Director/PDMR Shareholding

RNS Number : 3125L

SEGRO PLC

29 April 2020

 

29 April 2020

SEGRO plc (the Company)

Director/PDMR Shareholding

On 28 April 2020, following a recommendation made by the Company, the Trustee of the SEGRO plc Employees' Benefit Trust agreed to:

- grant the 2019 Deferred Share Bonus Plan (DSBP) Award in respect of the 2019 Bonus;

- release the shares in respect of the 2016 DSBP Award, made on 28 June 2017; and

- release the shares in respect of the 2016 and 2017 Long Term Incentive Plan (LTIP) Awards, made on 7 April 2016 and 28 April 2017 respectively,

to Directors and PDMRs in the Company.

Full details about the DSBP and the LTIP, including performance conditions, can be found in the Company's 2019 Annual Report and Accounts which was released on 28 February 2020.

At the 2017 AGM, shareholders approved the reduction of the performance period of the LTIP from four years to three years, with the addition of a two-year post vesting holding period (Holding Period) for Executive Directors. As a result, both the 2016 and 2017 LTIP vested on 28 April 2020. During the Holding Period, the Executive Directors will be the beneficial owners of the 2017 LTIP shares but they will not be permitted to sell them.

The table below shows the number of shares awarded, released and subsequently sold on 28 April 2020, and Directors' and PDMRs' resultant beneficial holdings.

Name	Award	Number of Shares awarded on 28 April 2020	Number of Shares vested on 28 April 2020 (Gross)	Number of Shares vested on 28 April 2020 (Net)	Number of Shares sold on 28 April 2020	Beneficial holdings (inclusive of the SEGRO plc Share Incentive Plan (the SIP))	Beneficial holding as a percentage of base salary as at 28 April 202010
Directors
David Sleath	2019 DSBP1	63,200	-	-	-	696,513	914%
	2016 DSBP	-	90,271	47,843	47,8439
	2016 LTIP2	-	290,152	153,780	153,7808
	2017 LTIP2,3	-	243,813	129,220	-
	Other7	-	-	-	125,000
Soumen Das4	2019 DSBP1	44,786	-	-	-	293,937	596%
	2016 DSBP	-	14,474	7,671	7,6719
	2016 LTIP2	-	153,674	81,447	81,4478
	2017 LTIP2,3	-	279,918	148,356	-
Andy Gulliford5	2019 DSBP1	41,329	-	-	-	621,312	1,204%
	2016 DSBP	-	47,283	25,059	-
	2016 LTIP2	-	189,916	100,655	100,6559
	2017 LTIP2,3	-	159,634	84,606	-
PDMRs
Elizabeth Blease6	2019 DSBP1	5,293	-	-	-	151,482	-
	2016 DSBP	-	7,980	4,229	-
	2016 LTIP2	-	63,848	33,839	33,8399
	2017 LTIP2	-	53,651	28,435	28,4359
Liz Reilly	2019 DSBP1	5,502	-	-	-	140,523	-
	2016 DSBP	-	8,060	4,271	-
	2016 LTIP2	-	62,058	32,890	32,8909
	2017 LTIP2	-	52,147	27,637	27,6379

1.  The 2019 DSBP Award has been structured as a provisional allocation over ordinary shares in the Company. As the MSCI benchmark data was not available at the date of publication of the Company's 2019 Annual Report and Accounts, the payments disclosed were based on an estimate of 49 per cent of the TPR element being achieved. The TPR element has since been confirmed at 100 per cent and adjustments have been made accordingly.  

The calculation of the 2019 DSBP Award was based on a share price of 821.20 pence, which was the mid-market quotation price for the day before award.

2.  As estimated in the 2019 Annual Report and Accounts, the Company's performance against benchmarks resulted in a 100 per cent vesting of both the 2016 and 2017 LTIP Awards.

3.  The 2017 LTIP is subject to a two-year post-vesting Holding Period which will end on 28 April 2022.

4.  Soumen Das' beneficial holding is partly held by a Person Closely Associated (PCA), Dipa Das.

5.  Andy Gulliford's beneficial holding is partly held by a PCA, Jan Gulliford.

6.  Elizabeth Blease's beneficial holding is partly held by a PCA, Tim Rayner.

7.  David Sleath also sold 125,000 shares on 28 April 2020 at 814.03 pence per share.

8.  Shares sold at 814.32 pence per share.

9.  Shares sold at 814.62 pence per share

10. David Sleath is expected to build a shareholding in the Company equivalent to 300 per cent of the value of his base salary. Soumen Das and Andy Gulliford are expected to hold shares equivalent to  250 per cent of their base salaries. The number of shares which contribute towards this shareholding requirement comprise beneficial interests (including SIP shares) and shares subject to deferral under the DSBP, net of Income Tax and National Insurance. The value of the shares has been calculated using the vesting share price of the 2016 and 2017 LTIP Awards, at 814.32 pence.

The Notification of Dealing Forms provided in accordance with the requirements of the Market Abuse Regulation (2014/596/EU) in relation to the transactions listed above are set out below:

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	David Sleath
2.	Reason for the notification
a)	Position/status	Chief Executive
b)	Initial notification /Amendment	Initial
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	SEGRO plc
b)	LEI	213800XC35KGM9NFC641
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	1.  Grant of 2019 DSBP Award 2.  Vesting of 2016 DSBP Award 3.  Sale of 2016 DSBP Shares 4.  Vesting of 2016 LTIP 5.  Sale of 2016 LTIP 6.  Vesting of 2017 LTIP 7.  Sale
b)	Nature of the transaction	1.  Grant 2.  Vesting 3.  Sale following vesting of 2 4.  Vesting 5.  Sale following vesting of 4 6.  Vesting 7.  Sale
c)	Price(s) and volume(s)	Price Volume Total 1 £8.2120 63,200 £518,998 2 £8.2120 47,843 £392,887 3 £8.1462 47,843 £389,739 4 £8.1432 153,780 £1,252,261 5 £8.1432 153,780 £1,252,261 6 £8.1432 129,220 £1,052,264 7 £8.1403 125,000 £1,017,538
d)	Aggregated information	N/A
e)	Date of the transaction	28 April 2020
f)	Place of the transaction	London Stock Exchange (XLON)

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Soumen Das
2.	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification /Amendment	Initial
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	SEGRO plc
b)	LEI	213800XC35KGM9NFC641
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	1.  Grant of 2019 DSBP Award 2.  Vesting of 2016 DSBP Award 3.  Sale of 2016 DSBP Shares 4.  Vesting of 2016 LTIP 5.  Sale of 2016 LTIP 6.  Vesting of 2017 LTIP
b)	Nature of the transaction	1.  Grant 2.  Vesting 3.  Sale following vesting of 2 4.  Vesting 5.  Sale following vesting of 4 6.  Vesting
c)	Price(s) and volume(s)	Price Volume Total 1 £8.2120 44,786 £367,783 2 £8.2120 7,671 £62,994 3 £8.1462 7,671 £62,490 4 £8.1432 81,447 £663,239 5 £8.1432 81,447 £663,239 6 £8.1432 148,356 £1,208,093
d)	Aggregated information	N/A
e)	Date of the transaction	28 April 2020
f)	Place of the transaction	London Stock Exchange (XLON)

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Andy Gulliford
2.	Reason for the notification
a)	Position/status	Chief Operating Officer
b)	Initial notification /Amendment	Initial
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	SEGRO plc
b)	LEI	213800XC35KGM9NFC641
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	1.  Grant of 2019 DSBP Award 2.  Vesting of 2016 DSBP Award 3.  Vesting of 2016 LTIP 4.  Sale of 2016 LTIP 5.  Vesting of 2017 LTIP
b)	Nature of the transaction	1.  Grant 2.  Vesting 3.  Vesting 4.  Sale following vesting of 3 5.  Vesting
c)	Price(s) and volume(s)	Price Volume Total 1 £8.2120 41,329 £339,394 2 £8.2120 25,059 £205,785 3 £8.1432 100,655 £819,654 4 £8.1432 100,655 £819,654 5 £8.1432 84,606 £688,964
d)	Aggregated information	N/A
e)	Date of the transaction	28 April 2020
f)	Place of the transaction	London Stock Exchange (XLON)

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Elizabeth Blease
2.	Reason for the notification
a)	Position/status	General Counsel and Group Company Secretary
b)	Initial notification /Amendment	Initial
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	SEGRO plc
b)	LEI	213800XC35KGM9NFC641
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	1.  Grant of 2019 DSBP Award 2.  Vesting of 2016 DSBP Award 3.  Vesting of 2016 LTIP 4.  Sale of 2016 LTIP 5.  Vesting of 2017 LTIP 6.  Sale of 2017 LTIP
b)	Nature of the transaction	1.  Grant 2.  Vesting 3.  Vesting 4.  Sale following vesting of 3 5.  Vesting 6.  Sale following vesting of 5
c)	Price(s) and volume(s)	Price Volume Total 1 £8.2120 5,293 £43,466 2 £8.2120 4,229 £34,729 3 £8.1432 33,839 £275,558 4 £8.1432 33,839 £275,558 5 £8.1432 28,435 £231,552 6 £8.1432 28,435 £231,552
d)	Aggregated information	N/A
e)	Date of the transaction	28 April 2020
f)	Place of the transaction	London Stock Exchange (XLON)

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Liz Reilly
2.	Reason for the notification
a)	Position/status	Group HR Director
b)	Initial notification /Amendment	Initial
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	SEGRO plc
b)	LEI	213800XC35KGM9NFC641
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	1.  Grant of 2019 DSBP Award 2.  Vesting of 2016 DSBP Award 3.  Vesting of 2016 LTIP 4.  Sale of 2016 LTIP 5.  Vesting of 2017 LTIP 6.  Sale of 2017 LTIP
b)	Nature of the transaction	1.  Grant 2.  Vesting 3.  Vesting 4.  Sale following vesting of 3 5.  Vesting 6.  Sale following vesting of 5
c)	Price(s) and volume(s)	Price Volume Total 1 £8.2120 5,502 £45,182 2 £8.2120 4,271 £35,073 3 £8.1432 32,890 £267,830 4 £8.1432 32,890 £267,830 5 £8.1432 27,637 £225,053 6 £8.1432 27,637 £225,053
d)	Aggregated information	N/A
e)	Date of the transaction	28 April 2020
f)	Place of the transaction	London Stock Exchange (XLON)

Stephanie Murton

Legal Counsel

020 7451 9083

 

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