REG - Connect Group Plc - Director/PDMR Shareholding

Smiths NewsAnnouncement

13/12/2018 11:55

RNS Number : 4131K
Connect Group PLC
13 December 2018
 


Connect Group PLC
Director/PDMR Shareholding
Connect Group PLC (the "Company") announces that it has been notified of the following transactions in the Company's ordinary 5p shares undertaken by directors / persons discharging managerial responsibility:
Connect Group Long Term Incentive Plan FY2019-2021 ('LTIP')
The following awards were granted as conditional awards, where a participant will receive an allocation of shares following the normal vesting date, subject to the extent to which the applicable performance conditions have been satisfied and their continuing employment.
As indicated in the Company's FY2018 Directors' Remuneration Report, the Company confirms that the vesting of the LTIP award will depend on the achievement of the following performance conditions:



Performance period


Adjusted Earnings Per Share (Adjusted EPS) in final year of performance period


Aggregate
cash-flow from operations over three years


Proportion exercisable




Three years ending 31 August 2021


Below 9.8p


£125m


Zero




9.8p


£125m


20%




Between 9.8p and 12.3p


Between £125m and £150m


20%-100%




12.3p or more


£150m or more


100%



The Company has considered carefully the level of target performance and the corresponding performance range for each measure to ensure that they are sufficiently stretching and promote long-term sustainable success.  Whilst the performance ranges are lower than those set for the LTIP awards made in FY2017, recognising the scale of the prior year under performance and the degree of challenge contained in the Group's recovery plan, both target ranges are set at a level higher than the FY2018 financial results and exceed the Company's assessment of analyst consensus at the present time.
The vested shares will be subject to a holding period of two years from the vesting date and subject to customary malus and clawback events.  The value of any dividends accrued, in the form of dividend equivalents, will normally be paid in shares at the end of period (third anniversary) based on the number of vested shares and will also be subject to the holding period of two years from the vesting date.
No consideration was paid for the grant of the award. For the purposes of this award, the grant was made at a share price of 36.025p.



Name of Participant


Form of Award


Normal Vesting Date


Maximum Number of Shares




Jos Opdeweegh


Conditional award


The day following the end of the performance period on which  the performance Conditions have been assessed and notified to the Participant


1,249,132




Tony Grace


Conditional award


The day following the end of the performance period on which  the performance conditions have been assessed and notified to the Participant


818,875
 




Jonathan Bunting


Conditional award


The day following the end of the performance period on which  the performance conditions have been assessed and notified to the Participant


404,319



 
As noted in the Company's FY2018 Directors' Remuneration Report, the LTIP grant levels for Jos Opdeweegh and Tony Grace are equivalent to 100% of base salary at grant, which was agreed as part of their joining terms.  For Jonathan Bunting the award represents a scale-back of 50% of the usual award of 100% of base salary.
 
The relevant notifications set out below are provided in accordance with the requirements of Article 19 of the EU Market Abuse Regulation.
 




 
 



 
1
 


Details of the person discharging managerial responsibilities / person closely associated
 




a)
 


Name
 
 


Jos Opdeweegh
 




2
 


Reason for the notification
 




a)
 


Position/status
 
 


Executive Director, 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
 
 


Connect Group PLC




b)
 


LEI
 
 


2138004033ONVOOQXB02




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 5p shares














Identification code


ISIN: GB00B17WCR61














b)
 


Nature of the transaction
 
 


Award of conditional award pursuant to the Connect Group PLC Long Term Incentive Plan




c)
 


Price(s) and volume(s)




























Price(s)


Volume(s)
















36.025p


1,249,132






























d)
 


Aggregated information


n/a single transaction














- Aggregated volume


















- Price


















e)
 


Date of the transaction
 
 


13 December 2018




f)
 


Place of the transaction
 
 


Grant of the award took place outside of a trading venue



 




 



1
 


Details of the person discharging managerial responsibilities / person closely associated
 




a)
 


Name
 
 


Tony Grace




2
 


Reason for the notification
 




a)
 


Position/status
 
 


Executive Director, 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
 
 


Connect Group PLC




b)
 


LEI
 
 


2138004033ONVOOQXB02




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 5p shares














Identification code


ISIN: GB00B17WCR61














b)
 


Nature of the transaction
 
 


Award of conditional award pursuant to the Connect Group PLC Long Term Incentive Plan




c)
 


Price(s) and volume(s)




























Price(s)


Volume(s)
















36.025p


818,875






























d)
 


Aggregated information


n/a single transaction














- Aggregated volume


















- Price


















e)
 


Date of the transaction
 
 


13 December 2018




f)
 


Place of the transaction
 
 


Grant of the conditional award took place outside of a trading venue



 




 



1
 


Details of the person discharging managerial responsibilities / person closely associated
 




a)
 


Name
 
 


Jonathan Bunting
 




2
 


Reason for the notification
 




a)
 


Position/status
 
 


Executive Director, Chief Executive Officer of Smiths News




b)
 


Initial notification /Amendment
 
 


Initial Notification




3
 


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




a)
 


Name
 
 


Connect Group PLC




b)
 


LEI
 
 


2138004033ONVOOQXB02




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 5p shares














Identification code


ISIN: GB00B17WCR61














b)
 


Nature of the transaction
 
 


Award of conditional award pursuant to the Connect Group PLC Long Term Incentive Plan




c)
 


Price(s) and volume(s)




























Price(s)


Volume(s)
















36.025p


404,319






























d)
 


Aggregated information


n/a single transaction














- Aggregated volume


















- Price


















e)
 


Date of the transaction
 
 


13 December 2018




f)
 


Place of the transaction
 
 


Grant of the conditional award took place outside of a trading venue



 
 
Adele Duff
Deputy Company Secretary 
 




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