Director/PDMR Shareholding

RNS Number : 7666W

MITIE Group PLC

03 August 2018

 

3 August 2018

Mitie Group plc

LEI number: 213800MTCLTKEHWZMJ03

Mitie Group plc (the "Company") - Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and their Closely Associated Persons

On 2 August 2018 Phil Bentley and Paul Woolf were each granted options over Ordinary shares of 2.5 pence each in the Company under the Company's 2015 Long Term Incentive Plan ("LTIP"). 

The performance conditions that apply to the awards have been simplified to two measures: (i) EPS; and (ii) cash conversion, each accounting for 50% of the award with the following performance conditions:

Performance measure	Weighting	Performance range	Vesting of portion of the award (performance period three years ending 31 March 2021)
Earnings Per Share (EPS) growth	50% of the award	5% - 12% compound annual growth	Zero vesting if EPS growth, as adjusted by the Committee as appropriate, is less than 5% per annum. If EPS growth is equal to 5% per annum, 25% of this portion of the award will vest. If EPS growth is equal to 8.5% per annum, 70% of this portion of the award will vest.  If EPS growth is equal to or above 12% per annum, 100% of this portion of the award will vest. Between these three points, the proportion of awards vesting will be determined on a linear sliding scale basis.
Cash conversion	50% of the award	75% - 85% per annum	Zero vesting if cash conversion is less than 75% per annum.  At 75%, 25% of this portion of the award will vest. At 80%, 70% of this portion of the award will vest. At 85% or above, 100% of this portion of the award will vest. Between these three points, the proportion of awards vesting will be determined on a linear sliding scale basis.

The awards are subject to malus and clawback provisions including a post-vesting holding period of two years.

The attached notifications, made in accordance with the requirements of the EU Market Abuse Regulation, give further detail.

- Ends -

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	PHIL BENTLEY
2	Reason for the notification
a)	Position/status	PDMR - 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	MITIE GROUP PLC
b)	LEI	213800MTCLTKEHWZMJ03
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	SHARE OPTIONS OVER ORDINARY SHARES OF 2.5 PENCE EACH IN MITIE GROUP PLC. IDENTIFICATION CODE FOR MITIE GROUP PLC ORDINARY SHARES:  GB0004657408
b)	Nature of the transaction	GRANT OF OPTIONS FOR NIL CONSIDERATION UNDER THE MITIE GROUP PLC 2015 LONG TERM INCENTIVE PLAN
c)	Price(s) and volume(s)	Price(s) Volume(s) 152.50p 1,180,327 OPTIONS
d)	Aggregated information - Aggregated volume - Price	Price(s) Volume(s) £1,799,999 1,180,327 OPTIONS
e)	Date of the transaction	2018-08-02
f)	Place of the transaction	OUTSIDE OF TRADING VENUE

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	PAUL WOOLF
2	Reason for the notification
a)	Position/status	PDMR - 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	MITIE GROUP PLC
b)	LEI	213800MTCLTKEHWZMJ03
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	SHARE OPTIONS OVER ORDINARY SHARES OF 2.5 PENCE EACH IN MITIE GROUP PLC. IDENTIFICATION CODE FOR MITIE GROUP PLC ORDINARY SHARES:  GB0004657408
b)	Nature of the transaction	GRANT OF OPTIONS FOR NIL CONSIDERATION UNDER THE MITIE GROUP PLC 2015 LONG TERM INCENTIVE PLAN
c)	Price(s) and volume(s)	Price(s) Volume(s) 152.50p 422,950 OPTIONS
d)	Aggregated information - Aggregated volume - Price	Price(s) Volume(s) £644,999 422,950 OPTIONS
e)	Date of the transaction	2018-08-02
f)	Place of the transaction	OUTSIDE OF TRADING VENUE

For further information, contact:

Claire Lovegrove

Head of Media Relations, Corporate Affairs

T: [phone]

M: [phone]

E: [e-mail]

Anna Gavrilova

Head of Investor Relations

T: [phone]

M: [phone]

E: [e-mail]

Peter Dickinson

General Counsel and Company Secretary

T: [phone]

M: [phone]

E: [e-mail]

Notes for editors

About Mitie Group

 

Founded in 1987, Mitie is the UK's leading facilities management and professional services company. We offer a range of specialist services including engineering services, security, energy and property consultancy within Professional Services, catering, cleaning, pest control, landscaping, custody support services, and property maintenance.

Mitie employs 49,000 people across the UK, looking after a large, diverse blue-chip customer base, from banks and retailers, to hospitals, schools and government departments. We take care of our customers' people and buildings, by delivering the basics brilliantly and by deploying advanced technology. We are pioneers in the Connected Workspace, using smart analytics to provide valuable insight and deliver efficiencies to create outstanding work environments for our customers.

Find out more at www.mitie.com

 

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