Information  X 
Enter a valid email address

Ladbrokes Coral Grp (LCL)

  Print          Annual reports

Tuesday 27 March, 2018

Ladbrokes Coral Grp

Director/PDMR Shareholding

RNS Number : 1356J
Ladbrokes Coral Group PLC
27 March 2018
 

LADBROKES CORAL GROUP PLC

 

Notification of Interests of Directors and Persons Discharging Managerial Responsibility ("PDMR")

 

On 26 March 2018, the Court sanctioned a scheme of arrangement for the acquisition of the entire issued and to be issued share capital of Ladbrokes Coral Group plc (the "Company") by GVC Holdings PLC ("GVC" and the "Acquisition", respectively).  As a result of this, outstanding awards1 ("Awards") held by the PDMRs and directors under the Performance Share Plan, Deferred Bonus Plan and the 1983 Savings Related Share Option Scheme ("Sharesave") vested and were exercised.

 

Details of the total number of Shares vesting in respect of executive directors and PDMRs are as follows:

 


Number of Shares subject to Awards Vested

Number of Shares deducted for Net Settlement purposes (i.e. proportion of  Award Shares which were settled in cash)

Balance of Shares held





Name




Jim Mullen




      Deferred Bonus Plan

191,121

89,908

101,383

      Performance Share Plan

746,916

-

746,916

      SAYE

3,960


3,960

      Total



852,259





Paul Bowtell




      Deferred Bonus Plan

29,593

13,909

15,684

      Performance Share Plan

200,180


200,180

      Total



215,864





Andy Hornby


-


      Performance Share Plan

190,513


190,513

 

When conditional share awards granted under the Deferred Bonus Plan vest, the directors and PDMRs will receive a combination of Shares and a cash payment from the Company that together have an aggregate combined value (on vesting) equal to the aggregate total number of Shares in the Company that would have been acquired were it not for the award being part settled in cash.  The cash sum will be used to satisfy these individuals' tax liability arising on vesting of these conditional share awards under the Deferred Bonus Plan.  

 

The above "net settlement" approach did not apply to restricted share awards granted under the Deferred Bonus Plan over 29,543 Shares to Jim Mullen.  Instead, the trustee of the Ladbrokes Coral Group plc Share Ownership Trust will purchase sufficient Shares back from Jim Mullen in an off-market transaction at a price equal to the closing middle market quotation of the Shares on the Court sanction date.  The Share sale by Jim Mullen will be used to fund the tax liability which arises on vesting of his restricted share awards

 

In respect of the Performance Share Plan, no Shares are to be sold in order to meet the tax liability as there is insufficient time to sell such Shares in the market and the Acquisition will complete shortly after vesting on 28 March 2018. Shares in GVC and cash, which form part of the consideration under the Acquisition and which will be issued and transferred, respectively, on completion of the Acquisition, will instead be sold to meet the tax liability of the individuals arising on the  vesting.

 

This notification is made in accordance with DTR 3.1.4R(1)(a) of the FCA's Disclosure Guidance and Transparency Rules.

 

The attached notifications made in accordance with the EU Market Abuse Regulation, provide further information.

 

Geoff Mason

Company Secretary

 

 

Notes

1   The share awards were made in respect of the Company's ordinary shares of 28⅓ pence per share ("Shares").

 

Ladbrokes Coral Group plc LEI: 213800P7FJOPCV4H3J04

Notification of transactions of persons discharging managerial responsibilities and persons closely associated with them

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Jim Mullen

2

Reason for the notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial notification

3

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

a)

Name

Ladbrokes Coral Group plc

b)

LEI

213800P7FJOPCV4H3J04

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

Ordinary shares of 28⅓ pence each ("Shares")

 


Identification code

GB00B0ZSH635

b)

Nature of the transaction

Vesting of Share Awards

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

£1.01

848,299

    3,960

852,259

d)

Aggregated information

 

-    Aggregated volume

-    Price

 

 

852,259

£3,999.60

 

e)

Date of the transaction

2018-03-26

f)

Place of the transaction

Outside a trading venue

 

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Paul Bowtell

2

Reason for the notification

a)

Position/status

Chief Financial Officer

b)

Initial notification/Amendment

Initial notification

3

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

a)

Name

Ladbrokes Coral Group plc

b)

LEI

213800P7FJOPCV4H3J04

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

Ordinary shares of 28⅓ pence each ("Shares")

 


Identification code

GB00B0ZSH635

b)

Nature of the transaction

Vesting of Share Awards

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

nil

215,864

d)

Aggregated information

 

-    Aggregated volume

-    Price

 

 

215,864

N/A

e)

Date of the transaction

2018-03-26

f)

Place of the transaction

Outside a trading venue

 

 

Notification of transactions of persons discharging managerial responsibilities and persons closely associated with them

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Jim Mullen

2

Reason for the notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial notification

3

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

a)

Name

Ladbrokes Coral Group plc

b)

LEI

213800P7FJOPCV4H3J04

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

Ordinary shares of 28⅓ pence each ("Shares")

 


Identification code

GB00B0ZSH635

b)

Nature of the transaction

Sale of Shares

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

£1.69

13,886

d)

Aggregated information

 

-    Aggregated volume

-    Price


e)

Date of the transaction

2018-03-26

f)

Place of the transaction

Outside a trading venue

 

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Andy Hornby

2

Reason for the notification

a)

Position/status

Chief Operating Officer

b)

Initial notification/Amendment

Initial notification

3

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

a)

Name

Ladbrokes Coral Group plc

b)

LEI

213800P7FJOPCV4H3J04

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

Ordinary shares of 28⅓ pence each ("Shares")

 


Identification code

GB00B0ZSH635

b)

Nature of the transaction

Vesting of Share Awards

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

nil

190,513

d)

Aggregated information

 

-    Aggregated volume

-    Price

 

 

190,513

N/A

e)

Date of the transaction

2018-03-26

f)

Place of the transaction

Outside a trading venue

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DSHEDLFLVXFLBBD

a d v e r t i s e m e n t