Source - LSE Regulatory
RNS Number : 3329S
Polar Capital Holdings PLC
13 July 2022
 

13 July 2022

 

Polar Capital Holdings plc ("Polar Capital" or the "Company")

 

Notification of Transactions by Persons Discharging Managerial Responsibilities (PDMRs)

 

Long Term Incentive Plans

On 11 July 2019 Gavin Rochussen, John Mansell, Iain Evans and Alexander Black 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. 6003F.

 

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 total EPS for the year ended 31 March 2022. The vesting criteria would be 50% vesting on achievement of adjusted diluted total EPS of 41.1p; 100% vesting on achievement of adjusted diluted total EPS of 62.2p and above; and pro-rata straight-line vesting for an adjusted diluted total EPS achieved between the 50% and 100% targets.

 

The third anniversary of this award was on 11 July 2022.

 

The adjusted diluted total EPS for the 2021/22 financial year was 56.0p, which based on the pro-rata straight-line basis described above, meant that there would be an 85% vesting of the 2019 LTIP Award.

 

 

Conditional Share Awards

On 11 July 2019, Samir Ayub and Nicholas Farren were granted conditional awards as part of the Company's Equity Incentive Plan, details of which are contained in RNS No. 6708F.

 

The terms of these conditional share awards provided for the vesting on the third, fourth and fifth anniversaries of grant, subject to continued employment. The third anniversary of this award was also on 11 July 2022.

 

 

The following table provides details of the vesting of the awards:

 

 

Name

Title

Vesting 2019 LTIP /Conditional Awards

 

Shares vested on 11 July 2022

(1st Vesting Date)

Shares vested on 11 July 2023

(2nd Vesting Date)

Shares vested on 11 July 2024

(3rd Vesting Date)

 

Gavin Rochussen

Chief Executive Officer

346,829

115,609

115,610

115,610

Samir Ayub

 

Finance Director

10,000

3,333

3,333

3,334

John Mansell

Director

 

174,358

58,119

58,119

58,120

Alexander Black

 

Chief Investment Officer

43,589

14,529

14,530

14,530

Iain Evans

Global Head of Distribution

174,358

58,119

58,119

58,120

Nicholas Farren

Chief Operating Officer

10,000

3,333

3,333

3,334

 

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 2019 LTIP Award

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




Nil

115,609






 

 

d)

 

Aggregated information

Single transaction as in 4 c) above



e)

 

Date of the transaction

 

11-07-2022

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 2019 LTIP Award

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




473.18p

65,351






 

 

d)

 

Aggregated information

Single transaction as in 4 c) above



e)

 

Date of the transaction

 

11-07-2022

f)

 

Place of the transaction

 

London Stock Exchange, AIM

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Samir Ayub

2

 

Reason for the notification

 

a)

 

Position/status

 

Finance 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 2019 conditional award

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




Nil

3,333






 

 

d)

 

Aggregated information

Single transaction as in 4 c) above



e)

 

Date of the transaction

 

11-07-2022

f)

 

Place of the transaction

 

Outside a trading venue

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Samir Ayub

2

 

Reason for the notification

 

a)

 

Position/status

 

Finance 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 2019 conditional award

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




473.18p

1,884






 

 

d)

 

Aggregated information

Single transaction as in 4 c) above



e)

 

Date of the transaction

 

11-07-2022

f)

 

Place of the transaction

 

London Stock Exchange, AIM

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

John Mansell

2

 

Reason for the notification

 

a)

 

Position/status

 

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 2019 LTIP Award

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




Nil

58,119






 

 

d)

 

Aggregated information

Single transaction as in 4 c) above



e)

 

Date of the transaction

 

11-07-2022

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

 

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 2019 LTIP Award

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




473.18p

32,853






 

 

d)

 

Aggregated information

Single transaction as in 4 c) above



e)

 

Date of the transaction

 

11-07-2022

f)

 

Place of the transaction

 

London Stock Exchange, AIM

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Alexander Black

2

 

Reason for the notification

 

a)

 

Position/status

 

Chief Investment 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 2019 LTIP Award

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




Nil

14,529




e)

 

Date of the transaction

 

11-07-2022

f)

 

Place of the transaction

 

Outside a trading venue

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Alexander Black

2

 

Reason for the notification

 

a)

 

Position/status

 

Chief Investment 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 2019 LTIP Award

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




473.18p

8,213






 

 

d)

 

Aggregated information

Single transaction as in 4 c) above



e)

 

Date of the transaction

 

11-07-2022

f)

 

Place of the transaction

 

London Stock Exchange, AIM

 

 

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 2019 LTIP Award

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




Nil

58,119




e)

 

Date of the transaction

 

11-07-2022

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 2019 LTIP Award

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




473.18p

32,853






 

 

d)

 

Aggregated information

Single transaction as in 4 c) above



e)

 

Date of the transaction

 

11-07-2022

f)

 

Place of the transaction

 

London Stock Exchange, AIM

 

trt

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Nicholas Farren

2

 

Reason for the notification

 

a)

 

Position/status

 

Chief Operating 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 2019 conditional award

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




Nil

3,333




e)

 

Date of the transaction

 

11-07-2022

f)

 

Place of the transaction

 

Outside a trading venue

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Nicholas Farren

2

 

Reason for the notification

 

a)

 

Position/status

 

Chief Operating 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 2019 LTIP Award

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




473.18p

1,884






 

 

d)

 

Aggregated information

Single transaction as in 4 c) above



e)

 

Date of the transaction

 

11-07-2022

f)

 

Place of the transaction

 

London Stock Exchange, AIM

 

Enquiries:

 

Polar Capital                                                                      +44 (0)20 7227 2700

Gavin Rochussen (Chief Executive)

Samir Ayub (Finance Director)

 

Numis Securities Limited - Nomad and Joint Broker     +44 (0)20 7260 1000

Giles Rolls

Charles Farquhar

Stephen Westgate

 

Peel Hunt LLP - Joint Broker                                            +44 (0)20 3597 8680

Andrew Buchanan

 

Camarco                                                                             +44 (0)20 7757 4995

Ed Gascoigne-Pees

Jennifer Renwick

Phoebe Pugh              

 

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