9 March 2021
Rotork plc
("Company")
Notification of transactions by Persons Discharging Managerial Responsibilities ("PDMRs")
The Company provides notification of the following transactions, all effected on 8 March 2021 outside of a market venue, relating to the five below named PDMRs and their respective interests in the ordinary share capital of the Company ("Shares") (ISIN: GB00BVFNZH21).
The transactions arise from the audited 84.4% vesting and immediate dealing by the PDMRs in their respective three-year performance related nil cost option ("NCO") over, or conditional award ("CA") of, certain Shares granted to them on either the 7 March or the 1 November 2018 under the Company's Long Term Incentive Plan 2010 ("LTIP").
The individual PDMR transaction details are set out in the table below:
| Name and position of PDMR | No. and type of Shares granted on 7 March 2018 (unless otherwise stated)
| No. of vested Shares acquired on NCO exercise or CA release on 8 March 2021 ¹ ² | No. of acquired Shares sold at 365.20p per Share ³ ⁴
| No. of acquired Shares retained by PDMR
|
| Kevin Hostetler, Chief Executive
| 340,393 CA
| 287,291 | 129,526 | 157,765 ⁵ |
| Jonathan Davis, Group Finance Director
| 163,461 NCO | 137,961 | 64,615
| 73,346 ⁵ ⁶ |
| Grant Wood, Operations Director
| 57,802 NCO | 48,784 | 37,625 | 11,159 ⁶
|
| Paul Burke, Chief Information Officer
| 55,824 NCO | 47,115 | 47, 115
| - |
| Katherine Callaghan, Group Human Resources Director
| 49,366 NCO (1 November 2018)
| 41,664
| 19,293 | 22,371 ⁶ |
¹ Full details of the audited 84.4% 2018 LTIP vesting level, in particular as regards the performance outturns for each of the EPS, TSR and ROIC targets set at the time of grant for the three-year financial period ended 31 December 2020, will appear in the Directors' Remuneration Report to the Company's 2020 Annual Report due to be published on 30 March 2021.
² The Shares acquired were all existing market purchased Shares delivered from the Company's Employee Benefit Trust ("EBT").
³ The Shares sold were purchased by the EBT at the MMQ of 365.20p per share for the business day immediately preceding the date of the transaction, ie on 5 March 2021.
⁴ The Shares sold by each of Messrs. Hostetler, Davis and Callaghan were sufficient to cover their immediate personal income tax and social security liability arising on acquisition. Messrs. Wood and Burke each sold more Shares than was necessary to meet their personal liability.
5 The net of tax Shares retained by Messrs. Hostetler and Davis as Executive Directors remain subject to the clawback provisions of the LTIP rules. These Shares are also subject to a compulsory two-year holding period commencing from the date of vesting and therefore expiring on 8 March 2023.
⁶ The Shares retained are held in the name of the PDMR's spouse, a Person Closely Associated with them as defined under the EU Market Abuse Regulation ("MAR").
The Company can confirm that each of the above named PDMRs have complied with their respective obligation to notify the Financial Conduct Authority of the above transactions as required under MAR.
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Rotork contact and telephone number for enquiries:
Sandra Forbes, Group General Counsel & Company Secretary (Interim)
++44 (0) 7775 703 579
Notes:
Legal Entity Identifier: 213800AH5RZIHGWRJ718
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