De La Rue plc
Director/PDMR Shareholding
Notification of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 July 2021
De La Rue plc (the "Company") announces that on 30 June 2021 it granted awards under the De La Rue Performance Share Plan 2020 (the "PSP") to Clive Vacher, Rob Harding and Ruth Euling, each of whom is an Executive Director and a Person Discharging Managerial Responsibilities ("PDMR") of the Company. The granting of the awards creates a change in the interests of each of them in the ordinary shares of 44152/175p of the Company ("Shares"). The awards, which were structured as a nil-cost option (each an "Option"), were granted under the rules of the PSP as follows:
| Name of Director/PDMR | Role | Number of Shares subject to the Option |
| Clive Vacher | CEO | 239,361 |
| Rob Harding | CFO | 146,276 |
| Ruth Euling | MD, Currency | 135,586 |
The Options were granted on 30 June 2021 (the "Award Date"). The number of Shares contained in each Option was calculated by reference to a price of 191.76 pence, being the average of the closing middle market quotations for the Company's Shares for the five consecutive dealing days ending on 29 June 2021.
Each Option was granted such that vesting is subject to two equally-weighted performance conditions, which will be assessed independently, as outlined below:
| Performance metric | Proportion | Below Threshold | Threshold | Maximum |
| Outcome |
| 0% vesting | 25% vesting | 100% vesting |
| Average annual cumulative EPS Growth over the three financial years 21/22 to 23/24 | 50% | <8.5% | 8.5% | 16.7% |
| TSR vs FTSE 250 constituents, over 3 years ending 31 May 2024 | 50% | Below Median | Median | Upper Quartile |
Performance between the Threshold and Maximum levels will result in a pro-rata increase in the number of Shares vesting, on a straight-line basis. Performance beyond the Maximum level will not result in any additional vesting.
The performance conditions are subject to an underpin, which provides the Remuneration Committee with discretion to adjust or over-ride the formulaic outcome and determine the number of Shares in respect of which the Option will vest, taking into account such factors it may in its discretion determine, potentially including the underlying performance of the Group and the Participant's individual performance.
To the extent that an Option vests, it is subject to a further holding period of two years, during which time it will not be capable of exercise. This means that, in line with the UK Corporate Governance Code, each Option will be subject to an aggregate vesting and holding period of five years.
The number of Shares shown in the first table above represents the maximum that may be acquired if all performance conditions are achieved in full. The Company may also transfer additional Shares to reflect the value of dividends that would have been paid on the Shares in respect of which the Option vests over the period between the Award Date and the end of the post-vesting holding period.
The relevant information set out below is provided in accordance with the requirements of Article 19 of the Market Abuse Regulation as retained in UK law.
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
| a)
| Name
| Clive Vacher | ||||
| 2
| Reason for the notification
| |||||
| a)
| Position/status
| Executive Director/Chief Executive Officer | ||||
| b)
| Initial notification /Amendment
| Initial Notification | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
| a)
| Name
| De La Rue plc | ||||
| b)
| LEI
| 213800DH741LZWIJXP78 | ||||
| 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 44152/175p
GB00B3DGH821 | ||||
| b)
| Nature of the transaction
| Grant of a nil-cost option over 239,361 Shares under the rules of the De La Rue Performance Share Plan 2020. | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
- Aggregated volume
- Price
- Aggregated total | N/A
| ||||
| e)
| Date of the transaction
| 30 June 2021 | ||||
| f)
| Place of the transaction
| Outside a trading venue | ||||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
| a)
| Name
| Rob Harding | ||||
| 2
| Reason for the notification
| |||||
| a)
| Position/status
| Executive Director/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)
| Name
| De La Rue plc | ||||
| b)
| LEI
| 213800DH741LZWIJXP78 | ||||
| 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 44152/175p
GB00B3DGH821 | ||||
| b)
| Nature of the transaction
| Grant of a nil-cost option over 146,276 Shares under the rules of the De La Rue Performance Share Plan 2020. | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
- Aggregated volume
- Price
- Aggregated total | N/A
| ||||
| e)
| Date of the transaction
| 30 June 2021 | ||||
| f)
| Place of the transaction
| Outside a trading venue | ||||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
| a)
| Name
| Ruth Euling | ||||
| 2
| Reason for the notification
| |||||
| a)
| Position/status
| Executive Director/MD, Currency | ||||
| b)
| Initial notification /Amendment
| Initial Notification | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
| a)
| Name
| De La Rue plc | ||||
| b)
| LEI
| 213800DH741LZWIJXP78 | ||||
| 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 44152/175p
GB00B3DGH821 | ||||
| b)
| Nature of the transaction
| Grant of a nil-cost option over 135,586 Shares under the rules of the De La Rue Performance Share Plan 2020. | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
- Aggregated volume
- Price
- Aggregated total | N/A
| ||||
| e)
| Date of the transaction
| 30 June 2021 | ||||
| f)
| Place of the transaction
| Outside a trading venue | ||||
Jane Hyde, Company Secretary
Contact Number: 01256 605212
1 July 2021
De La Rue plc's LEI code is 213800DH741LZWIJXP78.
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