The Vitec Group PLC Director/PDMR Shareholding (6438Q)

TIDMVTC

RNS Number : 6438Q

The Vitec Group PLC

01 March 2016

1 March 2016

THE VITEC GROUP PLC

Notification of Transactions of Directors and Persons Discharging Managerial Responsibility (PDMRs)

Long Term Incentive Plan (LTIP) - 2016 Awards

The Vitec Group plc ("the Company") announces that on 1 March 2016 the following awards of ordinary shares of 20 pence each were made under the Company's LTIP to Directors and PDMRs.

 
 Name             Position         Award of LTIP shares 
                                    (subject to satisfaction 
                                    of performance conditions) 
---------------  ---------------  ---------------------------- 
 Stephen          Group Chief 
  Bird             Executive       103,362 
---------------  ---------------  ---------------------------- 
                  Group Finance 
 Paul Hayes        Director        71,057 
---------------  ---------------  ---------------------------- 
 Martin Green     PDMR             43,269 
---------------  ---------------  ---------------------------- 
 Marco Pezzana    PDMR             51,448 
---------------  ---------------  ---------------------------- 
 Jon Bolton       PDMR             31,953 
---------------  ---------------  ---------------------------- 
 

Subject to satisfaction of performance conditions, the awards made under the Long Term Incentive Plan will vest following the end of the three year performance period on 1 March 2019.

50% of the award is subject to the Company's total shareholder return ("TSR") ranked against the constituents of the FTSE 250 index (excluding financial services companies and investment trusts). For median performance in the comparator group there will be 25% vesting and for upper quartile performance there will be full vesting, with a straight line sliding scale between these two points. None of this part of the award will vest for TSR performance below the median.

50% of the award is subject to the growth in the Company's basic earnings per share, excluding restructuring costs and charges associated with acquired businesses ("Adjusted EPS"). Adjusted EPS growth of 5% average per annum will be threshold with 25% of this part of the award vesting and Adjusted EPS growth of 12% or higher average per annum will result in all of this part of the award vesting, with a straight line sliding scale between these two points. None of this part of the award will vest for Adjusted EPS growth lower than 5% average per annum.

Both performance conditions are independent of one another.

Long Term Incentive Plan (LTIP) - Lapse of 2013 Awards

The Company further confirms that neither of the performance conditions associated with awards made under the LTIP on 21 March 2013 reached threshold performance conditions for vesting and hence all awards under the 2013 LTIP will lapse on their third anniversary on 21 March 2016. The performance conditions were based 50% on earnings per share growth and 50% on Total Shareholder Return performance compared to a comparator group.

Details of the number of awards that have lapsed along with each Executive Director and PDMR's current holdings in the Company's shares following this lapse and the award of the 2016 LTIP are set out below.

 
 Name             Position         Number of        Current 
                                    2013 LTIP        shareholding* 
                                    awards lapsed 
---------------  ---------------  ---------------  ---------------- 
 Stephen          Group Chief                       255,614 
  Bird             Executive       61,833            (53,522) 
---------------  ---------------  ---------------  ---------------- 
                  Group Finance 
 Paul Hayes        Director        42,507           78,129 (37,724) 
---------------  ---------------  ---------------  ---------------- 
 Martin 
  Green           PDMR             30,197           32,893 (15,021) 
---------------  ---------------  ---------------  ---------------- 
 Marco Pezzana    PDMR             35,823           28,204 (11,039) 
---------------  ---------------  ---------------  ---------------- 
 Jon Bolton       PDMR             23,893           27,052 (5,588) 
---------------  ---------------  ---------------  ---------------- 
 

* The number in brackets refers to the number of ordinary shares purchased in the market with funds provided by the Executive Director or PDMR and which are held by Capita Trustees Limited, the Trustee used to hold shares in respect of awards made under The Vitec Group 2005 Deferred Bonus Plan and 2014 Deferred Bonus Plan.

Enquiries:

Jon Bolton

Group Company Secretary

020 8332 4600

A Snapshot of The Vitec Group

Vitec is a global provider of premium branded products and services to the Broadcast and

Photographic markets. Vitec is listed on the London Stock Exchange with 2015 revenue of GBP317.8 million.

The Group is organised in two Divisions:

The Broadcast Division designs, manufactures and distributes premium branded products for broadcasting, film and video production for broadcasters and independent content creators. It also provides premium services including equipment rental and technical solutions to TV production teams and film crews.

The Photographic Division designs, manufactures and distributes premium branded equipment and provides dedicated solutions to professional and non-professional image takers.

More information can be found at: www.vitecgroup.com

This information is provided by RNS

The company news service from the London Stock Exchange

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March 01, 2016 07:16 ET (12:16 GMT)