Fuller, Chief Financial Officer and Company Secretary
Tulchan Communications
David Allchurch, Partner
020 7353 4200
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.ENDDSHBELFBKLFEFBK
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