Director/PDMR Shareholding

SSE PLC

07 June 2023

 

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 24 July 2020

On 5 June 2023, the independent Trustee of the SSE Employee Trust notified the Company that it had on 1 June 2023 transferred the following beneficial interest of Ordinary shares of 50 pence each fully paid in the Company, subject to awards granted on 24 July 2020 under the DBS including additional shares representing the value of reinvested dividends over the three-year period to the Directors/PDMRs 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)	Alistair Phillips-Davies (Director) Gregor Alexander (Director) Martin Pibworth (Director) Rob McDonald (PDMR) Sam Peacock (PDMR John Stewart (PDMR) Elizabeth Tanner (PDMR) Stephen Wheeler (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 24 July 2020 at a vesting price of GBP£18.527022

	Executive Director/PDMR Gross Award of Shares Accrued Dividend Shares Total Shares No. Shares sold at £18.527022 to meet income tax and National Insurance liabilities Net Number of Shares transferred to Participant Alistair Phillips-Davies (Director) 18,652 3,286     21,938 10,348 11,590 Gregor Alexander (Director) 12,494 2,200 14,694 7,226 7,468 Martin Pibworth (Director) 9,350 1,646 10,996 5,407 5,589 Rob McDonald (PDMR) 3,925 689 4,614 2,281 2,333 Sam Peacock (PDMR) 998 173 1,171 567 604 John Stewart (PDMR) 2,955 518 3,473 1,717 1,756 Elizabeth Tanner (PDMR) 2,723 478 3,201 1,550 1,651 Stephen Wheeler (PDMR) 3,941 691 4,632 2,418 2,214
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	1 June 2023
f)	Place of transaction	Outside a trading venue

(ii)           Performance Share Plan (PSP) - Vesting of Awards Granted 24 July 2020

On 5 June 2023 the independent Trustee of the SSE Employee Trust notified the Company that it had on 1 June 2023 transferred the beneficial interest of Ordinary shares of 50 pence each fully paid in the Company, subject to awards granted on 24 July 2020 under the PSP including additional shares representing the value of reinvested dividends over the three-year period to the Executive Directors 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 2020.  In total 76% of the award vested for participants.  The vested shares (balance post-tax), known as "Award Shares" for Alistair Phillips-Davies, Gregor Alexander and Martin Pibworth are subject to a further holding period and will be held under nominee in accordance with the PSP 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)
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 24 July 2020 at a vesting price of GBP£18.527022
	Executive Director/PDMR Gross Award of Shares Accrued Dividend Shares Total Shares vested at 76% No. Shares sold at £18.527022 to meet income tax and National Insurance liabilities Award Shares transferred to Nominee Gregor Alexander (Executive Director) 88,761 15,651 79,351 39,019 40,332 Alistair Phillips-Davies (Executive Director) 131,244 23,143 117,330 55,339 61,991 Martin Pibworth (Executive Director 66,430 11,712 59,384 29,201 30,183
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	1st June 2023
f)	Place of transaction	Outside a trading venue

(iii)          Leadership Share Plan (LSP) - Vesting of Awards Granted 24 July 2020

On 5 June 2023 the independent Trustee of the SSE Employee Trust notified the Company that it had on 1 June 2023 transferred the beneficial interest of Ordinary shares of 50 pence each fully paid in the Company, subject to awards granted on 24 July 2020 under the LSP including additional shares representing the value of reinvested dividends over the three-year period to the PDMRs 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 2020.  Applicable vesting rates per participant are shown in the table below.

1	Details of the person(s) discharging managerial responsibilities/person closely associated with
a)	Name(s)	Rob McDonald (PDMR) Sam Peacock (PDMR) John Stewart (PDMR) Elizabeth Tanner (PDMR) Stephen Wheeler (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 Leadership Share Plan.
c)	Price(s) and volume(s)	Vesting of awards granted under the SSE plc Leadership Share Plan on 24 July 2020 at a vesting price of GBP£18.527022
	Executive Director/PDMR Gross Award of Shares Accrued Dividend Shares Total Shares vested at applicable rate No. Shares sold at £18.527022 to meet income tax and National Insurance liabilities Net Number of Shares transferred to Participant Rob McDonald (PDMR) 23,051 4,063 23,044 (85.00%) 11,390 11,654 Sam Peacock (PDMR) 9,415 1,657 8,578 (77.50%) 4,154 4,424 John Stewart (PDMR) 17,216 3,033 15,690 (77.50%) 7,755 7,935 Liz Tanner (PDMR) 17,934 3,159 16,342 (77.50%) 7,913 8,429 Stephen Wheeler (PDMR) 20,455 3,603 18,842 (78.33%) 9,833 9,009
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	1 June 2023
f)	Place of transaction	Outside a trading venue

(i)           Deferred Bonus Scheme (DBS) - Grant of Awards

On 5 June 2023 the independent Trustee of the SSE Employee Trust notified the Company that it had on 1 June 2023 granted the Directors/PDMRs listed in the table that follows 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 £18.58 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 2022/23 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. 

1	Details of the person(s) discharging managerial responsibilities/person closely associated with
a)	Name(s)	Alistair Phillips-Davies (Director) Gregor Alexander (Director) Martin Pibworth (Director) Christopher Burchell (PDMR) Rob McDonald (PDMR) Sam Peacock (PDMR) Catherine Raw (PDMR) John Stewart (PDMR) Elizabeth Tanner (PDMR) Stephen Wheeler (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£18.58, being the average of the Company's share price over the three dealing days immediately preceding the date of grant. Director/PDMR Total DBS Awards Granted Alistair Phillips-Davies (Director) 22,310 Gregor Alexander (Director) 14,945 Martin Pibworth (Director) 13,316 Christopher Burchell (PDMR) 4,913 Robert McDonald (PDMR) 4,916 Sam Peacock (PDMR) 2,494 Catherine Raw (PDMR) 4,599 John Stewart (PDMR) 3,121 Elizabeth Tanner (PDMR) 3,238 Stephen Wheeler (PDMR) 4,846
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	1 June 2023, date of grant
f)	Place of transaction	Outside a trading venue

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

On 5 June 2023 the independent Trustee of the SSE Employee Trust notified the Company that it had on 1 June 2023 granted the Executive Directors listed in the table that follows awards over Ordinary shares of 50 pence each fully paid in the Company under the PSP.   The number of shares stated 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 £18.58 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 2023 to 31 March 2026.  These performance conditions are those indicated in the Remuneration Committee Report which forms part of SSE's 2023 Annual Report and Accounts which will be published on 16 June 2023.

Awards granted to Executive Directors will be subject to an additional 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)	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£18.58, being the average of the Company's share price over the three dealing days immediately preceding the date of grant. Director Total PSP Awards Granted Alistair Phillips-Davies 134,448 Martin Pibworth 83,334
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	1 June 2023, date of grant
f)	Place of transaction	Outside a trading venue

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

On 5 June 2023 the independent Trustee of the SSE Employee Trust notified the Company that it had on 1 June 2023 granted the PDMRs listed in the table that follows awards 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 if the performance targets applicable to the awards are achieved, although the number could be increased or reduced by the Company performance adjuster described below.  On vesting, the PDMRs 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 £18.58 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 2023 to 31 March 2026.  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)	Christopher Burchell (PDMR) Robert McDonald (PDMR) Sam Peacock (PDMR) Catherine Raw (PDMR) John Stewart (PDMR) Elizabeth Tanner (PDMR) Stephen Wheeler (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£18.58, being the average of the Company's share price over the three dealing days immediately preceding date of grant. PDMR Total LSP Awards Granted Christopher Burchell (PDMR) 27,387 Rob McDonald (PDMR) 24,856 Sam Peacock (PDMR) 13,455 Catherine Raw (PDMR) 26,910 John Stewart (PDMR) 16,953 Elizabeth Tanner (PDMR) 18,837 Stephen Wheeler (PDMR) 28,150
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	1 June 2023, date of grant
f)	Place of transaction	Outside a trading venue

 

END