Smiths News PLC Director/PDMR Shareholding (2194V)
November 30 2023 - 4:54AM
UK Regulatory
TIDMSNWS
RNS Number : 2194V
Smiths News PLC
30 November 2023
Smiths News plc
Director/PDMR Shareholding
Smiths News plc (the "Company") announces that it has been
notified of the following transactions in the Company's ordinary 5p
shares undertaken by directors / persons discharging managerial
responsibility:
Long Term Incentive Plan FY2024 - 2026 ('LTIP')
The following awards were granted as conditional awards, where a
participant may receive an allocation of shares following the
normal vesting date, subject to the extent to which the applicable
performance conditions have been satisfied at the end of the
three-year performance period and their continuing employment at
that time.
As indicated in the Company's Directors' Remuneration Report
(published as part of the Company's 2023 Annual Report and Accounts
on 15 December 2023), the Company confirms that the vesting of the
LTIP award will depend on the achievement of the following
performance conditions:
An absolute
Relative TSR Final Year reduction in
vs FTSE Small Profit from Final Year Scopes
Cap Index (excluding Growth and 1, 2 & controllable
investment trusts) Diversified Scope 3 emissions
over the three-year Activities in FY2026
performance period in FY2026
10%
60% 30%
Performance 27 August 2023 to 29 August 2026 Proportion
Period exercisable
-----------------------------------------------------------------
Performance Below Median Zero
Targets
------------------------ --------------- ---------------------- -------------
238,903 tC(0)
Median GBP3.5m 2(e) 20%
------------------------ --------------- ------------------------------------ -------------
Between Median
and Upper Quartile 20%-100%
----------------------------------------------------------------- ----------- -------------
205,145 tC(0)
Upper Quartile GBP6.0m 2(e) 100%
------------------------ --------------- ------------------------------------ -------------
The Company has considered carefully the level of target
performance and the corresponding performance range for each
measure to ensure that they are sufficiently stretching and promote
long-term sustainable success.
The vested shares will be subject to a holding period of two
years from the vesting date and subject to customary malus and
clawback events. The value of any dividends accrued, in the form of
dividend equivalents, will normally be paid in shares at the end of
period (third anniversary) based on the number of vested shares and
will also be subject to the holding period of two years from the
vesting date.
No consideration was paid for the grant of the award. For the
purposes of this award, the grant was made at a share price of
47.6p.
Name of Participant Form of Award Normal Vesting Date Maximum
Number of
Shares
The day following the end
of the performance period
on which the performance
Conditional conditions have been assessed
Jonathan Bunting award and notified to the Participant 1,048,542
--------------- ---------------------------------- -----------
The day following the end
of the performance period
on which the performance
Conditional conditions have been assessed
Paul Baker award and notified to the Participant 683,081
--------------- ---------------------------------- -----------
As noted in the Company's Directors' Remuneration Report, the
LTIP grant levels are equivalent to 100% of base salary at
grant.
The relevant notifications set out below are provided in
accordance with the requirements of Article 19 of the EU Market
Abuse Regulation.
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Jonathan Bunting
--------------------------------- ----------------------------------------------
Reason for the notification
2
---------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
--------------------------------- ----------------------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------------- ----------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
a) Name Smiths News plc
--------------------------------- ----------------------------------------------
b) LEI 2138004033ONVOOQXB02
--------------------------------- ----------------------------------------------
Details of the transaction(s): section to be repeated
4 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 Ordinary 5p shares
financial instrument,
type of instrument
Identification code ISIN: GB00B17WCR61
b) Nature of the transaction Grant of 1,048,542 nil cost options
pursuant to the Long Term Incentive
Plan
--------------------------------- ----------------------------------------------
c) Price(s) and volume(s)
--------------------------- --------------
Price(s) Volume(s)
--------------------------- --------------
Nil consideration 1,048,542
------------------------------------------------------------------ --------------
d) Aggregated information n/a single transaction
- Aggregated volume
- Price
e) Date of the transaction 30 November 2023
--------------------------------- ----------------------------------------------
f) Place of the transaction Grant of the options took place outside
of a trading venue
--------------------------------- ----------------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Paul Baker
--------------------------------- ----------------------------------------------
Reason for the notification
2
---------------------------------------------------------------------------------
a) Position/status Chief Financial Officer
--------------------------------- ----------------------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------------- ----------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
a) Name Smiths News plc
--------------------------------- ----------------------------------------------
b) LEI 2138004033ONVOOQXB02
--------------------------------- ----------------------------------------------
Details of the transaction(s): section to be repeated
4 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 Ordinary 5p shares
financial instrument,
type of instrument
Identification code ISIN: GB00B17WCR61
b) Nature of the transaction Grant of 683,081 nil cost options
pursuant to the Long Term Incentive
Plan
--------------------------------- ----------------------------------------------
c) Price(s) and volume(s)
--------------------------- --------------
Price(s) Volume(s)
--------------------------- --------------
Nil consideration 683,081
------------------------------------------------------------------ --------------
d) Aggregated information n/a single transaction
- Aggregated volume
- Price
e) Date of the transaction 30 November 2023
--------------------------------- ----------------------------------------------
f) Place of the transaction Grant of the options took place outside
of a trading venue
--------------------------------- ----------------------------------------------
Karen Mills
Deputy Company Secretary
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END
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