Spectris PLC Director/PDMR Shareholding (9028I)
April 06 2020 - 6:15AM
UK Regulatory
TIDMSXS
RNS Number : 9028I
Spectris PLC
06 April 2020
Spectris plc: Director/PDMR Shareholding
This notification is made under Article 19(1) of the EU Market
Abuse Regulation 596/2014 ("MAR") and relates to the grant of share
awards under the terms of the Spectris Long Term Incentive Plan
("LTIP") to persons discharging managerial responsibilities
("PDMRs").
On 6 April 2020, Spectris plc (the "Company") was informed that,
on the same day, the Executive Directors of the Company accepted
awards granted by the Company of nominal-cost share options over
ordinary 5p shares on 25 March 2020, pursuant to the terms of the
LTIP ("LTIP Awards"), as set out below:
Name Position Maximum number of shares
that may vest under
the LTIP Awards granted
(1)
Derek Harding Chief Financial Officer 59,395
------------------------- -------------------------
Andrew Heath Chief Executive 76,276
------------------------- -------------------------
1. Includes 1.4X multiplier. More details on the performance
conditions attached to these LTIP Awards and the multiplier can be
found in the Company's 2020 Remuneration Policy
The total number of ordinary shares over which these LTIP Awards
were accepted on 6 April 2020 represents 0.1% of the Company's
issued ordinary share capital on that date.
No consideration was paid for the grant of the LTIP Awards.
The vesting of these LTIP Awards is subject to the continued
employment of the Executive Directors and the satisfaction of
performance conditions set by the Remuneration Committee of the
Company. The LTIP Awards will normally vest on the later of the
third anniversary of grant and the determination of the performance
conditions. The Executive Directors' LTIP Awards are then subject
to an additional two-year vesting period. To the extent that these
LTIP Awards vest, they are exercisable for a period of five years
from the end of the additional vesting period.
The nominal award price payable by each participant on the
exercise of these LTIP Awards is 5 pence per share.
While the Remuneration Committee (the "Committee") recognises
that the LTIP Awards have been made during a period of market
turbulence due to COVID-19, the Committee believes that this is not
specific to the Company and the Committee has determined that the
price used to calculate the number of shares awarded is appropriate
and is consistent with the Company's historic practice.
The Committee recognises that there will be a further
opportunity to review the appropriateness of the approach taken in
the context of further developments during the relevant performance
period, to avoid any unacceptable 'windfall' gains. On vesting, the
Committee will review this as part of its general consideration of
the appropriateness of the formulaic application of the performance
conditions.
The information set out below is provided in accordance with the
requirements of Article 19(3) of MAR and provides further
detail:
1 Details of the persons discharging managerial responsibilities
a) N a m e(s) Derek Harding
--------------------------------------------------
2 Reason for the notification
a) Position/status Director and PDMR
--------------------------------------------------
b) Initial notification/Amendment Initial Notification
------------------------------- --------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
a) Name Spectris plc
--------------------------------------------------
b) LEI 213800Z4CO2CZO3M3T10
------------------------------- --------------------------------------------------
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 Option granted over ordinary shares of 5p
financial instrument, each
type of instrument
Identification code
GB0003308607
--------------------------------------------------
b) Nature of the transaction Acceptance of a grant of a share option over
ordinary shares of 5p each on 25 March 2020,
pursuant to the terms of the LTIP
-------------------------------
c) Price(s) and volume(s) Price(s) V o l u m e (s)
--------------------------------------
GBP0.05 N ominal-cost option under which a
maximum of 59,395 ordinary shares
may vest
---------- --------------------------------------
d) Aggregated information Aggregated Volume n/a
------------------------- -----------------------
Price n/a
------------------------- -----------------------
e) Date of the transaction 6 April 2020
------------------------------- --------------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------------
1 Details of the persons discharging managerial responsibilities
a) N a m e(s) Andrew Heath
--------------------------------------------------
2 Reason for the notification
a) Position/status Director and PDMR
--------------------------------------------------
b) Initial notification/Amendment Initial Notification
------------------------------- --------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
a) Name Spectris plc
--------------------------------------------------
b) LEI 213800Z4CO2CZO3M3T10
------------------------------- --------------------------------------------------
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 Option granted over ordinary shares of 5p
financial instrument, each
type of instrument
Identification code
GB0003308607
--------------------------------------------------
b) Nature of the transaction Acceptance of a grant of a share option over
ordinary shares of 5p each on 25 March 2020,
pursuant to the terms of the LTIP.
-------------------------------
c) Price(s) and volume(s) Price(s) V o l u m e (s)
--------------------------------------
GBP0.05 N ominal-cost option under which a
maximum of 76,276 ordinary shares
may vest
---------- --------------------------------------
d) Aggregated information Aggregated Volume n/a
------------------------- -----------------------
Price n/a
------------------------- -----------------------
e) Date of the transaction 6 April 2020
------------------------------- --------------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------------
Name of contact and telephone number for queries:
Rebecca Dunn
Deputy Company Secretary
01784 470 470
For and on behalf of Spectris plc
Date: 6 April 2020
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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