Source - LSE Regulatory
RNS Number : 7581Z
Vitec Group PLC (The)
22 September 2020
 

 

22 September 2020

 

THE VITEC GROUP PLC

 

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

 

Long Term Incentive Plan ("LTIP") - 2020 Awards

 

The Vitec Group plc ("the Company") announces that on 21 September 2020 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 2020 LTIP shares

Stephen Bird

Group Chief Executive

126,063

Martin Green

Group Finance Director

94,289

Marco Pezzana

PDMR

60,000

Alan Hollis

PDMR

60,000

Nicol Verheem

PDMR

60,000

Jon Bolton

PDMR

40,836

 

The awards will be subject to the following two performance conditions:-

(1)   Absolute share price target

·  The first performance condition will be based on the achievement of absolute share price targets by 28 February 2023, whereby 25% of the total award will vest should Vitec's absolute share price reach £9.00 and full vesting of the total award be achieved if Vitec's absolute share price reaches £18. Vesting between these prices will operate on a straight-line basis in accordance with the Directors' Remuneration Policy and in line with the table below.  

·    No shares will vest if the absolute share price does not reach £9.00.

·  The share price at the start and end of the performance period will be averaged over three months. 

Vitec absolute share price

% of total award to vest

£9.00

25%

£10.00

33.33%

£11.00

41.67%

£12.00

50%

£13.00

58.33%

£14.00

66.67%

£15.00

75.00%

£16.00

83.33%

£17.00

91.67%

£18.00

100%

 

(2)   Relative TSR target

·   The second performance condition is that the award will also be subject to a relative TSR condition, with vesting at points shown below (which remain unchanged from arrangements for existing LTIP awards and in line with existing policy).  For the award to vest in full, Vitec will need to have met the absolute share price target and be in the upper quartile of the FTSE 250 Index (excluding financial services companies and investment trusts).  The relative TSR ranking will effectively work as a downward modifier and none of the shares will vest if Vitec's performance is below the median at the end of the performance period.  To illustrate, if Vitec's absolute share price is at £20 at the end of the performance period (above the maximum of the range) and Vitec's TSR performance is at median against the FTSE 250 Index, then 25 per cent of the award will vest.  This performance condition will be measured from 1 July 2020 through to 28 February 2023 with the same averaging of share price over three months.

·    A straight-line sliding scale will operate at points between this and vesting will not occur below the median.  

Vitec's TSR ranking compared to FTSE 250 Index (excluding financial services companies and investment trusts)

% of award to vest

Below median

0%

Median

25%

Upper quartile

100%

 

ROCE

·  The Remuneration Committee will also continue to use a ROCE underpin to ensure the underlying financial performance of the business as part of the vesting outcome.  The Committee will also retain a discretion to scale back the vesting of an award should it result in an unfair outcome for shareholders.

 

Subject to satisfaction of performance conditions, the awards made under the LTIP will vest on the third anniversary of the date of the award - being 21 September 2023. In respect of Executive Directors, any awards vesting under the 2020 award will, after deduction of taxes, be subject to a further two-year holding period.

 

 

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 hardware products and software solutions to the fast changing and growing "image capture and content creation" market.

 

Vitec's customers include broadcasters, production and rental companies, independent content creators, photographers and enterprises. Our product portfolio includes camera supports, video transmission systems and monitors, smartphone accessories, robotic camera systems, prompters, LED lighting, mobile power, bags and motion control, audio capture and noise reduction equipment.

 

We employ around 1,600 people across the world in 11 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 2019 revenue of £376.1 million.

 

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

 

LEI number: 2138007H5DQ4X8YOCF14

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DSHKZGZLZZGGGZM
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account.