Director/PDMR Shareholding

RNS Number : 5015J

Spirent Communications PLC

29 March 2018

 

SPIRENT COMMUNICATIONS PLC (the "Company")

29 March 2018

DIRECTOR / PDMR SHAREHOLDING: Vesting and Exercise of Performance Share Awards and Vesting of Stock Appreciation Rights under Spirent Employee Incentive Plan

The Company confirms that on 23 March 2018, the performance conditions attached to Performance Shares awarded to Directors/Persons Discharging Managerial Responsibility on 23 March 2015 awards were tested, with the following results:

50% of awards subject to EPS performance condition         81.00% vest

50% of awards subject to TSR performance condition         45.90% vest

As a result, the following awards to PDMRs vested and became exercisable:

		Awarded:	Vest:
James Armstrong	PDMR	150,402 Performance Shares	95,429 shares
Angus Iveson	PDMR	47,458 Performance Shares	30,111 shares
Nigel Wright	PDMR	136,110 Performance Shares	86,361 shares

Performance Shares awarded on 23 March 2015 which have not vested have now lapsed.

Awards of Performance Shares under the Employee Incentive Plan are not tax approved and income tax and social security deductions become payable by the individual on vesting.

The following transactions have taken place:

1.	Details of PDMR / person closely associated
	Name	James Armstrong
2.	Reason for the notification
a)	Position / status	COO
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 Employee Incentive Plan at nil-cost (ii)        Sale of shares to cover tax and national insurance liabilities
c)	Price(s) and volume(s)	Price(s) Volume(s) (i) GBP0.0000 95,429 (ii) GBP1.1760 33,974
d)	Aggregated information -     Aggregated volume -     price	n/a n/a
e)	Date of the transaction	29 March 2018
f)	Place of the transaction	(i)         Outside a trading venue (ii)        London

1.	Details of PDMR / person closely associated
	Name	Angus Iveson
2.	Reason for the notification
a)	Position / status	Company Secretary & General Counsel
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 Employee Incentive Plan at nil-cost (ii)        Sale of shares to cover tax and national insurance liabilities
c)	Price(s) and volume(s)	Price(s) Volume(s) (i) GBP0.0000 30,111 (ii) GBP1.14492 17,002
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

1.	Details of PDMR / person closely associated
	Name	Nigel Wright
2.	Reason for the notification
a)	Position / status	EVP, Global Sales
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 Employee Incentive Plan at nil-cost (ii)        Sale of shares to cover tax and national insurance liabilities
c)	Price(s) and volume(s)	Price(s) Volume(s) GBP0.0000 86,361 GBP1.1560 22,028
d)	Aggregated information -     Aggregated volume -     price	n/a n/a
e)	Date of the transaction	29 March 2018
f)	Place of the transaction	(i)         Outside a trading venue (ii)        London

The Company also confirms that on 23 March 2018, the performance condition attached to Stock Appreciation Rights awarded to Directors/Persons Discharging Managerial Responsibility on 23 March 2015 awards were tested, with the following results:

100% of awards subject to EPS performance condition       81.00% vest

As a result, the following Stock Appreciation Rights award to a PDMR vested and became exercisable:

		Awarded:	Vest:
Bill Mortimer	PDMR	8,240 Stock Appreciation Rights	6,674 Stock Appreciation Rights

Stock Appreciation Rights awarded on 23 March 2015 which did not vest have now lapsed.

Awards of Stock Appreciation Rights under the Employee Incentive Plan are not tax approved, and income tax and social security deductions become payable by the individual on exercise.  If unexercised, these vested Stock Appreciation Rights will expire on 23 March 2025.

1.	Details of PDMR / person closely associated
	Name	Bill Mortimer
2.	Reason for the notification
a)	Position / status	EVP, Strategic Marketing
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	Vesting of award of Stock Appreciation Rights under the Spirent Employee Incentive Plan; if unexercised, these Stock Appreciation Rights will expire on 23 March 2025.
c)	Price(s) and volume(s)	Price(s) Volume(s) GBP0.0000 6,674
d)	Aggregated information -     Aggregated volume -     price	n/a n/a
e)	Date of the transaction	23 March 2018
f)	Place of the transaction	Outside a trading venue

Following this notification, the individuals listed above hold options over the following total number of shares:

Director / PDMR	Total number of shares held	Total number of shares over which options held
James Armstrong	61,455	424,379
Angus Iveson	13,109	103,773
Nigel Wright	76,993	347,518
Bill Mortimer	Nil	169,577 total (6,674 vested, 162,903 unvested)

Enquiries

Michelle Balch                         Spirent Communications plc              [phone]

Deputy Company Secretary

 

END

 

 

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