Director/PDMR Shareholding

RNS Number : 7456D

De La Rue PLC

01 July 2021

 

De La Rue plc

Director/PDMR Shareholding

Notification of transactions by persons discharging managerial responsibilities and persons closely associated with them

1 July 2021

De La Rue plc (the "Company") announces that on 30 June 2021 it granted awards under the De La Rue Performance Share Plan 2020 (the "PSP") to Clive Vacher, Rob Harding and Ruth Euling, each of whom is an Executive Director and a Person Discharging Managerial Responsibilities ("PDMR") of the Company.  The granting of the awards creates a change in the interests of each of them in the ordinary shares of 44¹⁵²/₁₇₅p  of the Company ("Shares").  The awards, which were structured as a nil-cost option (each an "Option"), were granted under the rules of the PSP as follows:

Name of Director/PDMR	Role	Number of Shares subject to the Option
Clive Vacher	CEO	239,361
Rob Harding	CFO	146,276
Ruth Euling	MD, Currency	135,586

The Options were granted on 30 June 2021 (the "Award Date").  The number of Shares contained in each Option was calculated by reference to a price of 191.76 pence, being the average of the closing middle market quotations for the Company's Shares for the five consecutive dealing days ending on 29 June 2021.

Each Option was granted such that vesting is subject to two equally-weighted performance conditions, which will be assessed independently, as outlined below:

Performance metric	Proportion	Below Threshold	Threshold	Maximum
Outcome		0% vesting	25% vesting	100% vesting
Average annual cumulative EPS Growth over the three financial years 21/22 to 23/24	50%	<8.5%	8.5%	16.7%
TSR vs FTSE 250 constituents, over 3 years ending 31 May 2024	50%	Below Median	Median	Upper Quartile

Performance between the Threshold and Maximum levels will result in a pro-rata increase in the number of Shares vesting, on a straight-line basis.  Performance beyond the Maximum level will not result in any additional vesting.

The performance conditions are subject to an underpin , which provides the Remuneration Committee with discretion to adjust or over-ride the formulaic outcome and determine the number of Shares in respect of which the Option will v est, taking into account such factors it may in its discretion determine, potentially including the underlying performance of the Group and the Participant's individual performance .

To the extent that an Option vests, it is subject to a further holding period of two years, during which time it will not be capable of exercise.  This means that, i n line with the UK Corporate Governance Code, each Option will be subject to an aggregate vesting and holding period of five years.

The number of Shares shown in the first table above represents the maximum that may be acquired if all performance conditions are achieved in full. The Company may also transfer additional Shares to reflect the value of dividends that would have been paid on the Shares in respect of which the Option vests over the period between the Award Date and the end of the post-vesting holding period.

The relevant information set out below is provided in accordance with the requirements of Article 19 of the Market Abuse Regulation as retained in UK law.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Clive Vacher
2	Reason for the notification
a)	Position/status	Executive Director/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	De La Rue plc
b)	LEI	213800DH741LZWIJXP78
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 44152/175p GB00B3DGH821
b)	Nature of the transaction	Grant of a nil-cost option over 239,361 Shares under the rules of the De La Rue Performance Share Plan 2020.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.00 239,361
d)	Aggregated information - Aggregated volume - Price - Aggregated total	N/A
e)	Date of the transaction	30 June 2021
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Rob Harding
2	Reason for the notification
a)	Position/status	Executive Director/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	De La Rue plc
b)	LEI	213800DH741LZWIJXP78
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 44152/175p GB00B3DGH821
b)	Nature of the transaction	Grant of a nil-cost option over 146,276 Shares under the rules of the De La Rue Performance Share Plan 2020.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.00 146,276
d)	Aggregated information - Aggregated volume - Price - Aggregated total	N/A
e)	Date of the transaction	30 June 2021
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Ruth Euling
2	Reason for the notification
a)	Position/status	Executive Director/MD, Currency
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	De La Rue plc
b)	LEI	213800DH741LZWIJXP78
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 44152/175p GB00B3DGH821
b)	Nature of the transaction	Grant of a nil-cost option over 135,586 Shares under the rules of the De La Rue Performance Share Plan 2020.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.00 135,586
d)	Aggregated information - Aggregated volume - Price - Aggregated total	N/A
e)	Date of the transaction	30 June 2021
f)	Place of the transaction	Outside a trading venue

Jane Hyde, Company Secretary

Contact Number: 01256 605212

1 July 2021

De La Rue plc's LEI code is 213800DH741LZWIJXP78.

 

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