Director/PDMR Shareholding

RNS Number : 1304P

Watches of Switzerland Group PLC

14 October 2021

 

14 October 2021

Watches of Switzerland Group PLC

Notification of transactions by Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them

The following information is given in accordance with Article 19.3 of the Market Abuse Regulation and is  made on behalf of Brian Duffy a PDMR, in the Watches of Switzerland Group PLC under article 19.1 of the Market Abuse Regulation ('MAR').

Watches of Switzerland Group PLC (the 'Company') announces that Brian Duffy has exercised in full the option (the 'CEO Option') that was granted to him on 31 May 2019 by Jewel Holdco S.à r.l., the holding company through which funds managed by an affiliate of Apollo Global Management, Inc. formerly held shares in the Company.

The one-off CEO Option was provided to Brian Duffy in connection with the Company's admission to the London Stock Exchange, and the terms of the award were agreed at that time by Jewel Holdco S.à r.l. A summary of the agreement was included in the Company's prospectus and subsequent summaries have been included in the Company's Directors' Remuneration Report.

The face value of the award was £6.0 million which resulted in the CEO Option over 2,222,222 shares, at the IPO price of 270p.  The vesting of the CEO Option was subject to continued service with the Company from the date of grant to the second anniversary of IPO (being 4 June 2021); and the CEO Option was exercisable at any time from the grant date until the third anniversary of the grant date (being 31 May 2022).

As a result of the exercise of the option, on 12  October 2021, 1,000,000 shares were sold today to cover the underlying tax liability.  Brian Duffy will retain the balance of the award - namely 1,222,222 shares. Brian's holding now amounts to 7,696,999 shares or 3.21% of the Company's issued share capital.

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Brian Duffy
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Watches of Switzerland Group PLC
b)	LEI	2138008ZOT5K9PJW7168
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 £0.0125 ISIN: GB00BJDQQ870
b)	Nature of the transaction	Exercise in full of option awarded at time of IPO and disposal of such number of shares as was necessary to cover the tax liability which crystallised on exercise of the Option.
c)	Price(s) and volume(s)	Price Number of shares sold to cover Tax Liability Number of shares retained £10.48 1,000,000 1,222,222
d)	Aggregated information - Aggregated volume - Price	Price per share Value Shares sold to cover Tax Liability £10.48 £10,480,000 Shares Retained £10.48 £12,808,887
e)	Date of the transaction	14 October 2021
f)	Place of the transaction	Outside a trading venue

Contact

Allegra Perry

Director of Investor Relations and Corporate Affairs

T:  0207 317 4600

E: [e-mail]

Laura Battley

Company Secretary & General Counsel

T: 0207 317 4601

E: [e-mail]

 

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