Director/PDMR Shareholding

RNS Number : 6438Q

The Vitec Group PLC

01 March 2016

 

1 March 2016

THE VITEC GROUP PLC

Notification of Transactions of Directors and Persons Discharging Managerial Responsibility (PDMRs)

Long Term Incentive Plan (LTIP) - 2016 Awards

The Vitec Group plc ("the Company") announces that on 1 March 2016 the following awards of ordinary shares of 20 pence each were made under the Company's LTIP to Directors and PDMRs.

Name	Position	Award of LTIP shares (subject to satisfaction of performance conditions)
Stephen Bird	Group Chief Executive	103,362
Paul Hayes	Group Finance Director	71,057
Martin Green	PDMR	43,269
Marco Pezzana	PDMR	51,448
Jon Bolton	PDMR	31,953

Subject to satisfaction of performance conditions, the awards made under the Long Term Incentive Plan will vest following the end of the three year performance period on 1 March 2019. 

50% of the award is subject to the Company's total shareholder return ("TSR") ranked against the constituents of the FTSE 250 index (excluding financial services companies and investment trusts). For median performance in the comparator group there will be 25% vesting and for upper quartile performance there will be full vesting, with a straight line sliding scale between these two points. None of this part of the award will vest for TSR performance below the median.

50% of the award is subject to the growth in the Company's basic earnings per share, excluding restructuring costs and charges associated with acquired businesses ("Adjusted EPS"). Adjusted EPS growth of 5% average per annum will be threshold with 25% of this part of the award vesting and Adjusted EPS growth of 12% or higher average per annum will result in all of this part of the award vesting, with a straight line sliding scale between these two points. None of this part of the award will vest for Adjusted EPS growth lower than 5% average per annum.

Both performance conditions are independent of one another. 

Long Term Incentive Plan (LTIP) - Lapse of 2013 Awards

The Company further confirms that neither of the performance conditions associated with awards made under the LTIP on 21 March 2013 reached threshold performance conditions for vesting and hence all awards under the 2013 LTIP will lapse on their third anniversary on 21 March 2016. The performance conditions were based 50% on earnings per share growth and 50% on Total Shareholder Return performance compared to a comparator group.

Details of the number of awards that have lapsed along with each Executive Director and PDMR's current holdings in the Company's shares following this lapse and the award of the 2016 LTIP are set out below.

Name	Position	Number of 2013 LTIP awards lapsed	Current shareholding*
Stephen Bird	Group Chief Executive	61,833	255,614 (53,522)
Paul Hayes	Group Finance Director	42,507	78,129 (37,724)
Martin Green	PDMR	30,197	32,893 (15,021)
Marco Pezzana	PDMR	35,823	28,204 (11,039)
Jon Bolton	PDMR	23,893	27,052 (5,588)

* The number in brackets refers to the number of ordinary shares purchased in the market with funds provided by the Executive Director or PDMR and which are held by Capita Trustees Limited, the Trustee used to hold shares in respect of awards made under The Vitec Group 2005 Deferred Bonus Plan and 2014 Deferred Bonus Plan.

Enquiries:

Jon Bolton

Group Company Secretary

020 8332 4600

A Snapshot of The Vitec Group

Vitec is a global provider of premium branded products and services to the Broadcast and

Photographic markets. Vitec is listed on the London Stock Exchange with 2015 revenue of £317.8 million.

The Group is organised in two Divisions:

The Broadcast Division designs, manufactures and distributes premium branded products for broadcasting, film and video production for broadcasters and independent content creators. It also provides premium services including equipment rental and technical solutions to TV production teams and film crews.

The Photographic Division designs, manufactures and distributes premium branded equipment and provides dedicated solutions to professional and non-professional image takers.

More information can be found at: www.vitecgroup.com

 

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