Director/PDMR Shareholding

SSE PLC

03 June 2024

 

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 6 July 2021

On 31 May 2024, the independent Trustee of the SSE Employee Trust notified the Company that it had on 30 May 2024 transferred the following beneficial interest of Ordinary shares of 50 pence each fully paid in the Company, pursuant to awards granted on 6 July 2021 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) Barry O'Regan (Director) Martin Pibworth (Director) Chris Burchell (PDMR) 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 6 July 2021 at a vesting price of GBP£17.128269

	Executive Director/PDMR Gross Award of Shares Accrued Dividend Shares Total Shares No. Shares sold at £17.128269 to meet income tax and National Insurance liabilities Net Number of Shares transferred to Participant Alistair Phillips-Davies (Director) 20,650 3,383 24,033 11,336 12,697 Barry O'Regan (Director) 2,534 412 2,946 1,538 1,408 Martin Pibworth (Director) 11,174 1,828 13,002 6,524 6,478 Chris Burchell (PDMR) 1,916 312 2,228 1,051 1,177 Rob McDonald (PDMR) 4,473 730 5,203 2,611 2,592 Sam Peacock (PDMR) 2,146 350 2,496 1,178 1,318 John Stewart (PDMR) 2,984 486 3,470 1,742 1,728 Elizabeth Tanner (PDMR) 3,025 492 3,517 1,659 1,858 Stephen Wheeler (PDMR) 3,686 601 4,287 2,238 2,049
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	30 May 2024
f)	Place of transaction	Outside a trading venue

(ii)           Performance Share Plan (PSP) - Vesting of Awards Granted 6 July 2021

On 31 May 2024 the independent Trustee of the SSE Employee Trust notified the Company that it had on 30 May 2024 transferred the beneficial interest of Ordinary shares of 50 pence each fully paid in the Company, pursuant to awards granted on 6 July 2021 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 2021.  In total 62% of the award vested for participants.  The vested shares (balance post-tax), known as "Award Shares" for Alistair Phillips-Davies 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)	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 6 July 2021 at a vesting price of GBP£17.128269
	Executive Director/PDMR Gross Award of Shares Accrued Dividend Shares Total Shares vested at 62% No. Shares sold at £17.128269 to meet income tax and National Insurance liabilities Award Shares transferred to Nominee Alistair Phillips-Davies (Executive Director) 122,131 20,009 88,125 41,565 46,560 Martin Pibworth (Executive Director) 73,597 12,055 53,103 26,645 26,458
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	30 May 2024
f)	Place of transaction	Outside a trading venue

(iii)          Leadership Share Plan (LSP) - Vesting of Awards Granted 6 July 2021

On 31 May 2024 the independent Trustee of the SSE Employee Trust notified the Company that it had on 30 May 2024 transferred the beneficial interest of Ordinary shares of 50 pence each fully paid in the Company, pursuant to awards granted on 6 July 2021 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 2021.  In total 86% of the award vested for participants.

1	Details of the person(s) discharging managerial responsibilities/person closely associated with
a)	Name(s)	Barry O'Regan (Director) Chris Burchell (PDMR) 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 6 July 2021 at a vesting price of GBP£17.128269
	Executive Director/PDMR Gross Award of Shares Accrued Dividend Shares Total Shares vested at 86% No. Shares sold at £17.128269 to meet income tax and National Insurance liabilities Net Number of Shares transferred to Participant Barry O'Regan (Director) 15,616 2,556 15,623 8,153 7,470 Chris Burchell (PDMR) 30,039 4,920 30,063 14,180 15,883 Rob McDonald (PDMR) 24,372 3,991 24,388 12,237 12,151 Sam Peacock (PDMR) 11,682 1,911 11,686 5,512 6,174 John Stewart (PDMR) 17,514 2,866 17,523 8,793 8,730 Liz Tanner (PDMR) 18,175 2,976 18,188 8,579 9,609 Stephen Wheeler (PDMR) 17,679 2,894 17,690 9,232 8,458
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	30 May 2024
f)	Place of transaction	Outside a trading venue

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

On 31 May 2024 the independent Trustee of the SSE Employee Trust notified the Company that it had on 30 May 2024 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 £17.31 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 2023/24 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) Barry O'Regan (Director) Martin Pibworth (Director) Christopher Burchell (PDMR) 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	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£17.31, 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) 19,716 Barry O'Regan (Director) 2,974 Martin Pibworth (Director) 11,768 Christopher Burchell (PDMR) 5,402 Robert McDonald (PDMR) 5,945 Sam Peacock (PDMR) 2,726 John Stewart (PDMR) 3,435 Elizabeth Tanner (PDMR) 3,816 Stephen Wheeler (PDMR) 4,710
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	30 May 2024, date of grant
f)	Place of transaction	Outside a trading venue

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

On 31 May 2024 the independent Trustee of the SSE Employee Trust notified the Company that it had on 30 May 2024 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 £17.31 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 2024 to 31 March 2027.  These performance conditions are those indicated in the Remuneration Committee Report which forms part of SSE's 2024 Annual Report and Accounts which will be published on 14 June 2024.

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) Barry O'Regan (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£17.31, 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 150,807 Barry O'Regan 84,489 Martin Pibworth 97,499
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	30 May 2024, date of grant
f)	Place of transaction	Outside a trading venue

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

On 31 May 2024 the independent Trustee of the SSE Employee Trust notified the Company that it had on 30 May 2024 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 £17.31 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 2024 to 31 March 2027.  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) 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£17.31, 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) 30,867 Rob McDonald (PDMR) 31,088 Sam Peacock (PDMR) 15,887 John Stewart (PDMR) 19,107 Elizabeth Tanner (PDMR) 21,231 Stephen Wheeler (PDMR) 31,648
d)	Aggregated information -      Aggregated volume -      Price	As noted in 4c) above As noted in 4c) above
e)	Date of transaction	30 May 2024, date of grant
f)	Place of transaction	Outside a trading venue

 

END