Source - RNS
RNS Number : 5485L
Spirent Communications PLC
03 October 2016
 

SPIRENT COMMUNICATIONS PLC

(the "Company")

 

3 October 2016

 

DIRECTOR / PDMR SHAREHOLDING

 

The Board is pleased to confirm that Paula Bell joined the Company as Chief Financial Officer on 5 September 2016.

 

On 30 September 2016, the Company's Remuneration Committee approved the following awards of Performance shares to Ms Bell under the Company's Long-Term Incentive Plan as part of her on-hire remuneration arrangements:

 

292,683 Performance shares - vesting date 30 September 2019

This on-hire award, in the form of a conditional right to an award of shares, will vest on this date subject to Ms Bell's continuing employment with the Company and the achievement of key financial performance conditions to 31 December 2018. 

 

These performance conditions match those applied to the 2016 LTIP award granted to Eric Hutchinson (as disclosed on page 57 of the Report on Directors' Remuneration in the Company's Annual Report 2015).

 

268,293 Performance shares - vesting date 5 March 2018

This award, in the form of a conditional right to an award of shares, will vest on this date subject to Ms Bell's continuing employment with the Company and the achievement of key financial performance conditions to 31 December 2017.  The value of this award was calculated at the time of Ms Bell's contractual negotiations based on the value of an existing award at her then-employer.

 

These performance conditions are based on those applied to the 2016 LTIP award granted to Eric Hutchinson (as disclosed on page 57 of the Report on Directors' Remuneration in the Company's Annual Report 2015) but have been adjusted to reflect the shorter performance period.

 

 

All awards are subject to malus and clawback provisions.

 

The notifications below are made in accordance with the requirements of the EU Market Abuse Regulation.

 

1.

Details of PDMR / person closely associated


Name

 

Paula Bell

2.

Reason for the notification

a)

Position / status

 

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)

Full name of the entity

 

Spirent Communications plc

b)

Legal Entity Identifier Code

 

213800HKCUNWP1916L38

4.

Details of the transaction(s)

a)

Description of the financial instrument

 

Identification code

 

Ordinary shares of 3 1/3 pence each

 

 

GB0004726096

b)

Nature of the transaction

 

Grant of awards under the Long-term Incentive Plan at nil cost

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

GBPnil

 

292,683

d)

Aggregated information

 

-     Aggregated volume

 

-     price

 

 

 

292,683

 

GBPnil

 

e)

Date of the transaction

 

30 September 2016

f)

Place of the transaction

 

n/a

 

 

1.

Details of PDMR / person closely associated


Name

 

Paula Bell

2.

Reason for the notification

a)

Position / status

 

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)

Full name of the entity

 

Spirent Communications plc

b)

Legal Entity Identifier Code

 

213800HKCUNWP1916L38

4.

Details of the transaction(s)

a)

Description of the financial instrument

 

Identification code

 

Ordinary shares of 3 1/3 pence each

 

 

GB0004726096

b)

Nature of the transaction

 

Grant of awards under the Long-term Incentive Plan at nil cost

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

GBPnil

 

268,293

d)

Aggregated information

 

-     Aggregated volume

 

-     price

 

 

 

268,293

 

GBPnil

 

e)

Date of the transaction

 

30 September 2016

f)

Place of the transaction

 

n/a

 

Following these awards, Ms Bell has options over 560,976 shares in the Company.  She currently owns no Ordinary shares in the Company.

 

 

Enquiries

Angus Iveson                          Spirent Communications plc              +44 (0)1293 767676

Company Secretary


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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