U and I Group PLC Director/PDMR Shareholding (5437D)
June 29 2021 - 10:49AM
UK Regulatory
TIDMUAI
RNS Number : 5437D
U and I Group PLC
29 June 2021
U and I Group PLC makes awards under its Long Term Incentive
Plan 2014
U and I Group PLC (the Company) announces that the Remuneration
Committee has granted options over ordinary shares to Executive
Directors of the Company under its Long Term Incentive Plan 2014
(the Plan), which was approved by shareholders at the Annual
General Meeting on 16 July 2014.
In accordance with the rules of the Plan, LTIP awards were
granted on 28 June 2021 at the price of 97.44 pence per share,
being the mathematical average mid-market price over the 5 dealing
days from 15 June to 21 June 2021.
Options over ordinary shares have been granted to the following
Executive Directors as follows:
Richard Upton 359,195
Jamie Christmas 307,881
Awards will be made on the basis that shares will be acquired
subject to the satisfaction of the performance condition. The aim
of which is to link the receipt of shares under the Plan to an
improvement in the performance of the Company over a three and
four-year performance period from 1 April 2021.
Performance Condition
1 An Award will (subject to paragraphs 4 and 5 below) Vest as to
50% by reference to the NAV Growth measure as set out in paragraph
2 below (and for which the Normal Vesting Date will be 28 June
2025) and as to 50% by reference to the Share Price measure as set
out in paragraph 3 below (and for which the Normal Vesting Date
will be 28 June 2024).
2 NAV Growth will be measured over the Performance Period and
the percentage of the Award subject to the NAV Growth measure will
Vest (subject to paragraph 4 and 5 below) to the extent set out in
the table below, where:
"NAV Growth" means the cumulative growth in the diluted net
assets per share of the Company (as reported in the Group's
consolidated balance sheet) taking into account dividends over the
Performance Period, as determined by the Directors. The Directors
may adjust the calculation of NAV Growth as they consider
appropriate.
"Performance Period" means 1 April 2021 to 31 March 2025.
Percentage of Award subject
to the NAV Growth measure NAV Growth over the Performance
that will Vest Period
0% Less than 15.8%
--------------------------------
20% 15.8%
--------------------------------
Between 20% and 100% determined Between 15.8% and 40.5%
on a straight-line basis
--------------------------------
100% 40.5% or more
--------------------------------
Note: the targets for NAV Growth are equivalent to annual growth
of 5% pa (for 20% vesting) and 12% pa (for 100% vesting).
3 The percentage of the Award subject to the Share Price measure
will Vest (subject to paragraphs 4 and 5 below) to the extent set
out below by reference to the average Share Price calculated over
the 3 calendar months ending on 31 March 2024, where:
"Share Price" means the closing price of a Share in the
Company;
Percentage of Award subject Share Price
to the Share Price measure
that will Vest
0% Less than 120 pence
------------------------------------
20% 120 pence
------------------------------------
Between 20% and 100% determined Between 120 pence and 180
on a straight-line basis pence
------------------------------------
100% 180 pence
------------------------------------
The Directors may make such adjustments as they consider
appropriate to the Share Price measure if any of the events
described in rule 5.3.1 (i) to (iv) (inclusive) (Adjustment
of Awards) of the Plan occurs before the measurement date.
4 The Directors have discretion to reduce (including to nil) the
percentage of an Award which Vests if they consider that:
-- NAV Growth and/or Share Price has been achieved as
a result of inappropriate financial risk; or
-- the level of the Company's financial and/or business
risk is not in accordance with its stated strategy or;
-- the outcome does not reflect the underlying financial
or non-financial performance of the participant or the
Group over the relevant period; or
-- such vesting level is not appropriate in the context
of circumstances that were unexpected or unforeseen at
the grant date; or
-- there exists any other reason why an adjustment is
appropriate.
When exercising this discretion the Directors may take into
account such factors as they consider relevant.
5 The Directors have discretion to reduce (including to nil) the
percentage of a Tranche which Vests if they consider that the
Participant's conduct prior to Vesting has not met the Group's
organisational standards.
6 An Award will lapse to the extent that it does not Vest.
7 If, under the Plan rules, an Award vests early, the Directors
will determine the extent to which the Performance Condition has
been satisfied. As part of such determination, the Directors may,
without limitation, take into account any information it considers
appropriate including but not limited to the Company's most recent
results and/or management accounts.
For further information please contact:-
Chris Barton
Company Secretary
020 7828 4777
29 June 2021
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DSHEASKNALKFEFA
(END) Dow Jones Newswires
June 29, 2021 11:49 ET (15:49 GMT)
U And I (LSE:UAI)
Historical Stock Chart
From May 2024 to Jun 2024
U And I (LSE:UAI)
Historical Stock Chart
From Jun 2023 to Jun 2024