Smiths News PLC Director/PDMR Shareholding (8963G)
November 30 2020 - 1:54AM
UK Regulatory
TIDMSNWS
RNS Number : 8963G
Smiths News PLC
30 November 2020
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 FY2021 - 2023 ('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 (to
be published as part of the Company's 2020 Annual Report and
Accounts on 23 December 2020), the Company confirms that the
vesting of the LTIP award will depend on the achievement of the
following performance conditions:
Cumulative Adjusted Relative TSR benchmarked
Free Cash Flow vs the FTSE Small
(FCF) - 30% weighting Cap Index - 70% weighting
Performance 30 August 2020 to 2 September 2023 Proportion
Period exercisable
--------------------------------------------------------
Performance Below GBP98.0m Below Median Zero
Targets
------------------------- ----------------------------- -------------
GBP98.0m Median 20%
------------------------- ------------------------------------------- -------------
Between GBP98.0m Between Median and
and GBP119.9m Upper Quartile 20%-100%
------------------------- ------------------------------------------- -------------
GBP120.0m or more Upper Quartile 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 performance measures have been
reviewed and a decision taken to replace the previous year's EPS
measure with cumulative free cashflow, which will be used alongside
a relative Total Shareholder Return measure. The decision to adopt
a free cash flow metric in place of EPS is considered to more
closely align the Company's capital allocation strategy with
shareholder value and provides a compelling performance metric
which, in combination with relative TSR, is considered to be
complementary to TSR without seeking to reward for the same
performance twice. Further, the balance between the two measures
will be 70% TSR and 30% free cashflow, recognising that placing a
higher weighting on TSR demonstrates a strong statement of intent
to recover shareholder value and deliver share price
appreciation.
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
30p.
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
Tony Grace award and notified to the Participant 1,003,000
--------------- ---------------------------------- ---------------
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 1,530,000
--------------- ---------------------------------- ---------------
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.
The relevant notifications set out below are provided in
accordance with the requirements of Article 19 of the EU Market
Abuse Regulation.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Jonathan Bunting
--------------------------------- ----------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
--------------------------------- ----------------------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------------- ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
a) Name Smiths News plc
--------------------------------- ----------------------------------------------
b) LEI 2138004033ONVOOQXB02
--------------------------------- ----------------------------------------------
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 5p shares
financial instrument,
type of instrument
Identification code ISIN: GB00B17WCR61
b) Nature of the transaction Grant of 1,530,000 nil cost options
pursuant to the Long Term Incentive
Plan
--------------------------------- ----------------------------------------------
c) Price(s) and volume(s)
--------------------------- --------------
Price(s) Volume(s)
--------------------------- --------------
Nil consideration 1,530,000
------------------------------------------------------------------ --------------
d) Aggregated information n/a single transaction
- Aggregated volume
- Price
e) Date of the transaction 27 November 2020
--------------------------------- ----------------------------------------------
f) Place of the transaction Grant of the options took place outside
of a trading venue
--------------------------------- ----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Anthony Grace
--------------------------------- ----------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------
a) Position/status Chief Financial Officer
--------------------------------- ----------------------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------------- ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
a) Name Smiths News plc
--------------------------------- ----------------------------------------------
b) LEI 2138004033ONVOOQXB02
--------------------------------- ----------------------------------------------
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 5p shares
financial instrument,
type of instrument
Identification code ISIN: GB00B17WCR61
b) Nature of the transaction Grant of 1,003,000 nil cost options
pursuant to the Long Term Incentive
Plan
--------------------------------- ----------------------------------------------
c) Price(s) and volume(s)
--------------------------- --------------
Price(s) Volume(s)
--------------------------- --------------
Nil consideration 1,003,000
------------------------------------------------------------------ --------------
d) Aggregated information n/a single transaction
- Aggregated volume
- Price
e) Date of the transaction 27 November 2020
--------------------------------- ----------------------------------------------
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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