Source - LSE Regulatory
RNS Number : 4827S
Vitec Group PLC (The)
11 March 2019
 

11 March 2019

 

THE VITEC GROUP PLC

 

Notification of Transactions of Directors and Persons Discharging Managerial Responsibility (PDMRs)

 

Long Term Incentive Plan ("LTIP") - 2019 Awards

 

The Vitec Group plc ("the Company") announces that on 8 March 2019 awards of ordinary shares of 20 pence each were made under the Company's LTIP to Executive Directors and PDMRs. The number of shares awarded is set out in the following table and further details on the awards are provided below.

 

Name

Position

Award of 2019 LTIP shares

Stephen Bird

Group Chief Executive

48,355

Kath Kearney-Croft

Group Finance Director

34,011

Martin Green

Group Business Development Director

30,334

Marco Pezzana

PDMR

25,795

Alan Hollis

PDMR

19,353

Nicol Verheem

PDMR

22,367

Jon Bolton

PDMR

15,167

Halid Hatic

PDMR

10,919

Martin Vann

PDMR

10,772

 

The awards are made subject to the following performance conditions.

 

Subject to satisfaction of performance conditions, the awards made under the LTIP will vest on the third anniversary of the date of grant on 8 March 2022. In respect of Executive Directors, any awards vesting under the 2019 award will, after deduction of taxes, be subject to a further two year holding period.

 

33% of the 2019 award is subject to the Company's total shareholder return ("TSR") ranked against the constituents of the FTSE 250 index (excluding financial services companies and investment trusts). For median performance in the comparator group there will be 25% vesting and for upper quartile performance there will be full vesting, with a straight line sliding scale between these two points. None of this part of the award will vest for TSR performance below the median.

 

67% of the 2019 award is subject to growth in the Company's adjusted basic earnings per share ("adjusted EPS"). Annualised adjusted EPS growth of 6% per annum over the period will be required for threshold vesting (25%) of this part of the award, with annualised adjusted EPS growth of 14% per annum or higher required for all of this part of the award to vest. There will be a straight line sliding scale between these two points. None of this part of the award will vest for annualised adjusted EPS growth below 6% per annum over the period.  EPS growth will be measured from the adjusted "normalised" 2018 EPS of 85.2 pence.

 

Both performance conditions are independent of one another and vesting will also take into account the Group's underlying performance. In particular, the Remuneration Committee will take into account Return on Capital Employed ("ROCE") performance over the performance period for the adjusted EPS element of the award.

 

Enquiries:

Jon Bolton

Group Company Secretary

 

020 8332 4600

 

 

A Snapshot of The Vitec Group plc

 

Vitec is a leading global provider of premium branded products and solutions to the fast moving and growing "image capture and content creation" market.

 

Vitec's customers include broadcasters, independent content creators, photographers and enterprises, and our activities comprise: design, manufacture and distribution of high performance products and solutions including camera supports, camera mounted electronic accessories, robotic camera systems, prompters, LED lights, mobile power, monitors, bags, motion control and noise reduction equipment.

 

We employ around 1,800 people across the world in 13 different countries and are organised in three Divisions: Imaging Solutions, Production Solutions and Creative Solutions.

 

The Vitec Group plc is listed on the London Stock Exchange with 2018 revenue of £385.4 million.

 

More information can be found at: www.vitecgroup.com  

 

LEI number: 2138007H5DQ4X8YOCF14


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