discoverIE Group plc Director LTIP Award (7739R)
July 01 2020 - 11:45AM
UK Regulatory
TIDMDSCV
RNS Number : 7739R
discoverIE Group plc
01 July 2020
1 July 2020
discoverIE Group plc
Director LTIP Award
discoverIE Group plc (LSE : DSCV, "discoverIE" or the
"Company"), a leading international designer, manufacturer and
supplier of customised electronics to industry, announces that, on
30 June 2020, options were granted for nil consideration over the
following numbers of ordinary shares under the 2018 Renewed
Long-Term Incentive Plan ("LTIP"):
Director/PDMR Shares Comprised in Awards
Nick Jefferies 127,039(1)
---------------------------
Simon Gibbins 62,500(2)
---------------------------
The awards will vest on 3 July 2023, subject to the achievement
of the performance targets set out below. Vested options will be
subject to an additional two-year holding period prior to being
eligible for exercise. It is anticipated that option exercises will
be satisfied by the transfer of shares from the Company's employee
benefit trust.
Vesting of the award and the receipt of shares will be based on
the following criteria:
(1) One third of the award will be based on the Company's
relative Total Shareholder Return ("TSR") performance measured
against the constituents of the FTSE Small Cap Index over a
three-year period commencing on 1 April 2020. The Company's TSR
must rank at least at the median position and vesting will occur on
a sliding scale between median (25%) and upper quartile (100%).
(2) One third of the award will be based on the Company's TSR
performance relative to growth in the Consumer Prices Index ("CPI")
measured over a three-year period commencing on 1 April 2020.
Vesting will occur on a sliding scale with 25% vesting where the
Company's TSR growth is ten percentage points higher than CPI
growth ("threshold") and 100% vesting where the Company's TSR
growth is thirty percentage points or greater more than CPI growth
("maximum"). Vesting will occur on a sliding scale between
threshold (25%) and maximum (100%).
(3) One third of the award will be based on the Company's growth
in adjusted basic earnings per share (EPS) between the year ended
31 March 2020 and 31 March 2023. Vesting will occur on a sliding
scale between a compound annual growth rate (CAGR) in EPS of 4% per
annum (25%) and a CAGR in EPS of 10% per annum (100%).
(Notes:)
(1. In addition to the grants set out above, 13,985 awards were
granted to Nick Jefferies in return for him bearing a proportion of
the Company's liability to employer's National Insurance arising on
the exercise of such grants made to him above. The additional award
ensures he is in a neutral position on an after-tax basis, assuming
unchanged tax rates.)
(2. In addition to the grants set out above, 10,446 awards were
granted to Simon Gibbins in return for him bearing the Company's
liability to employer's National Insurance arising on the exercise
of such grants made to him above. The additional award ensures he
is in a neutral position on an after-tax basis, assuming unchanged
tax rates.)
For further information, please contact:
discoverIE Group plc 01483 544 500
Nick Jefferies - Group Chief Executive
Simon Gibbins - Group Finance Director
Instinctif Partners 0207 457 2020
Mark Garraway
Rosie O'Driscoll
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Nicholas Jefferies
------------------------------------ ---------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position / status Group Chief Executive
------------------------------------ ---------------------------------
b) Initial notification / amendment Initial notification
------------------------------------ ---------------------------------
3 Details of issuer
-----------------------------------------------------------------------
a) Name discoverIE Group plc
------------------------------------ ---------------------------------
b) LEI 213800BMDLQU1VEEAN68
------------------------------------ ---------------------------------
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 Options over Ordinary Shares
instrument, type of instrument in discoverIE Group plc
Identification code GB0000055888
------------------------------------ ---------------------------------
b) Nature of the transaction Award made pursuant to the
Company's Long-Term Incentive
Plan
------------------------------------ ---------------------------------
c) Price(s) and volume(s) Price Volume
Nil 141,024
--------
------------------------------------ ---------------------------------
d) Aggregated information N/A
------------------------------------ ---------------------------------
e) Date of the transaction 30 June 2020
------------------------------------ ---------------------------------
f) Place of the transaction Outside a trading venue
------------------------------------ ---------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Simon Gibbins
------------------------------------ ---------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position / status Group Finance Director
------------------------------------ ---------------------------------
b) Initial notification / amendment Initial notification
------------------------------------ ---------------------------------
3 Details of issuer
-----------------------------------------------------------------------
a) Name discoverIE Group plc
------------------------------------ ---------------------------------
b) LEI 213800BMDLQU1VEEAN68
------------------------------------ ---------------------------------
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 Options over Ordinary Shares
instrument, type of instrument in discoverIE Group plc
Identification code GB0000055888
------------------------------------ ---------------------------------
b) Nature of the transaction Award made pursuant to the
Company's Long-Term Incentive
Plan
------------------------------------ ---------------------------------
c) Price(s) and volume(s) Price Volume
Nil 72,946
-------
------------------------------------ ---------------------------------
d) Aggregated information N/A
------------------------------------ ---------------------------------
e) Date of the transaction 30 June 2020
------------------------------------ ---------------------------------
f) Place of the transaction Outside a trading venue
------------------------------------ ---------------------------------
Notes to Editors:
About discoverIE Group plc
discoverIE Group plc is an international group of businesses
that designs, manufactures and supplies innovative components for
electronic applications.
The Group provides application-specific components to original
equipment manufacturers ("OEMs") internationally. By designing
components that meet customers' unique requirements, which are then
manufactured and supplied throughout the life of their production,
a high level of repeating revenue is generated with long term
customer relationships.
With a focus on key markets driven by structural growth and
increasing electronic content, namely renewable energy,
transportation, medical and industrial & connectivity, the
Group aims to achieve organic growth that is well ahead of GDP and
to supplement that with targeted complementary acquisitions.
The Group employs c.4,400 people and its principal operating
units are located in Continental Europe, the UK, China, Sri Lanka,
India and North America.
The Group is listed on the Main Market of the London Stock
Exchange and is in the top quartile of the FTSE Small Cap Index,
classified within the Electrical Components and Equipment
subsector, and has revenues of over GBP450m. Over the last five
years, underlying earnings per share has almost doubled.
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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