REG - Watches of Switzlnd. - Director/PDMR Shareholding

Watches of SwitzerlandAnnouncement

17/02/2022 13:00

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RNS Number : 0393C  Watches of Switzerland Group PLC  17 February 2022

17 February 2022

 

Watches of Switzerland Group PLC

Notification of transactions by Directors, Persons Discharging Managerial
Responsibilities ("PDMRs") and persons closely associated with them

 

As previously announced, on 26 August 2021 the Company agreed, in connection
with his appointment as CFO, to compensate William ('Bill') Floydd for share
awards forfeited by him (the 'Rank Awards') on leaving his previous employer
Rank Group Plc ('Rank').

On 14 February 2022 the Company awarded Bill Floydd the share awards (the
'Awards') outlined below.  The Awards are a replacement for the Rank Awards
which Bill forfeited on his leaving his employment with Rank and in
recognition of joining the Company.  The number of shares granted in relation
to the Awards were determined based on Rank and Watches of Switzerland Group
PLC ('WOSG' or 'the Company') share prices on 31 December 2021, the last
business day before Bill joined the Company.

The Awards granted are as follows:

(i)            Award 1 - 3,443 ordinary shares in Watches of
Switzerland Group PLC ('WOSG Ordinary Shares').  These were granted to Bill
to compensate him for the portion of the 2017/18 LTIP award forfeited on Bill
leaving employment with Rank.  As disclosed in the Rank 2020/21 Annual
Report, 47,013 shares, of the 2017/18 LTIP Award vested following the
assessment of the Rank LTIP performance conditions.  The first tranche of
this award, 15,671 shares vested to Bill in October 2021 while he remained in
employment with Rank and therefore is not being replaced by WOSG.

 

Award 1 replaces the final two tranches of the 2017/18 LTIP.  1,721 WOSG
Ordinary Shares replace tranche 2 of the 2017/18 LTIP and will vest in October
2022 (subject to a one year holding period).  1,722 WOSG Ordinary Shares
replace tranche 3 of the 2017/18 LTIP and will vest in October 2023 (no
holding period will apply). These vesting dates and holding period are in line
with the vesting timeline of the forfeited Rank Award.

 

(ii)           Award 2 - 35,392 WOSG Ordinary Shares granted to Bill
to compensate for a forfeited LTIP award granted by Rank under their 2020/21
LTIP.  This Award is due to vest in December 2023.  The portion of the Award
vesting will be determined by the Company in line with the original Rank LTIP
performance metrics applicable to the 2020/21 LTIP Award vest, to be disclosed
in the 2022/23 Rank Group Annual Report.  Any shares that vest will be
subject to a two-year holding period.  The vesting date and holding period
are in line with the vesting timeline of the forfeited Rank Award.

 

(iii)          Award 3 - 46,830 WOSG Ordinary Shares granted to Bill
in recognition of joining the Company and having the same performance
measures, targets and vesting terms as the 2021 WOSG LTIP award granted to
other members of the Company's senior management in July 2021.   The Award
will vest in July 2024 and will be subject to a two-year holding period.

 

The following information is given in accordance with Article 19.3 of the
Market Abuse Regulation:

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         Bill Floydd
 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                                                         Watches of Switzerland Group PLC
 b)  LEI                                                          2138008ZOT5K9PJW7168
 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 Shares of £0.0125

Identification code

                                                                  ISIN: GB00BJDQQ870
 b)  Nature of the transaction                                    The grant of (i) and (ii) are replacement share awards on the terms of the
                                                                  Company's Long-Term Incentive Plan, in line with the remuneration terms agreed
                                                                  on appointment and in line with the Company's previous announcements on this
                                                                  subject.  These awards compensate for forfeited Rank awards.  The grant of
                                                                  (iii) is in recognition of joining the Company
 c)  Price(s) and volume(s)                                       CSA    Volume  Price (£)
                                                                  (i)    3,443   14.20
                                                                  (ii)   35,392  14.20
                                                                  (iii)  46,830  14.20

 
 d)  Aggregated information

      Aggregated volume                                           85,665

     - Price

                                                                  £1,216,443
 e)  Date of the transaction                                      17 February 2022
 f)  Place of the transaction                                     XLON

 

d)

Aggregated information

 

 Aggregated volume

 

- Price

 

 

85,665

 

 

£1,216,443

e)

Date of the transaction

17 February 2022

f)

Place of the transaction

XLON

 

Contact

The Watches of Switzerland Group

Bill Floydd, Chief Financial Officer

 +44 (0) 207 317 4600

Caroline Browne, Group Finance Director

+44 (0) 116 2817 420

investor.relations@thewosgroup.com (mailto:investor.relations@thewosgroup.com)
 

 

 

Laura Battley

Company Secretary & General Counsel

+44 (0) 207 317 4600

companysecretariat@thewosgroup.com

 

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