ConvaTec Group PLC Director/PDMR Shareholding (1760H)

TIDMCTEC

RNS Number : 1760H

ConvaTec Group PLC

08 March 2018

8 March 2018

ConvaTec Group Plc

("ConvaTec" or "the Company")

Director/PDMR Shareholding

The Company announces the following changes in the interests of Directors in ordinary shares of 10 pence each in the share capital of the Company ("Shares").

On 7 March 2018, Paul Moraviec, the Company's Chief Executive Officer, and Frank Schulkes, the Company's Chief Financial Officer, both Executive Directors, were granted conditional share awards under the Company's Long Term Incentive Plan (LTIP), subject to a time vesting period of three years, performance conditions based on a combination of relative total shareholder return, earnings per share and return on invested capital over the three year period equally weighted and, continued employment, as follows;

Paul Moraviec: 585,436

Frank Schulkes: 365,291

The number of Shares are the maximum available if the performance conditions for the three year performance period are fully satisfied. Further details of the LTIP and performance conditions will be contained in the Company's next Annual Report.

Further, both Executive Directors received an additional grant of shares in accordance with the Company's remuneration policy approved by shareholders, as a result of one third of their annual bonus being paid out as deferred shares as follows, such shares to vest on the third anniversary of grant;

Paul Moraviec: 17,172

Frank Schulkes: 7,210

The closing share price on 6 March of GBP2.06 was used in determining the number of shares to be granted under the deferred bonus provisions.

No consideration was paid for the grant of either of these awards.

The attached notification, made in accordance with the requirements of the EU Market Abuse Regulation, gives further detail.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 
  1      Details of the person discharging managerial responsibilities/person 
          closely associated 
----  ---------------------------------------------------------------------------------------------------------------- 
  a)    Name                                            Paul Moraviec 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  2     Reason for the notification 
----  ---------------------------------------------------------------------------------------------------------------- 
  a)    Position/Status                                 CEO 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  b)    Initial notification/Amendment                  Initial notification 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  3     Details of the issuer, emission allowance market participant, 
         auction platform, auctioneer or auction monitor 
----  ---------------------------------------------------------------------------------------------------------------- 
  a)    Name                                            ConvaTec Group Plc 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  b)    LEI                                             213800LS272L4FIDOH92 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  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                              Ordinary shares of 10p each in ConvaTec Group Plc 
         financial instrument,                           GB00BD3VFW73 
         type of instrument 
         Identification code 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  b)    Nature of the transaction                       1. Grant of conditional share award under the ConvaTec Group 
                                                        Plc Long Term Incentive Plan 
                                                        subject to Long Term Incentive Plan, subject to (i) time 
                                                        vesting period of three years (ii) 
                                                        performance conditions based on a combination of relative 
                                                        total shareholder return, earnings 
                                                        per share and return on invested capital over three year 
                                                        period, equally weighted (iii) continued 
                                                        employment 
                                                        2. Grant of restricted share award under Bonus Deferral 
                                                        subject only to a time based vesting 
                                                        condition 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  c)    Price(s) and volume(s)                          Price(s)                                        Volume(s) 
                                                         1 - N/A                                         1 - 585,436 
                                                         2 - N/A                                         2 - 17,172 
----  ----------------------------------------------  ----------------------------------------------  ---------------- 
  d)    Aggregated information 
         - Aggregated volume                              N/A 
         - Price 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  e)    Date of the transaction                         7 March 2018 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  f)    Place of the transaction                        London Stock Exchange, Main Market (XLON) 
----  ----------------------------------------------  ---------------------------------------------------------------- 
 
 
  1      Details of the person discharging managerial responsibilities/person 
          closely associated 
----  ---------------------------------------------------------------------------------------------------------------- 
  a)    Name                                            Frank Schulkes 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  2     Reason for the notification 
----  ---------------------------------------------------------------------------------------------------------------- 
  a)    Position/Status                                 CFO 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  b)    Initial notification/Amendment                  Initial notification 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  3     Details of the issuer, emission allowance market participant, 
         auction platform, auctioneer or auction monitor 
----  ---------------------------------------------------------------------------------------------------------------- 
  a)    Name                                            ConvaTec Group Plc 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  b)    LEI                                             213800LS272L4FIDOH92 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  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                              Ordinary shares of 10p each in ConvaTec Group Plc 
         financial instrument,                           GB00BD3VFW73 
         type of instrument 
         Identification code 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  b)    Nature of the transaction                       1. Grant of conditional share award under the ConvaTec Group 
                                                        Plc Long Term Incentive Plan 
                                                        subject to Long Term Incentive Plan, subject to (i) time 
                                                        vesting period of three years (ii) 
                                                        performance conditions based on a combination of relative 
                                                        total shareholder return, earnings 
                                                        per share and return on invested capital over three year 
                                                        period, equally weighted (iii) continued 
                                                        employment 
                                                        2. Grant of restricted share award under Bonus Deferral 
                                                        subject only to a time based vesting 
                                                        condition 

----  ----------------------------------------------  ---------------------------------------------------------------- 
  c)    Price(s) and volume(s)                          Price(s)                                        Volume(s) 
                                                         1 - N/A                                         1 - 365,291 
                                                         2 - N/A                                         2 - 7,210 
----  ----------------------------------------------  ----------------------------------------------  ---------------- 
  d)    Aggregated information 
         - Aggregated volume                              N/A 
         - Price 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  e)    Date of the transaction                         7 March 2018 
----  ----------------------------------------------  ---------------------------------------------------------------- 
  f)    Place of the transaction                        London Stock Exchange, Main Market (XLON) 
----  ----------------------------------------------  ---------------------------------------------------------------- 
 
 

Enquiries

Media

   Bobby Leach, VP Group Corporate Affairs, ConvaTec                        [phone] 

Alastair Elwen, Finsbury [phone]

Analysts and Investors

   John Crosse, VP Investor Relations, ConvaTec                         [phone] 
   Kirsty Law, Director Investor Relations, ConvaTec                               [phone] 

[e-mail]

ConvaTec Group Plc's LEI code is 213800LS272L4FIDOH92

About ConvaTec

ConvaTec is a global medical products and technologies company focused on therapies for the management of chronic conditions, with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion devices. ConvaTec's products provide a range of clinical and economic benefits including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. To learn more about ConvaTec, please visit www.convatecgroup.com where a copy of this announcement can also be found.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 08, 2018 10:35 ET (15:35 GMT)