Director/PDMR Shareholding

RNS Number : 0048S

ConvaTec Group PLC

11 March 2021

 

11 March 2021

ConvaTec Group Plc
("ConvaTec" or "the Company")
Director/PDMR Shareholding

The Company announces the following change in the interests of Directors in ordinary shares of 10 pence each in the share capital of the Company ("Shares").

2021 Awards under deferred bonus plan

On 10 March 2021, Karim Bitar, the Company's Chief Executive Officer and Frank Schulkes, the Company's Chief Financial Officer, both Executive Directors, received a grant of shares in accordance with the Company's remuneration policy, as a result of one third of their annual bonus being paid out as deferred shares; such shares to vest on the third anniversary of grant, subject to continued employment without performance conditions as follows:

Karim Bitar:  301,460

Frank Schulkes: 114,001

The average of the middle market quotations of a ConvaTec share, derived from the London Stock Exchange Daily Official List for the three consecutive business days from 5 March to 9 March 2021 (inclusive) of 190.60 pence was used in determining the number of shares to be granted under the deferred bonus provisions. No consideration was paid for the grant of these awards.

2021 Awards under Long Term Incentive Plan

On the same day, Karim Bitar and Frank Schulkes were also granted conditional share awards under the Company's Long Term Incentive Plan, subject to performance conditions based on a combination of relative total shareholder return and adjusted profit before tax growth, over the three-year period weighted 25% and 75% respectively and subject to continued employment.

Total shareholder return will be measured relative to the FTSE 350 excluding investment trusts. Relative TSR will be measured over the performance period of three years (commencing 1 January 2021) calculated in GBP and using three-month averaging. Adjusted PBT growth will be measured as the three year compound annualised growth rate over the same performance period (i.e. three years from 1 January 2021).  The full details of the performance condition targets will be detailed in the Directors' Remuneration Report contained in ConvaTec's Annual Report and Accounts 2020.

No consideration was paid for the grant of the following awards:

Karim Bitar:  1,147,691

Frank Schulkes:  593,759

Vesting of 2018 Award under deferred bonus plan

Further, on 8 March 2021, Frank Schulkes received 7,761 Shares following the vesting of the conditional share award granted on 7 March 2018, as a result of one third of Mr Schulkes' annual bonus being paid out as deferred shares, subject to a three year vesting period. On 8 March 2021, Mr Schulkes sold 3,658 Shares at £1.902 to cover the income tax liabilities relating to the vesting of the share award, leaving a retained balance of 4,103 Shares.

The attached notifications, made in accordance with the requirements of the EU Market Abuse Regulation, gives further detail.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Karim Bitar
2	Reason for the notification
a)	Position/Status	CEO
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	ConvaTec Group Plc
b)	LEI	213800LS272L4FIDOH92
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 in ConvaTec Group Plc GB00BD3VFW73
b)	Nature of the transaction	1. Grant of conditional share award under bonus deferral plan subject only to a time based vesting condition. 2. Grant of conditional share award under the ConvaTec Group Plc Long Term Incentive Plan, subject to (i) a time vesting period of three years (ii) performance conditions based on a combination of relative total shareholder return and adjusted profit before tax growth (iii) continued employment.
c)	Price(s) and volume(s)	Price(s) 1 - N/A 2 - N/A	Volume(s)  1 - 301,460  2 - 1,147,691
d)	Aggregated information - Aggregated volume  - Price	N/A
e)	Date of the transaction	2021-03-10
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Frank Schulkes
2	Reason for the notification
a)	Position/Status	CFO
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	ConvaTec Group Plc
b)	LEI	213800LS272L4FIDOH92
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 in ConvaTec Group Plc GB00BD3VFW73
b)	Nature of the transaction	1. Grant of conditional share award under bonus deferral plan subject only to a time based vesting condition. 2. Grant of conditional share award under the ConvaTec Group Plc Long Term Incentive Plan, subject to (i) a time vesting period of three years (ii) performance conditions based on a combination of relative total shareholder return and adjusted profit before tax growth (iii) continued employment.
c)	Price(s) and volume(s)	Price(s) 1 - N/A 2 - N/A	Volume(s)  1 - 114,001  2 - 593,759
d)	Aggregated information - Aggregated volume  - Price	N/A
e)	Date of the transaction	2021-03-10
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Frank Schulkes
2	Reason for the notification
a)	Position/Status	CFO
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	ConvaTec Group Plc
b)	LEI	213800LS272L4FIDOH92
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 in ConvaTec Group Plc GB00BD3VFW73
b)	Nature of the transaction	7,761 Shares acquired pursuant to the vesting of shares under the deferred bonus plan. Sale of 3,658 Shares arising from the exercise of the share award which  vested on 8 March 2021, to offset income tax liabilities on the exercise. Retained balance of 4,103 Shares
c)	Price(s) and volume(s)	Price(s) Shares sold £1.902	Volume(s) 3,658
d)	Aggregated information - Aggregated volume  - Price	Retained Shares 4,103 Shares Nil consideration
e)	Date of the transaction	2021-03-08
f)	Place of the transaction	London Stock Exchange, Main Market (XLON)

Enquiries

Analysts and Investors

Kate Postans, VP Investor Relations &  [phone]

Corporate Communications, ConvaTec   

[e-mail]

Media

Buchanan: Charles Ryland / Chris Lane [phone]         

ConvaTec Group Plc's LEI code is 213800LS272L4FIDOH92

About ConvaTec

ConvaTec is a global medical products and technologies company focused on therapies for the management of chronic conditions, with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion care. Our vision, which encompasses our purpose, is: Pioneering trusted medical solutions to improve the lives we touch. Our products provide a range of clinical and economic benefits including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. To learn more about ConvaTec, please visit  www.convatecgroup.com .

 

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