REG - Connect Group Plc - Director/PDMR Shareholding

Smiths NewsAnnouncement

16/12/2019 11:45

RNS Number : 0004X
Connect Group PLC
16 December 2019
 


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 FY2020-2022 ('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.
The Company confirms that the vesting of the LTIP award will depend on the achievement of the following performance conditions:







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


 
Relative TSR benchmarked vs the FTSE Small Cap Index


 
Proportion exercisable




Performance period


Three years ending 27 August 2022


Three years from the date of award to 12 December 2022
 








Performance Targets


Below 10.0p


Below Median


Zero




10.0p


Median


20%




Between 10.0p and 12.9p


Between Median and Upper Quartile


20%-100%




13.0p or more


Upper Quartile


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. 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 30.0p.



Name of Participant


Form of Award


Normal Vesting Date


Maximum Number of Shares




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


1,411,840




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


983,333



 
The LTIP grant levels for Jonathan Bunting and Tony Grace are equivalent to 100% of base salary at grant.  
 
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
 
 


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)
















30.0p


983,333






























d)
 


Aggregated information


n/a single transaction














- Aggregated volume


















- Price


















e)
 


Date of the transaction
 
 


13 December 2019




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, Interim Chief Executive Officer (and CEO 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)
















30.0p


1,411,840






























d)
 


Aggregated information


n/a single transaction














- Aggregated volume


















- Price


















e)
 


Date of the transaction
 
 


13 December 2019




f)
 


Place of the transaction
 
 


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



 
 
Karen Mills
Deputy Company Secretary 
 




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