Director/PDMR Shareholding

RNS Number : 5011J

Spirent Communications PLC

29 March 2018

 

SPIRENT COMMUNICATIONS PLC (the "Company")

29 March 2018

DIRECTOR / PDMR SHAREHOLDING: Vesting and Exercise of Performance Share Award under Spirent Long-term Incentive Plan

The Company confirms that on 23 March 2018, the performance conditions attached to 268,293 Performance Shares awarded to Paula Bell on 30 September 2016 as part of her remuneration package on appointment to the Company were tested, with the following results:

50% of awards subject to EPS performance condition         50.90% vest

50% of awards subject to TSR performance condition         81.10% vest

As a result, 177,073 shares vested and became exercisable by Ms Bell.  Performance Shares forming part of this award which did not vest have lapsed.

Awards of Performance Shares under the Spirent Long-term Incentive Plan are not tax approved and therefore on vesting income tax and social security deductions become payable by the individual.  To settle this tax liability, on 27 March 2018 Ms Bell sold 99,977 Ordinary shares at a price of 114.492 pence per share.  Ms Bell then transferred the balance of 77,096 shares to a Person Closely Associated, her partner Mr Dean Ritchie.

Following this notification, Ms Bell has the following beneficial interests in the Company:

Director / PDMR	Total number of shares held	Total number of shares over which options held
Paula Bell	227,096	572,344

1.	Details of PDMR / person closely associated
	Name	Paula Bell
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)	Full name of the entity	Spirent Communications plc
b)	Legal Entity Identifier Code	213800HKCUNWP1916L38
4.	Details of the transaction(s)
a)	Description of the financial instrument Identification code	Ordinary shares of 3 1/3 pence each GB0004726096
b)	Nature of the transaction	(i)         Exercise of shares arising from Spirent Long-term Incentive Plan at nil-cost (ii)        Sale of shares to cover tax and national insurance liabilities (iii)       Transfer of shares to Person Closely Associated
c)	Price(s) and volume(s)	Price(s) Volume(s) (i) GBP0.0000 177,073 (ii) GBP1.14492 99,977 (iii) GBP0.0000 77,096
d)	Aggregated information -     Aggregated volume -     price	n/a n/a
e)	Date of the transaction	27 March 2018
f)	Place of the transaction	(i)         Outside a trading venue (ii)        London (iii)       Outside a trading venue

Enquiries

Michelle Balch                         Spirent Communications plc              [phone]

Deputy Company Secretary

 

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