19 July 2021
Polar Capital Holdings plc ("Polar Capital" or the "Company")
Notification of Transactions by Persons Discharging Managerial Responsibilities (PDMRs)
On 16 July 2018 Gavin Rochussen, John Mansell and Iain Evans were granted awards under the Long Term Incentive Plan ("LTIP"), as part of the Company's Equity Incentive Plan. Details of the original grant are contained in RNS No. 7916U.
The terms of the LTIP award provide for vesting in equal tranches on the third, fourth and fifth anniversaries of grant, subject to continued employment and the achievement of an EPS performance condition by reference to the adjusted diluted total EPS for the year ended 31 March 2021.
The third anniversary of this award was on 16 July 2021.
The adjusted diluted total EPS for the 2020/21 financial year was 62.2p and as this exceeded the stretch target of 49p, the awards will vest in full.
A holding period will apply to the first two tranches of the awards, thereby creating a five year gap between the grant of the award and potential release or sale of any shares, except any sales required to cover tax and national insurance liabilities.
The following table provides details of the vesting of the awards:
| Name | Title | 2018 LTIP Award
(100% vesting) | Shares vested on 16 July 2021 (1st Vesting Date) | Shares vested on 16 July 2022 (2nd Vesting Date) | Shares vested on 16 July 2023 (3rd Vesting Date)
|
| Gavin Rochussen | Chief Executive Officer | 233,918 | 77,972 | 77,972 | 77,974 |
| John Mansell | Executive Director | 131,578 | 43,859 | 43,859 | 43,860 |
| Iain Evans | Global Head of Distribution | 87,719 | 29,239 | 29,239 | 29,241 |
On each vesting date there will be a sale of sufficient shares to cover tax liabilities and the remaining shares will be retained under the holding period. These awards have been satisfied by the release of shares from the Employee Benefit Trust to the participants, who have established nominee accounts with the EBT for the retention of the shares during the holding period.
Details of the first vesting and sale of shares for each PDMR is provided below:
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Gavin Rochussen | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| 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
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Acquisition of an interest in the shares of the Company on vesting of one third of the 2018 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | Nil | 77,972 | | |
| | | | |
| |
| d)
| Aggregated information | Single transaction as in 4 c) above | |||
| | | ||||
| e)
| Date of the transaction
| 16-07-2021 | |||
| f)
| Place of the transaction
| Outside a trading venue | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Gavin Rochussen | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| 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
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Sale of shares of the Company on vesting of one third of the 2018 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | 879.11p | 42,885 | | |
| | | | |
| |
| d)
| Aggregated information | Single transaction as in 4 c) above | |||
| | | ||||
| e)
| Date of the transaction
| 16-07-2021 | |||
| f)
| Place of the transaction
| London Stock Exchange, AIM, XLON | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| John Mansell | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Executive Director | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Acquisition of an interest in the shares of the Company on vesting of one third of the 2018 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | Nil | 43,859 | | |
| | | | |
| |
| d)
| Aggregated information | Single transaction as in 4 c) above | |||
| | | ||||
| e)
| Date of the transaction
| 16-07-2021 | |||
| f)
| Place of the transaction
| Outside a trading venue | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| John Mansell | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Executive Director | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Sale of shares of the Company on vesting of one third of the 2018 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | 879.11p | 24,122 | | |
| | | | |
| |
| d)
| Aggregated information | Single transaction as in 4 c) above | |||
| | | ||||
| e)
| Date of the transaction
| 16-07-2021 | |||
| f)
| Place of the transaction
| London Stock Exchange, AIM, XLON | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Iain Evans | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Global Head of Distribution | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Acquisition of an interest in the shares of the Company on vesting of one third of the 2018 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | Nil | 29,239 | | |
| | | ||||
| e)
| Date of the transaction
| 16-07-2021 | |||
| f)
| Place of the transaction
| Outside a trading venue | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Iain Evans | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Global Head of Distribution | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Sale of shares of the Company on vesting of one third of the 2018 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | 879.11p | 16,081 | | |
| | | | |
| |
| d)
| Aggregated information | Single transaction as in 4 c) above | |||
| | | ||||
| e)
| Date of the transaction
| 16-07-2021 | |||
| f)
| Place of the transaction
| London Stock Exchange, AIM, XLON | |||
Enquiries:
Polar Capital +44 (0)20 7227 2700
Gavin Rochussen (Chief Executive)
John Mansell (Executive Director)
Samir Ayub (Finance Director)
Numis Securities Limited - Nomad and Joint Broker +44 (0)20 7260 1000
Charles Farquhar
Stephen Westgate
Kevin Cruickshank (QE)
Peel Hunt LLP - Joint Broker +44 (0)20 3597 8680
Andrew Buchanan
Rishi Shah
Camarco +44 (0)20 7757 4995
Ed Gascoigne-Pees
Jennifer Renwick
Monique Perks
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