REG - Smiths News PLC - Director/PDMR Shareholding

Smiths NewsAnnouncement

29/11/2024 14:45

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RNS Number : 2396O  Smiths News PLC  29 November 2024

Smiths News plc
Director/PDMR Shareholding

Smiths News 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:

Long Term Incentive Plan FY2025 - 2027 ('LTIP')

The following awards were granted, and accepted, as conditional awards, where
a participant may receive an allocation of shares following the normal vesting
date, subject to the extent to which the applicable performance conditions
have been satisfied at the end of the three-year performance period and their
continuing employment at that time.

As indicated in the Company's Directors' Remuneration Report (to be published
as part of the Company's 2024 Annual Report and Accounts on or around 13
December 2024), the Company confirms that the vesting of the LTIP award will
depend on the achievement of the following performance conditions:

                                                                                                                                                                         An absolute reduction in Final Year Scopes 1, 2 & (categories 1, 4 and 6

                                                                    of) Scope 3 emissions in FY2027

                      Relative TSR vs FTSE Small Cap Index (excluding investment trusts) over the   Final Year Profit from Growth and Diversified Activities in FY2027
                                                                             Proportion exercisable
                      three-year performance period

                                                                    10% weighting

                      60% weighting

                                                                                                    30% weighting
 Performance Period   1 September 2024 to 28 August 2027

 Performance Targets  Below Median                                                                                                                                                                                                                     Zero
                      Median                                                                        £4.81m                                                               227,103 tC(0)2(e)                                                             20%
                      Between Median and Upper Quartile                                                                                                                                                                                                20%-100%
                      Upper Quartile                                                                £7.50m                                                               195,266 tC(0)2(e)                                                             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 60.80p.

 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  849,954
                                         conditions have been assessed and notified to the Participant
 Paul Baker           Conditional award  The day following the end of the performance period on which the performance  553,710
                                         conditions have been assessed and notified to the Participant

 

As noted in the Company's Directors' Remuneration Report, the LTIP grant
levels 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                                                         Jonathan Bunting

 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                                                         Smiths News 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                                    Grant of 849,954 nil cost options pursuant to the Long Term Incentive Plan

 c)   Price(s) and volume(s)

                                                                                        Price(s)             Volume(s)
                                                                                        Nil consideration    849,954

 d)   Aggregated information                                       n/a single transaction

      - Aggregated volume

      - Price

 e)   Date of the transaction                                      25 November 2024

 f)   Place of the transaction                                     Grant of the options took place outside of a trading venue

 

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Paul Baker

 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                                                         Smiths News 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                                    Grant of 553,710 nil cost options pursuant to the Long Term Incentive Plan

 c)   Price(s) and volume(s)

                                                                                        Price(s)             Volume(s)
                                                                                        Nil consideration    553,710

 d)   Aggregated information                                       n/a single transaction

      - Aggregated volume

      - Price

 e)   Date of the transaction                                      25 November 2024

 f)   Place of the transaction                                     Grant of the options took place outside of a trading venue

 

 

 

Person responsible for arranging release of this announcement:

Karen Mills, Deputy Company Secretary

Smiths News plc

Rowan House

Cherry Orchard North

Kembrey Park

Swindon

SN2 8UH

Email: cosec@smithsnews.co.uk

LEI: 2138004O33ONVOOQXB02

 

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