Director/PDMR Shareholding

RNS Number : 7964C

Spirent Communications PLC

19 June 2019

 

SPIRENT COMMUNICATIONS PLC (the "Company")

19 June 2019

DIRECTOR / PDMR SHAREHOLDING: Vesting and Exercise of Performance Share Awards and Restricted Stock Awards under Spirent Long-Term Incentive Plan

Performance Share Awards

The Company confirms that on 16 June 2019 the performance conditions attached to 781,758 Performance Shares awarded to Eric Hutchinson on 16 June 2016 were tested, with the following results:

50% of awards subject to EPS performance condition         78.625% vest

50% of awards subject to TSR performance condition         100% vest

As a result, 698,207 shares vested and became exercisable by Mr Hutchinson.  Performance Shares forming part of this award which did not vest have now lapsed.

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

As a result of the vesting of these awards, the following transactions have taken place:

1.	Details of PDMR / person closely associated
	Name	Eric Hutchinson
2.	Reason for the notification
a)	Position / status	PDMR
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 in market
c)	Price(s) and volume(s)	Price(s) Volume(s) (i) GBP0.0000 698,20 (ii) GBP1.51326 698,207
d)	Aggregated information -     Aggregated volume -     price	n/a n/a
e)	Date of the transaction	18 June 2019
f)	Place of the transaction	(i)         Outside a trading venue (ii)        London

Restricted Stock Awards

The Company confirms that on 16 June 2019 the performance conditions attached to Restricted Stock Awards awarded on 16 June 2016 to a number of senior employees were tested, with the result that the following awards to PDMRs 100% vested:

Angus Iveson                                            54,723

James Klaassen                                        58,510

Bill Mortimer                                              95,104

Nigel Wright                                               187,922

Awards of Restricted Stock under the Spirent Long-Term Incentive Plan are not tax approved and income tax and social security deductions become payable by the individual on vesting.

As a result of the vesting of these awards, the following transactions have taken place:

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 Long-Term Incentive Plan at nil-cost (ii)        Sale of shares in market to cover tax and national insurance liabilities
c)	Price(s) and volume(s)	Price(s) Volume(s) (i) GBP0.0000 54,723 (ii) GBP1.51326
d)	Aggregated information -     Aggregated volume -     price	n/a n/a
e)	Date of the transaction	18 June 2019
f)	Place of the transaction	(i)         Outside a trading venue (ii)        London

1.	Details of PDMR / person closely associated
	Name	James Klaassen
2.	Reason for the notification
a)	Position / status	VP, Operations
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 in market
c)	Price(s) and volume(s)	Price(s) Volume(s) (i) GBP0.0000 58,510 (ii) GBP1.51326 58,510
d)	Aggregated information -     Aggregated volume -     price	n/a n/a
e)	Date of the transaction	18 June 2019
f)	Place of the transaction	(i)         Outside a trading venue (ii)        London

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	(i)         Exercise of shares arising from Spirent Long-Term Incentive Plan at nil-cost (ii)        Sale of shares in market
c)	Price(s) and volume(s)	Price(s) Volume(s) (i) GBP0.0000 95,104 (ii) GBP1.51326 95,104
d)	Aggregated information -     Aggregated volume -     price	n/a n/a
e)	Date of the transaction	18 June 2019
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 Long-Term Incentive Plan at nil-cost (ii)        Sale of shares in market
c)	Price(s) and volume(s)	Price(s) Volume(s) (i) GBP0.0000 187,922 (ii) GBP1.51326 187,922
d)	Aggregated information -     Aggregated volume -     price	n/a n/a
e)	Date of the transaction	18 June 2019
f)	Place of the transaction	(i)         Outside a trading venue (ii)        London

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
Eric Hutchinson	1,682,129	1,058,296
Angus Iveson	42,021	179,666
James Klaassen	0	109,346
Bill Mortimer	0	193,596
Nigel Wright	14,666	370,564

Enquiries

Michelle Balch                                    Spirent Communications plc              [phone]

Deputy Company Secretary

 

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