REG - SSE Plc - Director/PDMR Shareholding
07/06/2023 17:45
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RNS Number : 0111C SSE PLC 07 June 2023
SSE plc
Director/PDMR Shareholding
SSE plc (the "Company") - Notification of Transactions of Directors/Persons
Discharging Managerial Responsibilities and their Closely Associated Persons
(i) Deferred Bonus Scheme (DBS) - Vesting of Awards
Granted 24 July 2020
On 5 June 2023, the independent Trustee of the SSE Employee Trust notified the
Company that it had on 1 June 2023 transferred the following beneficial
interest of Ordinary shares of 50 pence each fully paid in the Company,
subject to awards granted on 24 July 2020 under the DBS including additional
shares representing the value of reinvested dividends over the three-year
period to the Directors/PDMRs listed in the table that follows. Vesting of
these shares was subject to continuous employment over the three-year period
from date of grant (or as provided by the DBS Plan Rules).
1 Details of the person(s) discharging managerial responsibilities/person
closely associated with
a) Name(s) Alistair Phillips-Davies (Director)
Gregor Alexander (Director)
Martin Pibworth (Director)
Rob McDonald (PDMR)
Sam Peacock (PDMR
John Stewart (PDMR)
Elizabeth Tanner (PDMR)
Stephen Wheeler (PDMR)
2 Reason for the notification
a) Position/status As noted in 1a) above
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name SSE plc
b) LEI 549300KI75VYLLMSK856
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 Identification Ordinary shares of 50 pence each fully paid
code
ISIN: GB0007908733
b) Nature of transaction Vesting of Awards under the SSE plc Deferred Bonus Scheme
c) Price(s) and volume(s) Vesting of awards granted under the SSE plc Deferred Bonus Scheme on 24 July
2020 at a vesting price of GBP£18.527022
Executive Director/PDMR Gross Award of Shares
No. Shares sold at £18.527022 to meet income tax and National Insurance
liabilities
Net Number of Shares transferred to Participant
Accrued Dividend Shares
Total Shares
Alistair Phillips-Davies (Director) 18,652 3,286 21,938 10,348 11,590
Gregor Alexander (Director) 12,494 2,200 14,694 7,226 7,468
Martin Pibworth (Director) 9,350 1,646 10,996 5,407 5,589
Rob McDonald 3,925 689 4,614 2,281 2,333
(PDMR)
Sam Peacock 998 173 1,171 567 604
(PDMR)
John Stewart 2,955 518 3,473 1,717 1,756
(PDMR)
Elizabeth Tanner 2,723 478 3,201 1,550 1,651
(PDMR)
Stephen Wheeler 3,941 691 4,632 2,418 2,214
(PDMR)
d) Aggregated information
- Aggregated volume As noted in 4c) above
- Price As noted in 4c) above
e) Date of transaction 1 June 2023
f) Place of transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
As noted in 4c) above
As noted in 4c) above
e)
Date of transaction
1 June 2023
f)
Place of transaction
Outside a trading venue
(ii) Performance Share Plan (PSP) - Vesting of Awards
Granted 24 July 2020
On 5 June 2023 the independent Trustee of the SSE Employee Trust notified the
Company that it had on 1 June 2023 transferred the beneficial interest of
Ordinary shares of 50 pence each fully paid in the Company, subject to awards
granted on 24 July 2020 under the PSP including additional shares representing
the value of reinvested dividends over the three-year period to the Executive
Directors listed in the table that follows. Vesting of these shares was
subject to certain performance conditions being met at the end of the
three-year performance period commencing 1 April 2020. In total 76% of the
award vested for participants. The vested shares (balance post-tax), known
as "Award Shares" for Alistair Phillips-Davies, Gregor Alexander and Martin
Pibworth are subject to a further holding period and will be held under
nominee in accordance with the PSP Rules.
1 Details of the person(s) discharging managerial responsibilities/person
closely associated with
a) Name(s) Gregor Alexander (Executive Director)
Alistair Phillips-Davies (Executive Director)
Martin Pibworth (Executive Director)
2 Reason for the notification
a) Position/status As noted in 1a) above
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name SSE plc
b) LEI 549300KI75VYLLMSK856
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 Identification Ordinary shares of 50 pence each fully paid
code
ISIN: GB0007908733
b) Nature of transaction Vesting of Awards under the SSE plc Performance Share Plan.
c) Price(s) and volume(s) Vesting of awards granted under the SSE plc Performance Share Plan on 24 July
2020 at a vesting price of GBP£18.527022
Executive Director/PDMR Gross Award of Shares No. Shares sold at £18.527022 to meet income tax and National Insurance
liabilities
Award Shares transferred to Nominee
Total Shares vested at 76%
Accrued Dividend Shares
Gregor Alexander 88,761 15,651 79,351 39,019 40,332
(Executive Director)
Alistair Phillips-Davies (Executive Director) 131,244 23,143 117,330 55,339 61,991
Martin Pibworth 66,430 11,712 59,384 29,201 30,183
(Executive Director
d) Aggregated information
- Aggregated volume As noted in 4c) above
- Price As noted in 4c) above
e) Date of transaction 1(st) June 2023
f) Place of transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
As noted in 4c) above
As noted in 4c) above
e)
Date of transaction
1(st) June 2023
f)
Place of transaction
Outside a trading venue
(iii) Leadership Share Plan (LSP) - Vesting of Awards
Granted 24 July 2020
On 5 June 2023 the independent Trustee of the SSE Employee Trust notified the
Company that it had on 1 June 2023 transferred the beneficial interest of
Ordinary shares of 50 pence each fully paid in the Company, subject to awards
granted on 24 July 2020 under the LSP including additional shares representing
the value of reinvested dividends over the three-year period to the PDMRs
listed in the table that follows. Vesting of these shares was subject to
certain performance conditions being met at the end of the three-year
performance period commencing 1 April 2020. Applicable vesting rates per
participant are shown in the table below.
1 Details of the person(s) discharging managerial responsibilities/person
closely associated with
a) Name(s) Rob McDonald (PDMR)
Sam Peacock (PDMR)
John Stewart (PDMR)
Elizabeth Tanner (PDMR)
Stephen Wheeler (PDMR)
2 Reason for the notification
a) Position/status As noted in 1a) above
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name SSE plc
b) LEI 549300KI75VYLLMSK856
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 Identification Ordinary shares of 50 pence each fully paid
code
ISIN: GB0007908733
b) Nature of transaction Vesting of Awards under the SSE plc Leadership Share Plan.
c) Price(s) and volume(s) Vesting of awards granted under the SSE plc Leadership Share Plan on 24 July
2020 at a vesting price of GBP£18.527022
Executive Director/PDMR Gross Award of Shares
No. Shares sold at £18.527022 to meet income tax and National Insurance
liabilities
Total Shares vested at applicable rate Net Number of Shares transferred to Participant
Accrued Dividend Shares
Rob McDonald (PDMR) 23,051 4,063 23,044 (85.00%) 11,390 11,654
Sam Peacock (PDMR) 9,415 1,657 8,578 (77.50%) 4,154 4,424
John Stewart (PDMR) 17,216 3,033 15,690 (77.50%) 7,755 7,935
Liz Tanner (PDMR) 17,934 3,159 16,342 (77.50%) 7,913 8,429
Stephen Wheeler (PDMR) 20,455 3,603 18,842 (78.33%) 9,833 9,009
d) Aggregated information
- Aggregated volume As noted in 4c) above
- Price As noted in 4c) above
e) Date of transaction 1 June 2023
f) Place of transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
As noted in 4c) above
As noted in 4c) above
e)
Date of transaction
1 June 2023
f)
Place of transaction
Outside a trading venue
(i) Deferred Bonus Scheme (DBS) - Grant of Awards
On 5 June 2023 the independent Trustee of the SSE Employee Trust notified the
Company that it had on 1 June 2023 granted the Directors/PDMRs listed in the
table that follows awards over Ordinary shares of 50 pence each fully paid in
the Company under the DBS. The number of shares under each award has been
calculated by reference to a price of £18.58 per share, being the average of
the Company's share price over the three dealing days immediately preceding
the date of grant.
Awards granted under the DBS represent a deferral of a proportion of the cash
bonus earned for the 2022/23 annual incentive year which is converted into
shares. The shares will vest after a period of three years from the date of
grant subject normally to the participant remaining in employment with the
Company. On vesting, the participant will become entitled to additional
shares representing the value of reinvested dividends over the three-year
period.
1 Details of the person(s) discharging managerial responsibilities/person
closely associated with
a) Name(s) Alistair Phillips-Davies (Director)
Gregor Alexander (Director)
Martin Pibworth (Director)
Christopher Burchell (PDMR)
Rob McDonald (PDMR)
Sam Peacock (PDMR)
Catherine Raw (PDMR)
John Stewart (PDMR)
Elizabeth Tanner (PDMR)
Stephen Wheeler (PDMR)
2 Reason for the notification
a) Position/status As noted in 1a) above
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name SSE plc
b) LEI 549300KI75VYLLMSK856
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 Identification Ordinary shares of 50 pence each fully paid
code
ISIN: GB0007908733
b) Nature of transaction Grant of Awards under the SSE plc Deferred Bonus Scheme
c) Price(s) and volume(s) Conditional awards of shares, the number of shares calculated by reference to
a price of GBP£18.58, being the average of the Company's share price over the
three dealing days immediately preceding the date of grant.
Director/PDMR Total DBS Awards Granted
22,310
Alistair Phillips-Davies (Director)
14,945
Gregor Alexander (Director)
13,316
Martin Pibworth (Director)
4,913
Christopher Burchell (PDMR)
4,916
Robert McDonald (PDMR)
2,494
Sam Peacock (PDMR)
4,599
Catherine Raw (PDMR)
3,121
John Stewart (PDMR)
3,238
Elizabeth Tanner (PDMR)
4,846
Stephen Wheeler (PDMR)
d) Aggregated information
- Aggregated volume As noted in 4c) above
- Price As noted in 4c) above
e) Date of transaction 1 June 2023, date of grant
f) Place of transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
As noted in 4c) above
As noted in 4c) above
e)
Date of transaction
1 June 2023, date of grant
f)
Place of transaction
Outside a trading venue
(ii) Performance Share Plan (PSP) - Grant of Awards
On 5 June 2023 the independent Trustee of the SSE Employee Trust notified the
Company that it had on 1 June 2023 granted the Executive Directors listed in
the table that follows awards over Ordinary shares of 50 pence each fully paid
in the Company under the PSP. The number of shares stated will become
available to each Executive Director if the performance targets applicable to
the award are achieved at their upper limit or above. On vesting, the
Executive Director will become entitled to additional shares representing the
value of reinvested dividends over the performance period. The number of
shares under each award has been calculated by reference to a price of £18.58
per share, being the average of the Company's share price over the three
dealing days immediately preceding the date of grant.
Vesting of these awards will normally only take place if performance
conditions are satisfied over the three-year performance period 1 April 2023
to 31 March 2026. These performance conditions are those indicated in the
Remuneration Committee Report which forms part of SSE's 2023 Annual Report and
Accounts which will be published on 16 June 2023.
Awards granted to Executive Directors will be subject to an additional
post-vesting holding period during which time the Executive Director must
retain the post-tax number of shares vesting under award.
1 Details of the person(s) discharging managerial responsibilities/person
closely associated with
a) Name(s) Alistair Phillips-Davies (Executive Director)
Martin Pibworth (Executive Director)
2 Reason for the notification
a) Position/status As noted in 1a) above
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name SSE plc
b) LEI 549300KI75VYLLMSK856
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 Identification Ordinary shares of 50 pence each fully paid
code
ISIN: GB0007908733
b) Nature of transaction Grant of Awards under the SSE plc Performance Share Plan
c) Price(s) and volume(s) Conditional awards of shares, the number of shares calculated by reference to
a price of GBP£18.58, being the average of the Company's share price over the
three dealing days immediately preceding the date of grant.
Director Total PSP Awards Granted
Alistair Phillips-Davies 134,448
Martin Pibworth 83,334
d) Aggregated information
- Aggregated volume As noted in 4c) above
- Price As noted in 4c) above
e) Date of transaction 1 June 2023, date of grant
f) Place of transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
As noted in 4c) above
As noted in 4c) above
e)
Date of transaction
1 June 2023, date of grant
f)
Place of transaction
Outside a trading venue
(iii) Leadership Share Plan (LSP) - Grant of Awards
On 5 June 2023 the independent Trustee of the SSE Employee Trust notified the
Company that it had on 1 June 2023 granted the PDMRs listed in the table that
follows awards over Ordinary shares of 50 pence each fully paid in the Company
under the LSP. The number of shares stated is the number which will become
available if the performance targets applicable to the awards are achieved,
although the number could be increased or reduced by the Company performance
adjuster described below. On vesting, the PDMRs will become entitled to
additional shares representing the value of reinvested dividends over the
performance period.
The number of shares under the award has been calculated by reference to a
price of £18.58 per share, being the average of the Company's share price
over the three dealing days immediately preceding the date of grant.
Vesting of the award will normally only take place if the performance
conditions are achieved over the three-year performance period 1 April 2023 to
31 March 2026. In addition, an overall Company performance adjuster,
allowing vesting rates to be adjusted up or down by up to 25% at the
discretion of the Remuneration Committee, may be applied if overall
performance of the Company over the performance period merits such an upward
or downward adjustment.
1 Details of the person(s) discharging managerial responsibilities/person
closely associated with
a) Name(s) Christopher Burchell (PDMR)
Robert McDonald (PDMR)
Sam Peacock (PDMR)
Catherine Raw (PDMR)
John Stewart (PDMR)
Elizabeth Tanner (PDMR)
Stephen Wheeler (PDMR)
2 Reason for the notification
a) Position/status As noted in 1a) above
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name SSE plc
b) LEI 549300KI75VYLLMSK856
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 Identification Ordinary shares of 50 pence each fully paid
code
ISIN: GB0007908733
b) Nature of transaction Grant of Awards under the SSE plc Leadership Share Plan
c) Price(s) and volume(s) Conditional awards of shares, the number of shares calculated by reference to
a price of GBP£18.58, being the average of the Company's share price over the
three dealing days immediately preceding date of grant.
PDMR Total LSP Awards Granted
27,387
Christopher Burchell (PDMR)
24,856
Rob McDonald (PDMR)
13,455
Sam Peacock (PDMR)
26,910
Catherine Raw (PDMR)
16,953
John Stewart (PDMR)
18,837
Elizabeth Tanner (PDMR)
28,150
Stephen Wheeler (PDMR)
d) Aggregated information
- Aggregated volume As noted in 4c) above
- Price As noted in 4c) above
e) Date of transaction 1 June 2023, date of grant
f) Place of transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
As noted in 4c) above
As noted in 4c) above
e)
Date of transaction
1 June 2023, date of grant
f)
Place of transaction
Outside a trading venue
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