Director / PDMR Shareholding

RNS Number : 2979C

Braemar Shipping Services PLC

17 June 2021

 

BRAEMAR   SHIPPING SERVICES PLC

("Braemar", the "Company" or the "Group")

17 June 2021

Director / PDMR Shareholding

Braemar Shipping Services Plc (LSE: BMS), a leading international provider of shipbroking, financial advisory and logistics services to the shipping and energy industries, announces that it granted the following awards under the Company's Long Term Incentive Plan (the "LTIP") on 14 June 2021 to certain Persons Discharging Managerial Responsibilities ("PDMRs") of the Company:

James Gundy, Group Chief Executive Officer - LTIP award over 300,884 shares

Nicholas Stone, Group COO & Finance Director - LTIP award over 88,495 shares

Peter Mason, General Counsel & Company Secretary - LTIP award over 47,787 shares

These awards are nil cost options to acquire ordinary shares of 10p each in the Company and will vest in three years subject to meeting the performance criteria and the rules of the LTIP.  The performance criteria are based on the Company's growth in absolute Total Shareholder Return ("TSR") measured over a three-year performance period ending on 13 June 2024.  The amounts shown above represent the maximum possible opportunity, which will vest if growth in TSR is equivalent to a compound annual growth rate ("CAGR") of 22% or more per annum over the three-year performance period.  If CAGR over the performance period is less than 12% per annum, none of the awards will vest; if CAGR is 12% per annum, 25% of the award will vest; and if CAGR is between 12% and 22% per annum, the vesting outcome will be calculated on a straight-line basis between 25% and 100%.

TSR reflects movement in share price and reinvestment of dividends over the performance period, with the share prices to be used being the three-month averages ending on 13 June 2021 and 13 June 2024.  To ensure sufficient stretch within the targets for awards, the base point measurement (three-month average TSR to 13 June 2021) was raised by a further 10%.

Further information on the LTIP is contained in the Company's 2020 Annual Report.

The notifications set out below provide further details in accordance with the requirements of the EU Market Abuse Regulation, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

For further information, contact:

Braemar Shipping Services
James Gundy, Group Chief Executive Officer	Tel [phone]
Nick Stone, Group COO & Finance Director
Peter Mason, Company Secretary
finnCap
Matt Goode / James Thompson	Tel [phone]
Buchanan
Charles Ryland / Victoria Hayns / Stephanie Watson / Matilda Abraham	Tel [phone]

Notes to Editors:

About Braemar Shipping Services Plc

Braemar is a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management. Braemar employs approximately 520 people in 30 offices worldwide across its Shipbroking, Financial and Logistics divisions.  

Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.

For more information, including our investor presentation, visit  www.braemar.com

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	James Gundy
2	Reason for the notification
a)	Position/status	Group Chief Executive Officer
b)	Initial notification /Amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Braemar Shipping Services Plc
b)	LEI	213800EV6IKTTHJ83C19
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 10p each  GB0000600931
b)	Nature of the transaction	Grant of LTIP awards of nil cost options over ordinary shares of 10p each
c)	Price(s) and volume(s)	Price(s)  Volume(s) Nil 300,884
d)	Aggregated information - Aggregated volume  - Price	300,884 ordinary shares of 10p each Nil
e)	Date of the transaction	14/06/2021
f)	Place of the transaction	Outside of a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Nick Stone
2	Reason for the notification
a)	Position/status	Group COO and Finance Director
b)	Initial notification /Amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Braemar Shipping Services Plc
b)	LEI	213800EV6IKTTHJ83C19
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 10p each  GB0000600931
b)	Nature of the transaction	Grant of LTIP awards of nil cost options over ordinary shares of 10p each
c)	Price(s) and volume(s)	Price(s)  Volume(s) Nil 88,495
d)	Aggregated information - Aggregated volume  - Price	88,495 ordinary shares of 10p each Nil
e)	Date of the transaction	14/06/2021
f)	Place of the transaction	Outside of a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Peter Mason
2	Reason for the notification
a)	Position/status	General Counsel and Company Secretary
b)	Initial notification /Amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Braemar Shipping Services Plc
b)	LEI	213800EV6IKTTHJ83C19
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 10p each  GB0000600931
b)	Nature of the transaction	Grant of LTIP awards of nil cost options over ordinary shares of 10p each
c)	Price(s) and volume(s)	Price(s)  Volume(s) Nil 47,787
d)	Aggregated information - Aggregated volume  - Price	47,787 ordinary shares of 10p each Nil
e)	Date of the transaction	14/06/2021
f)	Place of the transaction	Outside of a trading venue

 

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