Director/PDMR Shareholding

RNS Number : 7716X

Tesco PLC

06 May 2021

 

PDMR SHAREHOLDING

6 May 2021

Tesco PLC (the "Company")

Grant of Awards under Listing Rule 9.4.2

Imran Nawaz was appointed as Chief Financial Officer and a member of the Company's Board of Directors with effect from 1 May 2021.

On 4 May 2021, Imran was granted a conditional award over 2,064,815 Ordinary Shares of 6 1/3 pence each in the Company under an arrangement to which Listing Rule 9.4.2 applies in respect of the buy-out of share awards that Imran forfeited on leaving his previous employment. The number of shares awarded has been calculated using a market price of 220.89 pence per share.

The award will vest in tranches on the vesting dates shown in the table below.  The vesting of shares from Tranche 2, Tranche 4 and Tranche 5 is subject to the achievement of the performance conditions which apply to the applicable Tate and Lyle PLC Performance Share Plan (PSP) award and continuous employment.  The percentage of the shares which vest from each tranche will be determined by the applicable vesting level of the Tate and Lyle PLC PSP award.  Any shares which vest will be subject to a post-vesting holding period of two years from the end of the applicable performance period.

The vesting of shares from Tranche 3 is subject to continuous employment.  Where dividends are paid in the period between the grant and release of shares, the number of shares from Tranche 3 will be increased to reflect the dividends that would have accrued had they been reinvested in shares.

PDMR	Tranche No.	No. of Shares Awarded	Vesting Date
Imran Nawaz	Tranche 1	226,445	4 May 2021
	Tranche 2	838,615	1 June 2021
	Tranche 3	39,312	31 March 2022
	Tranche 4	729,205	1 June 2022
	Tranche 5	231,238	1 June 2023
	Total	2,064,815

The Remuneration Committee believes that this award fairly reflects the share awards Imran forfeited in terms of value and timescale of vesting.

Imran will receive a further award as part of his buy-out in July 2021 in respect of the 2020/21 Tate and Lyle PLC bonus he forfeited on leaving employment.  It is not possible to make this award at the current time as the level of the Tate and Lyle PLC bonus payout is not yet known.  Full details of his total remuneration will be provided in the 2021 Annual Report.

Release of shares under Listing Rule 9.4.2

Tranche 1 of the above award vested immediately and 226,445 shares were released to Imran on 4 May 2021.  Of these, 106,430 shares have been withheld to cover Income Tax and National Insurance Contributions due on release. The net shares have been transferred to Imran and must be retained under the Company's Shareholding Policy.

The share price on release was 222.05 pence per share.

The Notification of Dealing Forms can be found below.  This announcement is made in accordance with Article 19 of the Market Abuse Regulation (EU) 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018. 

For enquiries, please contact:

Robert Welch, Company Secretary

Tesco PLC

Tesco House

Shire Park

Kestrel Way

Welwyn Garden City

Hertfordshire

AL7 1GA

Tel: [phone]

LEI Number: 2138002P5RNKC5W2JZ46

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Imran Nawaz
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)	Name	Tesco PLC
b)	Legal Entity Identifier	2138002P5RNKC5W2JZ46
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 6 1/3 pence each GB00BLGZ9862
b)	Nature of the transaction	Grant of conditional shares under a Listing Rule 9.4.2 arrangement
c)	Currency	GBP
d)	Price(s) and volume(s)	Price(s) £2.2089	Volume(s) 2,064,815
e)	Aggregated information - Aggregated Volume - Aggregated Price - Aggregated Total	2,064,815 £2.2089 £4,560,969.85
f)	Date of the transaction	2021-05-04
g)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Imran Nawaz
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)	Name	Tesco PLC
b)	Legal Entity Identifier	2138002P5RNKC5W2JZ46
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 6 1/3 pence each GB00BLGZ9862
b)	Nature of the transaction	Release of shares granted under a Listing Rule 9.4.2 arrangement
c)	Currency	GBP
d)	Price(s) and volume(s)	Price(s) £2.2205	Volume(s) 226,445
e)	Aggregated information - Aggregated Volume - Aggregated Price - Aggregated Total	226,445 £2.2205 £502,821.12
f)	Date of the transaction	2021-05-04
g)	Place of the transaction	Outside a trading venue

 

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