Fisher (James) & Sons plc Notification of Directors' Interests in Shares (4482C)
June 12 2023 - 11:24AM
UK Regulatory
TIDMFSJ
RNS Number : 4482C
Fisher (James) & Sons plc
12 June 2023
12 June 2023
James Fisher and Sons plc
Notification of Directors' Interests in Shares
On 8 June 2023, awards over ordinary shares of 25 pence each in
James Fisher and Sons plc (the "Company") were made under the James
Fisher and Sons 2021 Long Term Incentive Plan, to the following
persons discharging managerial responsibilities ("PDMRs"):
PDMRs Number of shares held under
award
Jean Vernet 246,021
----------------------------
Duncan Kennedy 116,047
----------------------------
No consideration was paid for the grant of the awards which are
structured as restricted share awards.
The awards will normally vest on the 8 June 2026 subject to the
satisfaction of the performance conditions set by the Remuneration
Committee of the Company.
The following three performance conditions apply to the
award:
50 per cent. of the award is subject to a performance condition
based on the Company's earnings per share ("EPS") performance over
three financial years commencing with the financial year in which
the award is granted. None of this element shall vest if the
Company's EPS for the 2025 financial year is less than 50 pence. 25
per cent. of this element shall vest if 2025 EPS is 50 pence,
rising on a straight-line sliding scale to 100 per cent. vesting of
this element if 2025 EPS is at least 62 pence.
30 per cent. of the award is subject to a performance condition
comparing the Company's total shareholder return ("TSR") against a
comparator group comprising the constituents of the FTSE 250 Index
(excluding investment trusts) at the start of the TSR performance
period. TSR shall be measured over three years commencing on 6
April 2023. None of this element shall vest if the Company's
relative TSR over this period is below the median TSR of the
comparator group. 25 per cent. of this element shall vest if the
Company's TSR is in line with the median TSR of the comparator
group, rising on a straight-line sliding scale to 100 per cent.
vesting of this element if TSR is at least upper quartile.
The remaining 20 per cent. of the award is subject to a
performance condition based on the Company's return on capital
employed ("ROCE") performance over three financial years commencing
with the financial year in which the award is granted. None of this
element shall vest if the Company's ROCE for the 2025 financial
year is less than 10%. 25 per cent. of this element shall vest if
2025 ROCE is 10%, rising on a straight-line sliding scale to 100
per cent. vesting of this element if 2025 ROCE is at least 13%.
In line with the Remuneration Policy approved by shareholders at
the 2021 AGM, a two-year post-vesting holding period will apply to
the awards made to Jean Vernet and Duncan Kennedy.
Furthermore, the Remuneration Committee retains the discretion
to adjust the awards at vesting to ensure that all relevant factors
are taken into account, including the consideration of any windfall
gains.
This announcement, including the notification below, is made in
accordance with the requirements of the Market Abuse
Regulations.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Jean Vernet
------------------------------- -----------------------------------------------
2 Reason for Notification
--------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
------------------------------- -----------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name James Fisher and Sons plc
------------------------------- -----------------------------------------------
b) LEI 213800J975E5OYR6S216
------------------------------- -----------------------------------------------
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 Ordinary Shares of 25 pence each in
instrument, type of James Fisher and Sons plc
instrument GB0003395000
Identification code
------------------------------- -----------------------------------------------
b) Nature of the transaction Grant of a restricted share award under
the James Fisher and Sons 2021 Long
Term Incentive Plan. The award will
ordinarily vest on 8 June 2026 subject
to the achievement of performance conditions.
------------------------------- -----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 246,021
----------
------------------------------- -----------------------------------------------
d) Aggregated information Aggregated information
* Aggregated volume 246,021
Nil
* Price
------------------------------- -----------------------------------------------
e) Date of the transaction 8 June 2023
------------------------------- -----------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- -----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Duncan Kennedy
------------------------------- -----------------------------------------------
2 Reason for Notification
--------------------------------------------------------------------------------
a) Position/status Chief Financial Officer
------------------------------- -----------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name James Fisher and Sons plc
------------------------------- -----------------------------------------------
b) LEI 213800J975E5OYR6S216
------------------------------- -----------------------------------------------
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 Ordinary Shares of 25 pence each in
instrument, type of James Fisher and Sons plc
instrument GB0003395000
Identification code
------------------------------- -----------------------------------------------
b) Nature of the transaction Grant of a restricted share award under
the James Fisher and Sons 2021 Long
Term Incentive Plan. The award will
ordinarily vest on 8 June 2026 subject
to the achievement of performance conditions.
------------------------------- -----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 116,047
----------
------------------------------- -----------------------------------------------
d) Aggregated information
* Aggregated volume 116,047
Nil
* Price
------------------------------- -----------------------------------------------
e) Date of the transaction 8 June 2023
------------------------------- -----------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- -----------------------------------------------
For further information:
Chief Executive
Officer
James Fisher and Jean Vernet Chief Financial
Sons plc Duncan Kennedy Officer 020 7614 9503
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END
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