TIDMCTEC
RNS Number : 0048S
ConvaTec Group PLC
11 March 2021
11 March 2021
ConvaTec Group Plc
("ConvaTec" or "the Company")
Director/PDMR Shareholding
The Company announces the following change in the interests of
Directors in ordinary shares of 10 pence each in the share capital
of the Company ("Shares").
2021 Awards under deferred bonus plan
On 10 March 2021, Karim Bitar, the Company's Chief Executive
Officer and Frank Schulkes, the Company's Chief Financial Officer,
both Executive Directors, received a grant of shares in accordance
with the Company's remuneration policy, as a result of one third of
their annual bonus being paid out as deferred shares; such shares
to vest on the third anniversary of grant, subject to continued
employment without performance conditions as follows:
Karim Bitar: 301,460
Frank Schulkes: 114,001
The average of the middle market quotations of a ConvaTec share,
derived from the London Stock Exchange Daily Official List for the
three consecutive business days from 5 March to 9 March 2021
(inclusive) of 190.60 pence was used in determining the number of
shares to be granted under the deferred bonus provisions. No
consideration was paid for the grant of these awards.
2021 Awards under Long Term Incentive Plan
On the same day, Karim Bitar and Frank Schulkes were also
granted conditional share awards under the Company's Long Term
Incentive Plan, subject to performance conditions based on a
combination of relative total shareholder return and adjusted
profit before tax growth, over the three-year period weighted 25%
and 75% respectively and subject to continued employment.
Total shareholder return will be measured relative to the FTSE
350 excluding investment trusts. Relative TSR will be measured over
the performance period of three years (commencing 1 January 2021)
calculated in GBP and using three-month averaging. Adjusted PBT
growth will be measured as the three year compound annualised
growth rate over the same performance period (i.e. three years from
1 January 2021). The full details of the performance condition
targets will be detailed in the Directors' Remuneration Report
contained in ConvaTec's Annual Report and Accounts 2020.
No consideration was paid for the grant of the following
awards:
Karim Bitar: 1,147,691
Frank Schulkes: 593,759
Vesting of 2018 Award under deferred bonus plan
Further, on 8 March 2021, Frank Schulkes received 7,761 Shares
following the vesting of the conditional share award granted on 7
March 2018, as a result of one third of Mr Schulkes' annual bonus
being paid out as deferred shares, subject to a three year vesting
period. On 8 March 2021, Mr Schulkes sold 3,658 Shares at GBP1.902
to cover the income tax liabilities relating to the vesting of the
share award, leaving a retained balance of 4,103 Shares.
The attached notifications, made in accordance with the
requirements of the EU Market Abuse Regulation, gives further
detail.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Karim Bitar
2 Reason for the notification
a) Position/Status CEO
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
a) Name ConvaTec Group Plc
b) LEI 213800LS272L4FIDOH92
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 Ordinary shares of 10p each in ConvaTec Group Plc
financial instrument, GB00BD3VFW73
type of instrument
Identification code
b) Nature of the transaction 1. Grant of conditional share award under bonus deferral plan
subject only to a time based
vesting condition.
2. Grant of conditional share award under the ConvaTec Group
Plc Long Term Incentive Plan,
subject to (i) a time vesting period of three years (ii)
performance conditions based on a
combination of relative total shareholder return and adjusted
profit before tax growth (iii)
continued employment.
c) Price(s) and volume(s) Price(s) Volume(s)
1 - N/A 1 - 301,460
2 - N/A 2 - 1,147,691
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 2021-03-10
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Frank Schulkes
2 Reason for the notification
a) Position/Status CFO
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
a) Name ConvaTec Group Plc
b) LEI 213800LS272L4FIDOH92
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 Ordinary shares of 10p each in ConvaTec Group Plc
financial instrument, GB00BD3VFW73
type of instrument
Identification code
b) Nature of the transaction 1. Grant of conditional share award under bonus deferral plan
subject only to a time based
vesting condition.
2. Grant of conditional share award under the ConvaTec Group
Plc Long Term Incentive Plan,
subject to (i) a time vesting period of three years (ii)
performance conditions based on a
combination of relative total shareholder return and adjusted
profit before tax growth (iii)
continued employment.
c) Price(s) and volume(s) Price(s) Volume(s)
1 - N/A 1 - 114,001
2 - N/A 2 - 593,759
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 2021-03-10
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Frank Schulkes
2 Reason for the notification
a) Position/Status CFO
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
a) Name ConvaTec Group Plc
b) LEI 213800LS272L4FIDOH92
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 Ordinary shares of 10p each in ConvaTec Group Plc
financial instrument, GB00BD3VFW73
type of instrument
Identification code
b) Nature of the transaction 7,761 Shares acquired pursuant to the vesting of shares under the
deferred bonus plan.
Sale of 3,658 Shares arising from the exercise of the share award which
vested on 8 March
2021, to offset income tax liabilities on the exercise.
Retained balance of 4,103 Shares
c) Price(s) and volume(s) Price(s) Volume(s)
Shares sold
GBP1.902 3,658
d) Aggregated information Retained Shares
- Aggregated volume 4,103 Shares
- Price Nil consideration
e) Date of the transaction 2021-03-08
f) Place of the transaction London Stock Exchange, Main Market (XLON)
Enquiries
Analysts and Investors
Kate Postans, VP Investor Relations & +44 (0)7826 447807
Corporate Communications, ConvaTec
ir@convatec.com
Media
Buchanan: Charles Ryland / Chris Lane +44 (0)207 466 5000
ConvaTec Group Plc's LEI code is 213800LS272L4FIDOH92
About ConvaTec
ConvaTec is a global medical products and technologies company
focused on therapies for the management of chronic conditions, with
leading market positions in advanced wound care, ostomy care,
continence and critical care, and infusion care. Our vision, which
encompasses our purpose, is: Pioneering trusted medical solutions
to improve the lives we touch. Our products provide a range of
clinical and economic benefits including infection prevention,
protection of at-risk skin, improved patient outcomes and reduced
total cost of care. To learn more about ConvaTec, please visit
www.convatecgroup.com .
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END
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