Director/PDMR Shareholding

RNS Number : 8385V

Reach PLC

05 December 2019

 

Reach plc

5 December 2019

Reach plc (the "Company")

Grant of Awards under the Company's Long Term Incentive Plan 2012

Long Term Incentive Plan 2012 (the "LTIP")

The independent trustee (the "Trustee") of the Company's Employees' Benefit Trust based in Jersey (the "Trust") notified the Company that on 4 December 2019 it granted an award under the LTIP to acquire ordinary shares in the capital of the Company in the form of nil-cost options to Jim Mullen, a Person Discharging Managerial Responsibility ("PDMR"), in the amount set out below. The award to Jim Mullen represents an award equating to 200% of his base salary for 2019 and relates to the terms of his appointment in August 2019.

Under the terms of the LTIP, Awards normally vest on the third anniversary of their date of grant subject to the satisfaction of conditions relating to the performance of the Company over the three financial years to which an award relates (the "Performance Period"). Upon vesting, awards are subject to a holding period of a further two years. During the holding period restrictions will apply to the sale or other disposal of the shares.

The awards will be exercisable based on two performance measures. 60% of the shares under award depend on the satisfaction of an Absolute TSR Condition. 40% of the shares under award depend on the satisfaction of a Net Cash Flow performance condition (the "Performance Conditions"). The Performance Conditions are as set out in the announcement dated 12 March 2019 ("LTIP Announcement").

The base price for calculating the level of award was 97.7p, the average market closing price between 29 November 2019 and 3 December 2019.

Details of the transactions are set out below:

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	Reach plc
b)	LEI	213800GNI5XF3XOATR61
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 10p Shares
	Identification code	GB0009039941
b)	Nature of the transaction	Grant of share options under the Company's Long Term Incentive Plan 2012.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			£0.977	972,364
d)	Aggregated information
	- Aggregated volume	N/A
	- Price	N/A
e)	Date of the transaction	4 December 2019
f)	Place of the transaction	Outside a trading venue

Enquiries

Reach plc
Jim Mullen, Chief Executive Officer	020 7293 3000
Simon Fuller, Chief Financial Officer and Company Secretary
Tulchan Communications
David Allchurch, Partner	020 7353 4200

 

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