7 April 2021
Elementis
plc
('Elementis' or 'the Company')
Director/PDMR Shareholding
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
Elementis plc announces that on 6 April 2021 the following Directors have been granted conditional share awards under the Elementis plc 2018 Long Term Incentive Plan (LTIP) with a vesting date of 6 April 2024 at a cost of nil pence per share.
Name |
Title |
Number of shares (Performance Share Awards) |
Paul Waterman |
Chief Executive Officer |
1,079,362 |
RalphHewins |
Chief Financial Officer |
515,214 |
The above quantum of awards are as detailed in the 2020 Directors' Remuneration Report and are based on award multiples set at 200% and 175% of salary for both the Chief Executive and Chief Financial Officer respectively.
In addition, the Committee will retain discretion to reduce the number of shares on vesting should it be considered appropriate to do so (e.g. in the event that there was perceived windfall gain).
Subject to the terms of the LTIP plan rules, the above awards will vest and become exercisable from the third anniversary of the grant of the awards subject to continued service and to the extent to which the relevant performance conditions (see below) are satisfied over the three financial years ending 31 December 2023. Shares that vest (post selling any shares required to meet associated tax liabilities) are also subject to a two-year holding requirement.
Performance conditions
The full performance conditions to apply to the 2021 awards are as follows:
Earnings per share (33% weighting)
EPS |
%ofEPSpartvesting |
Less than 10 cents |
0% |
10 cents |
0% |
13 cents |
100% |
Vesting will be on a straight-line basis between performance points.
Relative Total Shareholder Return (33% weighting)
Elementis versus FTSEALLShareConstituents (excluding InvestmentTrusts) |
%ofTSRpartvesting |
Belowmedian |
0% |
Median |
3.85% |
Upper quartile |
100% |
Vesting will be on a straight-line basis between the median and upper quartile.
Operating Cash Conversion (33% weighting)
Three-year OperatingCashConversion |
%ofOperating Cash Conversionpartvesting |
Less than85% |
0% |
85% |
0% |
95% |
100% |
Vesting will be on a straight-line basis between performance points.
Vesting based on the above performance conditions will be subject to a return on capital employed underpin. This will require the Committee to consider the vesting result determined based on the application of the EPS, TSR and operating cash conversion performance conditions in light of the return on capital employed achieved during the three year period ending 31 December 2023 relative to the Board's internal plans over the period. If the Committee does not consider the vesting result appropriate in light of the return the underpin enables vesting to be reduced to a more appropriate level.
Set out below are the notifications made in accordance with Article 19 of the EU Market Abuse Regulation.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 |
Deta ils of the person discharging managerial responsibilities / person closely associated |
|||||
a) |
Na me |
PAUL WATERMAN |
||||
2 |
Reaso n for thenotification |
|||||
a) |
Position/status |
CEO, DIRECTOR |
||||
b) |
I nitial notification/Amendment |
INITIAL NOTIFICATION |
||||
3 |
Deta ilsoftheissuer,emissionallowancemarketparticipant,auctionplatform, auctioneer or auction monitor |
|||||
a) |
Na me |
ELEMENTIS PLC |
||||
b) |
L E I |
549300LQIH685LI2ML36 |
||||
4 |
Deta ilsofthetransaction(s):sectiontoberepeatedfor(i)eachtypeofinstrument; (ii )eachtypeoftransaction;(iii)eachdate;and(iv)eachplacewheretransactions havebeen conducted |
|||||
a) |
Descriptio n ofthe financialinstrument,type of instrument
I d e ntification code |
SHARES
GB0002418548
|
||||
b) |
Natureofthetransaction |
Grant of a conditional share award over 1,079,362 shares under the Elementis plc 2018 Long Term Incentive Plan with a vesting date of 6 April 2024 at a cost of nil pence per share. |
||||
c) |
Price(s ) and volume(s) |
|
||||
d) |
Aggr e g ate d information |
|
||||
|
- Aggr e g a tedvolume- Price |
N/A |
||||
e ) |
Dateofthetransaction |
2021-04-06 |
||||
f) |
Place ofthetransaction |
London, UK
|
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 |
Deta ils of the person discharging managerial responsibilities / person closely associated |
|||||
a) |
Na me |
RALPH HEWINS |
||||
2 |
Reaso n for thenotification |
|||||
a) |
Position/status |
CFO, DIRECTOR |
||||
b) |
I nitial notification/Amendment |
INITIAL NOTIFICATION |
||||
3 |
Deta ilsoftheissuer,emissionallowancemarketparticipant,auctionplatform, auctioneer or auction monitor |
|||||
a) |
Na me |
ELEMENTIS PLC |
||||
b) |
L E I |
549300LQIH685LI2ML36 |
||||
4 |
Deta ilsofthetransaction(s):sectiontoberepeatedfor(i)eachtypeofinstrument; (ii )eachtypeoftransaction;(iii)eachdate;and(iv)eachplacewheretransactions havebeen conducted |
|||||
a) |
Descriptio n ofthe financialinstrument,type of instrument
I d e ntification code |
SHARES
GB0002418548
|
||||
b) |
Natureofthetransaction |
Grant of a conditional share award over 515,214 shares under the Elementis plc 2018 Long Term Incentive Plan with a vesting date of 6 April 2024 at a cost of nil pence per share. |
||||
c) |
Price(s ) and volume(s) |
|
||||
d) |
Aggr e g ate d information |
|
||||
|
- Aggr e g a tedvolume- Price |
N/A |
||||
e ) |
Dateofthetransaction |
2021-04-06 |
||||
f) |
Place ofthetransaction |
London, UK
|
Person responsible for making this notification: Laura Higgins, Group Company Secretary