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Harvey Nash Group (HVN)

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Thursday 09 August, 2018

Harvey Nash Group

Grant of Share Awards to Directors

RNS Number : 2566X
Harvey Nash Group PLC
09 August 2018
 

9 August 2018

Harvey Nash Group plc ("the Company")

Grant of Awards under the Harvey Nash Group plc Performance Share Plan.

On 8 August 2018, the Remuneration Committee of the Board of the Company granted awards under the Harvey Nash Group plc Performance Share Plan to the following PDMRs of the Company in the form of options with nominal value option price over ordinary shares of 5p each in the capital of the Company:

Name

Number of shares subject to award

Albert Ellis

298,393

Simon Wassall

200,349

Mark Garratt

191,938

 

These awards were calculated on the basis of 100% of current base salary using the share price at the close of business on 7 August 2018 of 130.25p.

Because of the negotiations leading up to the announcement made on 7 August 2018 regarding the recommended cash acquisition of the Company by The Power of Talent Limited, the Company was prohibited from granting these awards during its ordinary award cycle following the announcement of results for the financial year ended 31 January 2018 on 27 April 2018.

The awards will ordinarily become exercisable on the third anniversary of grant subject to the grantee's continued service and to the extent to which earnings per share (EPS) and relative total shareholder return (TSR) performance conditions are satisfied.

The EPS element of the performance condition relates to one half of each award and requires the Company's compounded annual growth in Adjusted Earnings Per Share over the three financial years to 31 January 2021 (the "Performance Period") to be at least 7.5% for 20% of this part of an award to vest, rising to full vesting of this part of an award if such growth is at least 15.0%.  Vesting between these levels will be on a straight-line basis.

The TSR element of the performance condition relates to one half of each award and requires the Company's TSR performance over the Performance Period to rank at least equal to upper quartile performance amongst the TSR performance of a comparator group to vest in full, with 20% of this part of an award vesting if such performance ranks at least equal to median. Vesting between these levels will be on a straight-line basis. The comparator group comprises the constituents of FTSE AIM Industrial Goods & Services Index on the first day of the Performance Period.

Shares acquired under an award (net of tax) must then be held for a minimum period of two years commencing on the vesting date.

The notification below, made in accordance with the requirements of DTR 3.1 and Article 19 of The Market Abuse provide further detail.

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations.

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Albert Ellis

2

Reason for Notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial Announcement

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Harvey Nash Group plc

b)

LEI

2138004ULQUX3DQSCV07

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 instrument, type of instrument

Identification code

Ordinary Shares of 5 pence each in Harvey Nash Group plc

GB0006573546

b)

Nature of the transaction

Grant of a nominal cost option award under the Harvey Nash Group plc Performance Share Plan. The award will ordinarily become exercisable three years from the date of grant, subject to continued service and to the extent to which the earnings per share and total shareholder return performance conditions are met.

c)

Price(s) and volume(s)

Price(s)  Volume(s)

Nil           298,393

d)

Aggregated information

-       Aggregated volume

-       Price

Not applicable - single transaction

e)

Date of the transaction

8 August 2018

f)

Place of the transaction

Outside a trading venue

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Simon Wassall

2

Reason for Notification

a)

Position/status

European Managing Director

b)

Initial notification/Amendment

Initial Announcement

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Harvey Nash Group plc

b)

LEI

2138004ULQUX3DQSCV07

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 instrument, type of instrument

Identification code

Ordinary Shares of 5 pence each in Harvey Nash Group plc

GB0006573546

b)

Nature of the transaction

Grant of a nominal cost option award under the Harvey Nash Group plc Performance Share Plan. The award will ordinarily become exercisable three years from the date of grant, subject to continued service and to the extent to which the earnings per share and total shareholder return performance conditions are met.

c)

Price(s) and volume(s)

Price(s)  Volume(s)

Nil           200,349

d)

Aggregated information

-       Aggregated volume

-       Price

Not applicable - single transaction

e)

Date of the transaction

8 August 2018

f)

Place of the transaction

Outside a trading venue

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Mark Garratt

2

Reason for Notification

a)

Position/status

Chief Financial Officer

b)

Initial notification/Amendment

Initial Announcement

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Harvey Nash Group plc

b)

LEI

2138004ULQUX3DQSCV07

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 instrument, type of instrument

Identification code

Ordinary Shares of 5 pence each in Harvey Nash Group plc

GB0006573546

b)

Nature of the transaction

Grant of a nominal cost option award under the Harvey Nash Group plc Performance Share Plan. The award will ordinarily become exercisable three years from the date of grant, subject to continued service and to the extent to which the earnings per share and total shareholder return performance conditions are met.

c)

Price(s) and volume(s)

Price(s)  Volume(s)

Nil           191,938

d)

Aggregated information

-       Aggregated volume

-       Price

Not applicable - single transaction

e)

Date of the transaction

8 August 2018

f)

Place of the transaction

Outside a trading venue

 

Enquiries:                  

Mark Garratt, Company Secretary

020 7333 1820


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 [email protected] or visit www.rns.com.
 
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