Director/PDMR Shareholding

RNS Number : 6574U

SSE PLC

30 July 2020

 

SSE plc

Director/PDMR Shareholding

SSE plc (the "Company") - Notification of Transactions of Directors/Persons Discharging Managerial Responsibilities and their Closely Associated Persons

(i)  Deferred Bonus Scheme (DBS) - Grant of Awards

On 24 July 2020, the Directors/PDMRs listed in the table that follows were each granted awards over Ordinary shares of 50 pence each fully paid in the Company under the DBS.  The number of shares under each award has been calculated by reference to a price of £13.94 per share, being the average of the Company's share price over the three dealing days immediately preceding the date of grant.

Awards granted under the DBS represent a deferral of a proportion of the cash bonus earned for the 2019/20 annual incentive year which is converted into shares.  The shares will vest after a period of three years from the date of grant subject normally to the participant remaining in employment with the Company.  On vesting, the participant will become entitled to additional shares representing the value of reinvested dividends over the three-year period. 

Awards granted to Executive Directors will be subject to an additional post-vesting holding period during which time the Executive Director must retain the post-tax number of shares vesting under award.

1	Details of the person(s) discharging managerial responsibilities/person closely associated with
a)	Name(s)	Alistair Phillips-Davies (Director) Gregor Alexander (Director) Martin Pibworth (Director) Rob McDonald (PDMR) Jim Smith (PDMR) Elizabeth Tanner (PDMR)
2	Reason for the notification
a)	Position/status	As noted in 1a) above
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	SSE plc
b)	LEI	549300KI75VYLLMSK856
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 Identification code	Ordinary shares of 50 pence each fully paid ISIN: GB0007908733
b)	Nature of transaction	Grant of Awards under the SSE plc Deferred Bonus Scheme
c)	Price(s) and volume(s)	Conditional awards of shares, the number of shares calculated by reference to a price of GBP£13.94, being the average of the Company's share price over the three dealing days immediately preceding date of grant. Director/PDMR Total DBS Awards Granted Alistair Phillips-Davies (Director) 18,652 Gregor Alexander (Director) 12,494 Martin Pibworth (Director) 9,350 Robert McDonald (PDMR) 3,925 Jim Smith (PDMR) 4,929 Elizabeth Tanner (PDMR) 2,723
d)	Aggregated information -  Aggregated volume -  Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	24 July 2020
f)	Place of transaction	Outside a trading venue

(ii)  Performance Share Plan (PSP) - Grant of Awards

On 24 July 2020, the Executive Directors listed in the table that follows were each granted awards over Ordinary shares of 50 pence each fully paid in the Company under the PSP.  The number of shares stated is the maximum which will become available to each Executive Director if the performance targets applicable to the award are achieved at their upper limit or above.  On vesting, the Executive Director will become entitled to additional shares representing the value of reinvested dividends over the performance period.  The number of shares under each award has been calculated by reference to a price of £13.94 per share, being the average of the Company's share price over the three dealing days immediately preceding the date of grant.

Vesting of these awards will normally only take place if performance conditions are satisfied over the three-year performance period 1 April 2020 to 31 March 2023.  These performance conditions are those indicated in the Company's Directors' Remuneration Policy (as set out in the 2020 Annual Report). 

Awards granted to Executive Directors will be subject to an additional post-vesting holding period during which time the Executive Director must retain the post-tax number of shares vesting under award. 

1	Details of the person(s) discharging managerial responsibilities/person closely associated with
a)	Name(s)	Gregor Alexander (Executive Director) Alistair Phillips-Davies (Executive Director) Martin Pibworth (Executive Director)
2	Reason for the notification
a)	Position/status	As noted in 1a) above
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	SSE plc
b)	LEI	549300KI75VYLLMSK856
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 Identification code	Ordinary shares of 50 pence each fully paid ISIN: GB0007908733
b)	Nature of transaction	Grant of Awards under the SSE plc Performance Share Plan
c)	Price(s) and volume(s)	Conditional awards of shares, the number of shares calculated by reference to a price of GBP£13.94, being the average of the Company's share price over the three dealing days immediately preceding date of grant. Director Total PSP Awards Granted Gregor Alexander 88,761 Alistair Phillips-Davies 131,244 Martin Pibworth 66,430
d)	Aggregated information -  Aggregated volume -  Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	24 July 2020
f)	Place of transaction	Outside a trading venue

(iii)  Leadership Share Plan (LSP) - Grant of Awards

On 24 July 2020, the PDMRs in the table that follows were each granted awards over Ordinary shares of 50 pence each fully paid in the Company under the LSP.  The number of shares stated is the number which will become available if the performance targets applicable to the awards are achieved, although the number could be increased or reduced by the Company performance adjuster described below.  On vesting, the PDMRs will become entitled to additional shares representing the value of reinvested dividends over the performance period.

The number of shares under the award has been calculated by reference to a price of £13.94 per share, being the average of the Company's share price over the three dealing days immediately preceding the date of grant. 

Vesting of the award will normally only take place if the performance conditions are achieved over the three-year performance period 1 April 2020 to 31 March 2023.  In addition, an overall Company performance adjuster, allowing vesting rates to be adjusted up or down by up to 25% at the discretion of the Remuneration Committee, may be applied if overall performance of the Company over the performance period merits such an upward or downward adjustment.

1	Details of the person(s) discharging managerial responsibilities/person closely associated with
a)	Name(s)	Robert McDonald (PDMR) Jim Smith (PDMR) Elizabeth Tanner (PDMR)
2	Reason for the notification
a)	Position/status	As noted in 1a) above
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	SSE plc
b)	LEI	549300KI75VYLLMSK856
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 Identification code	Ordinary shares of 50 pence each fully paid ISIN: GB0007908733
b)	Nature of transaction	Grant of Awards under the SSE plc Leadership Share Plan
c)	Price(s) and volume(s)	Conditional awards of shares, the number of shares calculated by reference to a price of GBP£13.94, being the average of the Company's share price over the three dealing days immediately preceding date of grant. PDMR Total LSP Awards Granted Rob McDonald (PDMR) 23,051 Jim Smith (PDMR) 30,487 Elizabeth Tanner  (PDMR) 17,934
d)	Aggregated information -  Aggregated volume -  Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	24 July 2020
f)	Place of transaction	Outside a trading venue

 

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