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AVV Aveva Group Plc

3,219.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Aveva Group Plc LSE:AVV London Ordinary Share GB00BBG9VN75 ORD 3 5/9P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 3,219.00 3,219.00 3,220.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

AVEVA Group PLC Director Disclosure s430(2B) of the Companies Act (8800S)

30/12/2016 9:30am

UK Regulatory


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RNS Number : 8800S

AVEVA Group PLC

30 December 2016

30(th) December 2016

AVEVA GROUP PLC

Director Disclosure s430(2B) of the Companies Act

AVEVA Group plc (the "Company") announces that, further to the Company's announcement on 8 July 2016, Richard Longdon will on 31 December 2016 cease to be a director and Chief Executive of the Company.

The following information is provided pursuant to s430(2B) of the Companies Act 2006.

Further to the announcement on 8 July 2016 of a directorate change, Richard Longdon will step down as an executive director and Chief Executive of AVEVA Group plc (the "Company") with effect from 31 December 2016.

Mr Longdon has a 12 month notice period which shall commence on 1 January 2017 and terminate on 31 December 2017 (the "Termination Date"). During his notice period Mr Longdon shall perform the role of President, acting as a representative and ambassador for the Company and providing valuable insight about the market and our clients as the Company approaches its 50th anniversary (the "Presidency").

Mr Longdon shall continue to receive his current salary of GBP495,000 per annum and contractual benefits up to and including 31 December 2016 in the normal way. Mr Longdon shall not receive any further bonus payments in respect of his performance as an executive director or Chief Executive.

During the Presidency, Mr Longdon shall be employed on revised terms and conditions of employment reflecting the scope of his new role as follows:

   --      Mr Longdon shall receive a salary of GBP375,000 per annum (the "Presidency Salary"); and 

-- he shall be eligible to receive a bonus of up to GBP125,000 subject to satisfaction of certain performance conditions aligned to his duties as President (the "Presidency Bonus").

Mr Longdon is not entitled to receive any further awards under the AVEVA Group Management Bonus Deferred Share Scheme 2008 (the "BDS") or the AVEVA Group Long Term Incentive Plan 2014 (the "LTIP") but will continue to receive his contractual benefits as normal during the Presidency.

Following the Termination Date, Mr Longdon will:

-- be paid in respect of accrued Presidency Salary and contractual benefits up to and including the Termination Date;

   --      be paid in respect of any outstanding accrued holiday entitlement; 

-- be notified of any rights and/or options which he may have under the CadCentre Pension Scheme;

-- subject to satisfaction of the applicable performance conditions, receive the Presidency Bonus within 14 days of the Termination Date;

-- subject to compliance in all material respects with his terms and conditions of employment, be treated as a good leaver under the rules of the BDS and the LTIP as follows:

o BDS: unvested awards granted in 2014 (over 978 shares), 2015 (over 370 shares) and 2016 (over 757shares) shall continue in full and vest on the originally anticipated vesting dates in 2017, 2018 and 2019; and

o LTIP: unvested awards granted in 2014 (over 32,879 shares), 2015 (over 41,218 shares) and 2016 (over 41,713shares) shall continue in existence for the remainder of the applicable performance periods (ending in 2017, 2018 and 2019 respectively) and shall vest to the extent that the relevant performance conditions have been met and subject to pro-rating for time,

and full details will be disclosed in the Company's 2016/17, 2017/18 and 2018/19 Directors' Remuneration Reports as applicable.

Mr Longdon shall remain entitled to exercise his vested LTIP awards granted in 2010 as options (over 8,263 shares) and his vested LTIP awards granted in 2011 as options (over 23,608 shares) for a period of six months following the Termination Date, following such time these vested LTIP awards shall lapse, as specified under the LTIP rules. These LTIP awards vested on 26 July 2013 and on 7 July 2014 respectively and Mr Longdon has been entitled to exercise these vested LTIP awards since these respective dates.

In addition, the Company has made a payment to Mr Longdon's legal advisors of GBP11,000 plus VAT as a contribution towards legal advice in connection with Mr Longdon's termination arrangements.

Save as set out above, no remuneration payment or loss of office payment is being made to Mr Longdon.

Enquiries:

AVEVA Group plc

   Richard Longdon, Chief Executive                       Tel: +44 (0)1223 556655 
   James Kidd, Deputy Chief Executive                    Tel: +44 (0)1223 556655 
   Claire Denton, Company Secretary                      Tel: +44 (0)1223 556655 

FTI Consulting

   Ed Bridges/Dwight Burden                                   Tel: +44 (0)20 3727 1400 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

December 30, 2016 04:30 ET (09:30 GMT)

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