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 |
Earnings Per |
50% of |
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 |
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) |
|
||||
d) |
Aggregated information - Aggregated volume - Price
|
|
||||
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) |
|
||||
d) |
Aggregated information - Aggregated volume - Price
|
|
||||
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: +44 (0)20 3123 8716 |
M: +44 (0)790 027 6400 |
E: claire.lovegrove@mitie.com |
Anna Gavrilova
Head of Investor Relations
T: +44 (0)20 3123 8675 |
M: +44 (0)738 443 9112 |
E: anna.gavrilova@mitie.com |
Peter Dickinson
General Counsel and Company Secretary
T: +44 (0)20 3123 8157 |
M: +44 (0)776 821 5013 |
Notes for editors
About Mitie Group
Find out more at www.mitie.com