2015 LTIP Awards and Lapse of 2012 LTIP Awards

RNS Number : 6068J

The Vitec Group PLC

08 April 2015

 

8 April 2015

THE VITEC GROUP PLC

Notification of Transactions of Directors and Persons Discharging Managerial Responsibility (PDMRs)

Long Term Incentive Plan (LTIP) - 2015 Awards

The Vitec Group plc ("the Company") announces that on 8 April 2015 the following awards of ordinary shares of 20 pence each were made under the Company's LTIP to Directors and PDMRs.

Name	Position	Award of LTIP shares (subject to satisfaction of performance conditions)
Stephen Bird	Group Chief Executive	64,838
Paul Hayes	Group Finance Director	44,573
Martin Green	PDMR	33,230
Marco Pezzana	PDMR	40,319
Matt Danilowicz	PDMR	37,473
Jon Bolton	PDMR	25,054

Subject to satisfaction of performance conditions, the awards made under the Long Term Incentive Plan will vest following the end of the three year performance period on 8 April 2018. 

50% of the award is subject to the Company's total shareholder return ("TSR") ranked against the constituents of the FTSE 250 index (excluding financial services companies and investment trusts). For median performance in the comparator group there will be 25% vesting and for upper quartile performance there will be full vesting, with a straight line sliding scale between these two points. None of this part of the award will vest for TSR performance below the median.

50% of the award is subject to the growth in the Company's basic earnings per share, excluding restructuring costs and charges associated with acquired businesses ("Adjusted EPS"). Adjusted EPS growth of 6% average per annum will be threshold with 25% of this part of the award vesting and Adjusted EPS growth of 12% or higher average per annum will result in all of this part of the award vesting, with a straight line sliding scale between these two points. None of this part of the award will vest for Adjusted EPS growth lower than 6% average per annum.

Both performance conditions are independent of one another. 

Long Term Incentive Plan (LTIP) - Lapse of 2012 Awards

The Company further confirms that neither of the performance conditions associated with awards made under the LTIP on 16 April 2012 reached threshold performance conditions for vesting and hence all awards under the 2012 LTIP will lapse on their third anniversary on 16 April 2015. The performance conditions were based 50% on earnings per share growth and 50% on Total Shareholder Return performance compared to a comparator group.

Details of the number of awards that have lapsed along with each Executive Director and PDMR's current holdings in the Company's shares following this lapse and the award of the 2015 LTIP are set out below.

Name	Position	Number of 2012 LTIP awards lapsed	Current shareholding*
Stephen Bird	Group Chief Executive	58,124	240,732 (67,228)
Paul Hayes	Group Finance Director	39,958	69,036 (40,036)
Martin Green	PDMR	24,619	30,032 (13,070)
Marco Pezzana	PDMR	32,089	25,324 (9,976)
Matt Danilowicz	PDMR	20,000	18,981 (11,606)
Jon Bolton	PDMR	21,515	24,835 (5,251)

* The number in brackets refers to the number of ordinary shares purchased in the market with funds provided by the Executive Director or PDMR and which are held by Capita Trustees Limited, the Trustee used to hold shares in respect of awards made under The Vitec Group 2005 Deferred Bonus Plan and 2014 Deferred Bonus Plan.

Enquiries:

Jon Bolton

Group Company Secretary

020 8332 4600

A Snapshot of The Vitec Group

Vitec is a global provider of premium branded products and services to the Broadcast and

Photographic markets. Vitec is listed on the London Stock Exchange with 2014 revenue of £309.6 million.

The Group is organised in two Divisions:

The Broadcast Division designs, manufactures and distributes premium branded products for broadcasting, film and video production for broadcasters and independent content creators. It also provides premium services including equipment rental and technical solutions to TV production teams and film crews.

The Photographic Division designs, manufactures and distributes premium branded equipment and provides dedicated solutions to professional and non-professional image takers.

More information can be found at: www.vitecgroup.com

 

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