Director/PDMR Shareholding - 2014 LTIP awards
2 April 2014
THE VITEC GROUP PLC
Notification of Transactions of Directors and Persons Discharging Managerial Responsibility (PDMRs)
Long Term Incentive Plan (LTIP)
The Vitec Group plc ("the Company") announces that on 2 April 2014 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 |
65,958 |
|
Paul Hayes |
Group Finance Director |
45,343 |
|
Martin Green |
PDMR |
33,037 |
|
Marco Pezzana |
PDMR |
38,013 |
|
Matt Danilowicz |
PDMR |
38,184 |
|
Steve Shpock |
PDMR |
38,112 |
|
Jon Bolton |
PDMR |
25,487 |
Subject to testing of performance conditions, the awards made under the Long Term Incentive Plan will vest following the end of the three year performance period on 2 April 2017.
50% of the award is subject to the Company's Total Shareholder Return 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 Earnings per Share, excluding significant items. EPS growth of 6% will be threshold with 25% of this part of the award vesting and EPS growth of 12% plus 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 EPS growth lower than 6%.
Both performance conditions are independent of one another.
Enquiries:
Jon Bolton
Group Company Secretary
020 8332 4600
A Snapshot of The Vitec Group
Vitec is an international Group principally serving customers in the Broadcast & Video, Photographic and Military, Aerospace and Government (MAG) markets. Listed on the London Stock Exchange with 2013 revenue of £315.4 million, Vitec is based on strong, well known, premium brands on which its customers worldwide rely. Vitec is organised in three Divisions: Videocom, Imaging and Services.
Videocom designs and distributes systems and products used in broadcasting and live entertainment, film and video production and MAG.
Imaging designs, manufactures and distributes equipment and accessories for photography and video.
Services provides equipment rental, workflow design and technical support to TV production teams and film crews.
More information can be found at: www.vitecgroup.com.
This information is provided by RNS
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