REG - Reach PLC - Director/PDMR Shareholding

ReachAnnouncement

12/04/2022 11:00

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RNS Number : 1052I  Reach PLC  12 April 2022

12 April 2022

 

Reach plc (the "Company")

 

Notification of Transactions by Persons Discharging Managerial
Responsibilities ("PDMRs")

 

Grant of 2022 Awards under the Reach Long Term Incentive Plan ("LTIP")

 

On 11 April 2022, the Company granted nil-cost options over ordinary shares of
10p each in the capital of the Company to the following Directors and PDMRs
under the LTIP and the following additional terms.

 

The number of shares under the LTIP options has been calculated using the
three-month average share price to the date of grant of £2.207 pence per
share (this is a change from past practice where the three-day average share
price to the date of grant was used).

 

Vesting of the LTIP options granted in 2022 are subject to the achievement of
performance conditions over a three-year period, as set out on page 112 in the
Company's 2021 Annual Report, except that TSR performance will be measured
relative to the constituents of the FTSE 250 index (excluding investment
trusts) and not the constituents of FTSE SmallCap index (ex IT), as set out in
the Annual Report.

 

Vested LTIP options held by a Director will also be subject to a post-vesting
holding period of two years. During the holding period, restrictions will
apply to the sale or other disposal of the shares (other than to satisfy any
tax liability).

 

Grant of 2022 Awards under the Reach Restricted Share Plan ("RSP")

 

On 11 April 2022, the independent trustee (the "Trustee") of the Company's
Employee Benefit Trust based in Jersey (the "Trust") notified the Company it
has granted restricted share awards to the following Directors and PDMRs under
the RSP. The number of shares subject to the restricted share awards has been
calculated using the same three-month average share price as for the LTIP
options, as noted above.

 

Under the terms of the RSP, the participant is the beneficial owner of the
restricted shares but the shares are held in trust by the Trustee who remains
the legal owner until the shares are released at the end of the three-year
vesting period (the "Restricted Period").

 

During the Restricted Period, a participant may not dispose of the Restricted
Shares, and cannot vote or receive any dividends in respect of the restricted
shares. An additional award of restricted shares equal in value to any
dividends paid during the Restricted Period may be made on the release of the
awards.

 

The notifications below, which has been made in accordance with the
requirements of the Market Abuse Regulation, provides further detail.

 

 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                                    a.   Grant of nil-cost share options under the Reach Long Term Incentive

                                                            Plan

                                                            b.   Grant of restricted shares under the Reach Restricted Share Plan

 c)   Price(s) and volume(s)

                                                                                        Price(s)             Volume(s)
                                                                   a.                   £nil                 399,974
                                                                   b.                   £nil                 85,514

 d)   Aggregated information

      - Aggregated volume                                          485,488

      - Price                                                      £nil

 e)   Date of the transaction                                      2022-04-11

 f)   Place of the transaction                                     Outside a trading venue

 

 

 

 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                                    a.   Grant of nil-cost share options under the Reach Long Term Incentive

                                                            Plan

                                                            b.   Grant of restricted shares under the Reach Restricted Share Plan

 c)   Price(s) and volume(s)

                                                                                        Price(s)             Volume(s)
                                                                   a.                   £nil                 267,474
                                                                   b.                   £nil                 36,061

 d)   Aggregated information

      - Aggregated volume                                          303,535

      - Price                                                      £nil

 e)   Date of the transaction                                      2022-04-11

 f)   Place of the transaction                                      Outside a trading venue

 

 

 

 

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
 Giles Kernick

 LEI: 213800GNI5XF3XOATR61

 Classification: 2.2 Information disclosed under article 19 of the Market Abuse
 Regulation.

 

 

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