Hill & Smith Hldgs PLC Director/PDMR Shareholding (8380A)
October 01 2020 - 8:14AM
UK Regulatory
TIDMHILS
RNS Number : 8380A
Hill & Smith Hldgs PLC
01 October 2020
Hill & Smith Holdings PLC ('Hill & Smith' or 'the
Company')
Director and PDMR Shareholdings
1 October 2020
Hill & Smith 2014 Long-Term Incentive Plan
LTIP Award - 25 September 2020
On 24 September 2020 the Remuneration Committee of the Company
approved the grant of awards, to be made on 25 September 2020, in
the form of nil-cost options over ordinary shares in the Company in
accordance with the provisions of the Hill & Smith Holdings
2014 Long Term Incentive Plan (the "LTIP").
Mr P Simmons has been granted a nil-cost option over 66,819
ordinary shares and Mrs H K Nichols has been granted a nil-cost
option over 35,335 ordinary shares.
The awards were based on a share price of 1201p, being the
average of the mid-market prices for the three trading days prior
to the grant date of 25 September 2020.
Both Mr Simmons and Mrs Nichols were also granted an award in
the form of a tax qualifying option, in accordance with the
provisions of the Hill & Smith Holdings 2014 Executive Share
Option Scheme (the "ESOS"), over 2,497 ordinary shares with an
exercise price of 1201p per ordinary share on terms which are
similar to the awards under the LTIP (together the "Awards"). If
the options under the ESOS are exercised at a gain, the LTIP awards
will be reduced by the same value to ensure that the combined
pre-tax value delivered to participants is not increased by the
grant of the ESOS option.
Under the rules of the LTIP and the Company's Remuneration
Policy, the vesting of the Awards is subject to the achievement of
set performance conditions. In the Directors' Remuneration Report
for the year ending 31 December 2019, the Company noted that it was
reviewing the performance measures and targets and would confirm
these when the awards were granted. As with previous years, the
performance measures are based 50% upon the Company's underlying
earnings per share and 50% upon its Total Shareholder Return
('TSR'). The relative TSR measure (including the comparator group)
remains the same as previously. Having regard to the impact of the
Covid-19 pandemic, the Remuneration Committee has concluded that it
would be better to set the EPS targets as absolute rather than
growth measures. The performance measures and targets are
summarised below.
Vesting amount Underlying Earnings per TSR performance over
Share for the year ending the three years ending
31 December 2022 (50% 31 December 2022 (50%
of the Awards) of the Awards)**
0% vesting Less than GBP0.80 Below median
--------------------------- ------------------------
Threshold: 20% GBP0.85 Median
vesting
--------------------------- ------------------------
100% vesting* 100p Upper quartile
--------------------------- ------------------------
*Straight line vesting applies between threshold and maximum
vesting
** compared to the FTSE 250 excluding investment trusts and
financial services companies
The Awards will (subject to the achievement of the performance
conditions) vest following the end of the performance period but
may not ordinarily be exercised until the end of a further two year
holding period.
Buy-out Award
On the same day the Remuneration Committee approved the grant to
Mr P Simmons of two additional share awards in the form of nil-cost
options over ordinary shares in the Company. These awards reflect
two awards that Mr Simmons forfeited at his previous employer and
were agreed as part of his recruitment package. The awards were
determined by the Remuneration Committee having regard to the
extent to which the performance conditions attached to the
forfeited awards were assumed to be satisfied and the proportion of
the performance periods for those awards which have elapsed. The
awards and their vesting dates are set out below.
Buy-Out Award Number of Shares Vesting Date
Buy-Out Award 1 28,557 30 July 2021
----------------- -------------
Buy-Out Award 2 12,364 29 July 2022
----------------- -------------
As noted in the announcement of 2 April 2020, the full terms of
Mr Simmons' remuneration package will be included in the Company's
Directors' Remuneration Report for the year ending 31 December
2020.
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Mr P Simmons
------------------------------------- -----------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status Chief Executive Officer Designate
------------------------------------- -----------------------------------------------
(b) Initial notification/ Initial notification
Amendment
------------------------------------- -----------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Hill & Smith Holdings PLC
------------------------------------- -----------------------------------------------
(b) LEI 2138003A3ISGQZBOWI83
------------------------------------- -----------------------------------------------
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 Ordinary shares of GBP0.25 each
the Financial
Instrument
------------------------------------- -----------------------------------------------
(b) Identification GB0004270301
code of the Financial
Instrument
------------------------------------- -----------------------------------------------
(c) Nature of the i. Grant of Nil-Cost Option as part of
transaction 2020 LTIP Award
ii. Grant of ESOS Option as part of 2020
LTIP Award at an exercise price of 1201p
per share
iii Grant of Buy-Out Award 1
iv Grant of Buy-Out Award 2
------------------------------------- -----------------------------------------------
(d) Price(s) and Price(s) Volume(s)
volume(s)
-------------------- -------------------------
i. Nil i. 66,819
ii. Nil ii. 2,497
iii Nil iii 28,557
iv Nil iv 12,364
-------------------- -------------------------
(e) Aggregated information
- Aggregated 110,237 shares
volume
- Price Nil Cost
------------------------------------- -----------------------------------------------
(f) Date of the transaction 25 September 2020
------------------------------------- -----------------------------------------------
(g) Place of the Outside a trading venue
transaction
------------------------------------- -----------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Mrs H K Nichols
-------------------------------------- -----------------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------------------
(a) Position/status Chief Financial Officer
-------------------------------------- -----------------------------------------------
(b) Initial notification/ Initial notification
Amendment
-------------------------------------- -----------------------------------------------
3. Details of the issuer
---------------------------------------------------------------------------------------
(a) Name Hill & Smith Holdings PLC
-------------------------------------- -----------------------------------------------
(b) LEI 2138003A3ISGQZBOWI83
-------------------------------------- -----------------------------------------------
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 Ordinary shares of GBP0.25 each
the Financial
Instrument
-------------------------------------- -----------------------------------------------
(b) Identification GB0004270301
code of the Financial
Instrument
-------------------------------------- -----------------------------------------------
(c) Nature of the i. Grant of Nil-Cost Option as part of
transaction 2020 LTIP Award
ii. Grant of ESOS Option as part of 2020
LTIP Award at an exercise price of 1201p
per share
-------------------------------------- -----------------------------------------------
(d) Price(s) and Price(s) Volume(s)
volume(s)
--------------------- ------------------------
i. Nil i. 35,335
ii. Nil ii. 2,497
--------------------- ------------------------
(e) Aggregated information
- Aggregated 37,832 shares
volume
- Price Nil Cost
-------------------------------------- -----------------------------------------------
(f) Date of the transaction 25 September 2020
-------------------------------------- -----------------------------------------------
(g) Place of the Outside a trading venue
transaction
-------------------------------------- -----------------------------------------------
Enquiries:
Alex Henderson
Company Secretary
Tel: +44 (0) 121 704 7430
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