GVC Holdings PLC Directors Dealings - Grant of Option to New CFO (1058B)

TIDMGVC

RNS Number : 1058B

GVC Holdings PLC

31 March 2017

31 March 2017

GVC Holdings PLC

("GVC" or "Company")

Directors Dealings - Grant of Option to New CFO

Following the formal appointment of Paul Miles as GVC's Chief Financial Officer ("CFO") and the recent release of the Company's 2016 annual results, GVC has granted the following share option ("Option") to the CFO:

Grant date: 30 March 2017

Exercise price: GBP4.22

Securities: GVC ordinary shares of EUR0.01 each ("Shares")

Number of Shares: 350,000

The Company has granted the Option under the exemption to Listing Rule 9.4.1 contained in Listing Rule 9.4.2 (2). The rules governing the Option are identical to the rules of the GVC 2016 Management Incentive Plan ("MIP") except in respect of the latter's eligibility provision.

The Option will vest one-third on the date of grant. Thereafter, subject to the satisfaction of a performance condition, one ninth will vest on 2 May 2017 and then one-ninth shall vest each subsequent quarter, so that all of the Shares subject to the Option shall have vested by 2 August 2018, in line with the vesting schedule for the awards granted to senior executives under the MIP and to the Directors under the GVC 2015 Long Term Incentive Plan ("2015 LTIP") (see the Company's announcement of 3 February 2016). The Option will lapse, if not exercised, on 30 March 2027.

The performance condition applying to the Option is the same condition applying to the 2015 LTIP and other MIP awards, being a comparator total shareholder return ("TSR") of the Company against the FTSE 250. Each ninth of the Shares subject to the Option's performance condition will have its TSR condition reviewed from 2 February 2016 (i.e. the same performance condition start date as for the 2015 LTIP awards) until the relevant vesting date. To the extent the TSR condition is not met at that time then it shall be tested in the next quarter and, if necessary, at the end of the vesting period. In order to vest, the TSR of the Company must rank at median or above against the FTSE 250.

For further information:

 
 GVC Holdings PLC 
                                        Tel: +44 (0) 
 Kenneth Alexander, Chief Executive     1624 652 559 
 Paul Miles, Chief Financial 
  Officer 
  Nick Batram, Head of Investor         Tel: +44 (0) 
  Relations & Corporate Strategy        20 7337 0110 
 

Media enquiries:

 
 Bell Pottinger 
 David Rydell, Anna Legge, Laura    Tel: +44 (0) 
  Jaques                            20 3772 2500 
 
 
 1     Details of the PDMR/person closely associated 
----  --------------------------------------------------------- 
       Full legal name of person / company (or 
        other entity) who/which has undertaken the 
        transaction: Paul Miles 
----  --------------------------------------------------------- 
       Nature of holding (please delete those not 
        applicable): Beneficial 
----  --------------------------------------------------------- 
       Name of broker used (if any): N/A 
----  --------------------------------------------------------- 
 2     Reason for the notification 
----  --------------------------------------------------------- 
 2a)   Job title/role of PDMR:        CFO 
----  -----------------------------  -------------------------- 
 2b)   Status of this notification:   Initial notification 
----  -----------------------------  -------------------------- 
 3     Details of the issuer 
----  --------------------------------------------------------- 
 a)    Name:                          GVC HOLDINGS PLC 
----  -----------------------------  -------------------------- 
 b)    LEI:                           213800GNI3K45LQR8L28 
----  -----------------------------  -------------------------- 
 4     Details of the transaction(s) 
----  --------------------------------------------------------- 
 4a)   Type of instrument:            Ordinary shares of 
                                       EUR0.01 each 
----  -----------------------------  -------------------------- 
 4b)   Nature of the transaction:     Grant of an option 
----  -----------------------------  -------------------------- 
       Price per share (in            Price per       Volume 
        pence) and volume (number)     share in 
        of shares:                       pence 
----  -----------------------------  -----------  ------------- 
 4c)                                     422p        350,000 
----  -----------------------------  -----------  ------------- 
       Totals from 4(c):              -Price per   Total volume 
                                       share in 
                                         pence 
----  -----------------------------  -----------  ------------- 
 4d)                                     422p        350,000 
----  -----------------------------  -----------  ------------- 
 4e)   Date of execution of transaction: (YYYY 
        - MM - DD) 2017-03-30 
----  --------------------------------------------------------- 
 4f)   Place of transaction:          Outside a trading venue 
----  -----------------------------  -------------------------- 
 5     Beneficial shareholding        Nil 
        before the transaction 
        (including shares held 
        by associated persons): 
----  -----------------------------  -------------------------- 
 6     Beneficial shareholding        Nil 
        after the transaction 
        (including shares held 
        by your associated 
        persons): 
----  -----------------------------  -------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

DSHSDWSLFFWSEED

(END) Dow Jones Newswires

March 31, 2017 02:01 ET (06:01 GMT)