Vesuvius plc
18 March 2022
Notification of Transactions of Persons Discharging Managerial Responsibilities
This notification is made in accordance with Article 19(3) of the Market Abuse Regulation.
Grant of 2022 Long Term Incentive Share Awards
Vesuvius plc (the "Company") announces that on 17 March 2022, performance share awards (the "Awards") were granted over the Company's ordinary shares ("Shares") to the following persons discharging managerial responsibilities in the Company under the Vesuvius Share Plan in the form indicated in the table below:
| Name | Maximum number of Shares under Award ("Award Shares") | Form of Award |
| Patrick André | 319,900 | Nil-cost Option |
| Guy Young | 156,716 | Nil-cost Option |
The number of Award Shares set out above is the maximum number which may vest under the Awards, normally following the third anniversary of the award date. The actual number of Award Shares which vest will depend upon the extent to which performance conditions have been satisfied.
The performance conditions applicable to the 2022 Awards will be based 40% on total shareholder return (TSR) performance, 40% on post-tax ROIC (ROIC) achievement and 20% on Environmental, Social and Governance (ESG) targets, as described in the Company's 2021 Annual Report.
The 2022 Awards are subject to a holding period which will run until the fifth anniversary of the grant date.
Given current share price volatility, the Remuneration Committee resolved that the number of shares subject to the Awards should be capped at a level that reflects the middle market share price of the Company for the five days up to the February Committee meeting, being 402 pence. As the average middle market closing price of a Vesuvius share (as derived from the London Stock Exchange Daily Official List) for the five trading days prior to the date of grant (10-16 March 2022) was 387.2 pence, the capped price of 402 pence per share has therefore been used to limit the number of shares awarded. As a result Patrick André received an Award equivalent in value to 193% of his base salary rather than 200% and Guy Young received an Award equivalent in value to 144% of his base salary rather than 150%.
The Vesuvius Share Plan was approved by shareholders at the General Meeting on 26 November 2012.
Name of contact and telephone number for queries:
| Henry Knowles, General Counsel and Company Secretary | +44 (0) 20 7822 0000 |
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| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Patrick André
| |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Chief Executive | |||
| b)
| Initial notification /Amendment
| Initial notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Vesuvius plc | |||
| b)
| LEI
| 213800ORZ521W585SY02 | |||
| 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 | Performance share award in the form of nil-cost options over Vesuvius plc 10 pence ordinary shares | |||
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|
| ||||
| Identification code | ISIN: GB00B82YXW83 | ||||
|
|
| ||||
| b)
| Nature of the transaction
| Grant of performance share awards under the Vesuvius Share Plan | |||
| c)
| Price(s) and volume(s) |
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|
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|
|
| Price(s) | Volume(s) |
| |
|
|
| 387.2 pence | 319,900 |
| |
|
|
|
|
|
| |
| d)
| Aggregated information |
| |||
|
|
| ||||
| - Aggregated volume | 319,900 | ||||
|
|
| ||||
| - Aggregated Price
- Aggregated Total
| 387.2 pence
£1,238,653 | ||||
|
|
| ||||
| e)
| Date of the transaction
| 17 March 2022 | |||
| f)
| Place of the transaction
| London - outside a trading venue | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Guy Young | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| 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
| Vesuvius plc | |||
| b)
| LEI
| 213800ORZ521W585SY02 | |||
| 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 | Performance share award in the form of nil-cost options over Vesuvius plc 10 pence ordinary shares | |||
|
|
| ||||
| Identification code | ISIN: GB00B82YXW83 | ||||
|
|
| ||||
| b)
| Nature of the transaction
| Grant of performance share awards under the Vesuvius Share Plan | |||
| c)
| Price(s) and volume(s) |
|
|
|
|
|
|
| Price(s) | Volume(s) |
| |
|
|
| 387.2 pence | 156,716 |
| |
|
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|
|
| |
| d)
| Aggregated information |
| |||
|
|
| ||||
| - Aggregated volume | 156,716 | ||||
|
|
| ||||
| - Aggregated Price
- Aggregated Total | 387.2 pence
£606,804 | ||||
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|
| ||||
| e)
| Date of the transaction
| 17 March 2022 | |||
| f)
| Place of the transaction
| London - outside a trading venue | |||
Vesuvius plc, 165 Fleet Street, London EC4A 2AE
Registered in England and Wales No. 8217766
LEI: 213800ORZ521W585SY02
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