Director/PDMR Shareholding

RNS Number : 8250E

Vitec Group PLC (The)

15 March 2022

 

15 March 2022

THE VITEC GROUP PLC

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

Long Term Incentive Plan ("LTIP") - 2022 Awards

The Vitec Group plc ("the Company") announces that on 11 March 2022 the following awards of ordinary shares of 20 pence each were made under the Company's LTIP to Executive Directors and PDMRs.

Name	Position	Award of 2022 LTIP shares
Stephen Bird	Group Chief Executive	55,722
Martin Green	Group Finance Director	41,677
Marco Pezzana	PDMR	35,400
Nicola Dal Toso	PDMR	35,400
Marco Vidali	PDMR	35,400
Jon Bolton	PDMR	17,700

 The awards to the Executive Directors represent 125% of salary.

The awards will be subject to the following two performance conditions that will run from 1 January 2022 to 31 December 2024:

(1)  TSR

33% of the award is subject to the Company's TSR performance measured against a comparator group. The comparator group will be the constituents of the FTSE 250 index (excluding financial services companies and investments trusts). 25% of this element of the award will vest if the Company's TSR is at the median point of the comparator group at the end of the performance period and 100% will vest if the Company's TSR is at or above the upper quartile of the comparator group at the end of the performance period. A straight-line sliding scale will operate between these two points and there will be no vesting below the median point.

(2)  EPS

67% of the award is subject to growth in the Company's adjusted earnings per share ("adjusted EPS") over the three-year performance period. The adjusted EPS performance condition has threshold set at 100 pence and a stretch set at 130 pence for the year ended 31 December 2024 with a straight-line sliding scale between each point. At threshold, 25% of this element of the award will vest and at stretch 100% of this element of the award will vest. There will be no vesting below 100 pence per share.

ROCE

The Remuneration Committee will also continue to use a ROCE underpin to ensure the underlying financial performance of the business, for the EPS element of the award, as part of the vesting outcome. The Committee will also retain a discretion to scale back the vesting of an award should it result in an unfair outcome for shareholders.

Subject to satisfaction of performance conditions, the awards made under the LTIP will vest on the third anniversary of the award - being 11 March 2025. In respect of Executive Directors, any awards vesting under the 2022 award will, after deduction of taxes, be subject to a further two-year holding period.

Long Term Incentive Plan ("LTIP") - Lapse of 2019 Awards

The Vitec Group plc (the "Company") confirms that neither of the performance conditions associated with awards made under the LTIP on 8 March 2019 reached threshold performance conditions for vesting and hence all awards under the 2019 LTIP lapsed on their third anniversary on 8 March 2022. The performance conditions were based 67% on adjusted earnings per share growth and 33% on Total Shareholder Return performance compared to a comparator group.

Details of the awards that have lapsed are as follows:

Name	Position	Number of 2019 LTIP awards lapsed
Stephen Bird	Group Chief Executive	48,355
Martin Green	Group Finance Director	30,334
Marco Pezzana	PDMR	25,795
Nicola Dal Toso	PDMR	4,749
Marco Vidali	PDMR	4,636
Jon Bolton	PDMR	15,167

Jon Bolton

Group Company Secretary

020 8332 4600 

A snapshot of The Vitec Group plc

Vitec is a leading global provider of premium branded hardware products and software solutions to the growing content creation market.

Vitec's customers include broadcasters, film studios, production and rental companies, photographers, independent content creators, gamers, professional musicians and enterprises. Our product portfolio includes camera supports, video transmission systems and monitors, live streaming solutions, smartphone accessories, robotic camera systems, prompters, LED lighting, mobile power, bags, backgrounds and motion control, audio capture and noise reduction equipment.

We employ around 2,000 people across the world in 11 different countries and are organised in three Divisions: Imaging Solutions, Production Solutions and Creative Solutions.

The Vitec Group plc is listed on the London Stock Exchange.

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

LEI number:  2138007H5DQ4X8YOCF14

 

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