Director/PDMR Shareholding

RNS Number : 4139T

SSE PLC

03 July 2018

 

SSE plc

Director/PDMR Shareholding

SSE plc (the "Company") - Notification of Transactions of Directors/Persons Discharging Managerial Responsibilities and their Closely Associated Persons

(i)           Deferred Bonus Scheme (DBS) - Vesting of Awards Granted 25 June 2015

On 28 June 2018, the independent Trustee of the SSE Employee Trust notified the Company that it had on 28 June 2018 transferred the beneficial interest of Ordinary shares of 50 pence each fully paid in the Company, subject to awards granted on 25 June 2015 under the DBS to the Executive Directors and PDMR listed in the table that follows.  Vesting of these shares was subject to continuous employment over the three-year period from date of grant (or as provided by the DBS Plan Rules).

1	Details of the person(s) discharging managerial responsibilities/person closely associated with
a)	Name(s)	Gregor Alexander (Executive Director) Alistair Phillips-Davies (Executive Director) Martin Pibworth (Executive Director) Colin Nicol (PDMR)
2	Reason for the notification
a)	Position/status	As noted in 1a) above
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	SSE plc
b)	LEI	549300KI75VYLLMSK856
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 50 pence each fully paid ISIN: GB0007908733
b)	Nature of transaction	Vesting of Awards under the SSE plc Deferred Bonus Scheme
c)	Price(s) and volume(s)	Vesting of awards granted under the SSE plc Deferred Bonus Scheme on 28 June 2018 at a vesting price of GBP£13.5309
	Executive Director/PDMR Gross Award of Shares Accrued Dividend Shares Total Shares No. Shares sold at £13.5309 to meet income tax and National Insurance liabilities Net Number of Shares transferred to Participant Gregor Alexander (Executive Director) 6,130 1,246 7,376 3,546 3,830 Alistair Phillips-Davies (Executive Director) 7,931 1,612 9,543 4,588 4,955 Martin Pibworth (Executive Director) 4,328 879 5,207 2,504 2,703 Colin Nicol (PDMR) 2,886 584 3,470 1,669 1,801
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	28 June 2018
f)	Place of transaction	Outside a trading venue

(ii)          Performance Share Plan (PSP) - Vesting of Awards Granted 25 June 2015

On 28 June 2018 the independent Trustee of the SSE Employee Trust notified the Company that it had on 28 June 2018 transferred the beneficial interest of Ordinary shares of 50 pence each fully paid in the Company, subject to awards granted on 25 June 2015 under the PSP to the Executive Directors and PDMR listed in the table that follows.  Vesting of these shares was subject to certain performance conditions being met at the end of the three-year performance period commencing 1 April 2015.  In total 30% of the award vested for participants.

1	Details of the person(s) discharging managerial responsibilities/person closely associated with
a)	Name(s)	Gregor Alexander (Executive Director) Alistair Phillips-Davies (Executive Director) Martin Pibworth (Executive Director) Colin Nicol (PDMR)
2	Reason for the notification
a)	Position/status	As noted in 1a) above
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	SSE plc
b)	LEI	549300KI75VYLLMSK856
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 50 pence each fully paid ISIN: GB0007908733
b)	Nature of transaction	Vesting of Awards under the SSE plc Performance Share Plan.
c)	Price(s) and volume(s)	Vesting of awards granted under the SSE plc Performance Share Plan on 28 June 2018 at a vesting price of GBP£13.5309
	Executive Director/PDMR Gross Award of Shares Accrued Dividend Shares Total Shares vested at 30% No. Shares sold at £13.5309 to meet income tax and National Insurance liabilities Net Number of Shares transferred to Participant Gregor Alexander (Executive Director) 58,848 11,981 21,248 10,215 11,033 Alistair Phillips-Davies (Executive Director) 76,138 15,502 27,491 13,216 14,275 Martin Pibworth (Executive Director) 26,940 5,483 9,726 4,676 5,050 Colin Nicol (PDMR) 19,243 3,914 6,946 3,340 3,606
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	28 June 2018
f)	Place of transaction	Outside a trading venue

Deferred Bonus Scheme (DBS) - Grant of Awards

On 28 June 2018, the Executive Directors and PDMR listed in the table that follows were each granted awards over Ordinary shares of 50 pence each fully paid in the Company under the DBS.  The number of shares under each award has been calculated by reference to a price of £13.46 per share, being the average of the Company's share price over the three dealing days immediately preceding the date of grant.

Awards granted under the DBS represent a deferral of a proportion of the cash bonus earned for the 2017/18 annual incentive year which is converted into shares.  The shares will vest after a period of three years from the date of grant subject normally to the participant remaining in employment with the Company.  On vesting, the participant will become entitled to additional shares representing the value of reinvested dividends over the three-year period. 

In accordance with the DBS rules, shares awarded to Executive Directors will be subject to a further holding period which expires on the first anniversary of their cessation of employment with the Company.  On vesting, and throughout the holding period, they will become entitled to additional shares representing the value of reinvested dividends over the period.

1	Details of the person(s) discharging managerial responsibilities/person closely associated with
a)	Name(s)	Gregor Alexander (Executive Director) Alistair Phillips-Davies (Executive Director) Martin Pibworth (Executive Director) Colin Nicol (PDMR)
2	Reason for the notification
a)	Position/status	As noted in 1a) above
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	SSE plc
b)	LEI	549300KI75VYLLMSK856
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 50 pence each fully paid ISIN: GB0007908733
b)	Nature of transaction	Grant of Awards under the SSE plc Deferred Bonus Scheme
c)	Price(s) and volume(s)	Conditional awards of shares, the number of shares calculated by reference to a price of GBP£13.46, being the average of the Company's share price over the three dealing days immediately preceding date of grant. Director/PDMR Total DBS Awards Granted Gregor Alexander (Director) 16,640 Alistair Phillips-Davies (Director) 24,841 Martin Pibworth (Director) 10,398 Colin Nicol (PDMR) 6,333
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	28 June 2018
f)	Place of transaction	Outside a trading venue

(iii)         Performance Share Plan (PSP) - Grant of Awards

On 28 June 2018, the Executive Directors listed in the table that follows were each granted awards over Ordinary shares of 50 pence each fully paid in the Company under the PSP.   The number of shares stated is the maximum which will become available to each Executive Director if the performance targets applicable to the award are achieved at their upper limit or above.  On vesting, the Executive Director will become entitled to additional shares representing the value of reinvested dividends over the performance period.  The number of shares under each award has been calculated by reference to a price of £13.46 per share, being the average of the Company's share price over the three dealing days immediately preceding the date of grant.

Vesting of these awards will normally only take place if performance conditions are satisfied over the three-year performance period 1 April 2018 to 31 March 2021.  These performance conditions are those indicated in the Company's Directors' Remuneration Policy (as set out in the 2018 Annual Report).  The Policy was approved by shareholders at SSE's AGM on 20 July 2017 and applies from this date.

Awards granted to Executive Directors will be subject to an additional two-year post-vesting holding period during which time the Executive Director must retain the post-tax number of shares vesting under award.  

1	Details of the person(s) discharging managerial responsibilities/person closely associated with
a)	Name(s)	Gregor Alexander (Executive Director) Alistair Phillips-Davies (Executive Director) Martin Pibworth (Executive Director)
2	Reason for the notification
a)	Position/status	As noted in 1a) above
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	SSE plc
b)	LEI	549300KI75VYLLMSK856
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 50 pence each fully paid ISIN: GB0007908733
b)	Nature of transaction	Grant of Awards under the SSE plc Performance Share Plan
c)	Price(s) and volume(s)	Conditional awards of shares, the number of shares calculated by reference to a price of GBP£13.46, being the average of the Company's share price over the three dealing days immediately preceding date of grant. Director Total PSP Awards Granted Gregor Alexander 89,466 Alistair Phillips-Davies 132,287 Martin Pibworth 66,957
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	28 June 2018
f)	Place of transaction	Outside a trading venue

(iv)         Leadership Share Plan (LSP) - Grant of Awards

On 28 June 2018, Colin Nicol (PDMR) as noted in the table that follows, was granted an award over Ordinary shares of 50 pence each fully paid in the Company under the LSP.   The number of shares stated is the number which will become available to Colin Nicol if the performance targets applicable to the award are achieved, although the number could be increased (or reduced) by the Company performance adjuster described below.  On vesting, Colin Nicol will become entitled to additional shares representing the value of reinvested dividends over the performance period.

The number of shares under the award has been calculated by reference to a price of £13.46 per share, being the average of the Company's share price over the three dealing days immediately preceding the date of grant. 

Vesting of the award will normally only take place if the performance conditions are achieved over the three-year performance period 1 April 2018 to 31 March 2021.  In addition, an overall Company performance adjuster, allowing vesting rates to be adjusted up or down by up to 25% at the discretion of the Remuneration Committee, may be applied if overall performance of the Company over the performance period merits such an upward or downward adjustment.

1	Details of the person(s) discharging managerial responsibilities/person closely associated with
a)	Name(s)	Colin Nicol (PDMR)
2	Reason for the notification
a)	Position/status	As noted in 1a) above
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	SSE plc
b)	LEI	549300KI75VYLLMSK856
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 50 pence each fully paid ISIN: GB0007908733
b)	Nature of transaction	Grant of Awards under the SSE plc Leadership Share Plan
c)	Price(s) and volume(s)	Conditional awards of shares, the number of shares calculated by reference to a price of GBP£13.46, being the average of the Company's share price over the three dealing days immediately preceding date of grant. PDMR Total LSP Awards Granted Colin Nicol (PDMR) 23,240
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	28 June 2018
f)	Place of transaction	Outside a trading venue

 

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