BRAEMAR SHIPPING SERVICES PLC
("Braemar", the "Company" or the "Group")
17 June 2021
Director / PDMR Shareholding
Braemar Shipping Services Plc (LSE: BMS), a leading international provider of shipbroking, financial advisory and logistics services to the shipping and energy industries, announces that it granted the following awards under the Company's Long Term Incentive Plan (the "LTIP") on 14 June 2021 to certain Persons Discharging Managerial Responsibilities ("PDMRs") of the Company:
James Gundy, Group Chief Executive Officer - LTIP award over 300,884 shares
Nicholas Stone, Group COO & Finance Director - LTIP award over 88,495 shares
Peter Mason, General Counsel & Company Secretary - LTIP award over 47,787 shares
These awards are nil cost options to acquire ordinary shares of 10p each in the Company and will vest in three years subject to meeting the performance criteria and the rules of the LTIP. The performance criteria are based on the Company's growth in absolute Total Shareholder Return ("TSR") measured over a three-year performance period ending on 13 June 2024. The amounts shown above represent the maximum possible opportunity, which will vest if growth in TSR is equivalent to a compound annual growth rate ("CAGR") of 22% or more per annum over the three-year performance period. If CAGR over the performance period is less than 12% per annum, none of the awards will vest; if CAGR is 12% per annum, 25% of the award will vest; and if CAGR is between 12% and 22% per annum, the vesting outcome will be calculated on a straight-line basis between 25% and 100%.
TSR reflects movement in share price and reinvestment of dividends over the performance period, with the share prices to be used being the three-month averages ending on 13 June 2021 and 13 June 2024. To ensure sufficient stretch within the targets for awards, the base point measurement (three-month average TSR to 13 June 2021) was raised by a further 10%.
Further information on the LTIP is contained in the Company's 2020 Annual Report.
The notifications set out below provide further details in accordance with the requirements of the EU Market Abuse Regulation, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.
For further information, contact:
| Braemar Shipping Services | |
| James Gundy, Group Chief Executive Officer | Tel +44 (0) 20 3142 4100 |
| Nick Stone, Group COO & Finance Director | |
| Peter Mason, Company Secretary
| |
| finnCap | |
| Matt Goode / James Thompson | Tel +44 (0) 20 7220 0500 |
| | |
| | |
| Buchanan | |
| Charles Ryland / Victoria Hayns / Stephanie Watson / Matilda Abraham | Tel +44 (0) 20 7466 5000 |
Notes to Editors:
About Braemar Shipping Services Plc
Braemar is a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management. Braemar employs approximately 520 people in 30 offices worldwide across its Shipbroking, Financial and Logistics divisions.
Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.
For more information, including our investor presentation, visit www.braemar.com
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
| a) | Name | James Gundy | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Group Chief Executive Officer | ||||
| b) | Initial notification /Amendment | Initial | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Braemar Shipping Services Plc | ||||
| b) | LEI | 213800EV6IKTTHJ83C19 | ||||
| 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 10p each
GB0000600931 | ||||
| b)
| Nature of the transaction
| Grant of LTIP awards of nil cost options over ordinary shares of 10p each | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information - Aggregated volume - Price |
300,884 ordinary shares of 10p each Nil | ||||
| e) | Date of the transaction | 14/06/2021 | ||||
| f) | Place of the transaction | Outside of a trading venue | ||||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
| a) | Name | Nick Stone | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Group COO and Finance Director | ||||
| b) | Initial notification /Amendment | Initial | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Braemar Shipping Services Plc | ||||
| b) | LEI | 213800EV6IKTTHJ83C19 | ||||
| 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 10p each
GB0000600931 | ||||
| b)
| Nature of the transaction
| Grant of LTIP awards of nil cost options over ordinary shares of 10p each | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information - Aggregated volume - Price |
88,495 ordinary shares of 10p each Nil | ||||
| e) | Date of the transaction | 14/06/2021 | ||||
| f) | Place of the transaction | Outside of a trading venue | ||||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
| a) | Name | Peter Mason | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | General Counsel and Company Secretary | ||||
| b) | Initial notification /Amendment | Initial | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Braemar Shipping Services Plc | ||||
| b) | LEI | 213800EV6IKTTHJ83C19 | ||||
| 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 10p each
GB0000600931 | ||||
| b)
| Nature of the transaction
| Grant of LTIP awards of nil cost options over ordinary shares of 10p each | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information - Aggregated volume - Price |
47,787 ordinary shares of 10p each Nil | ||||
| e) | Date of the transaction | 14/06/2021 | ||||
| f) | Place of the transaction | Outside of a trading venue | ||||
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