Fisher (James) & Sons plc Director/PDMR Shareholding (0144U)

TIDMFSJ

RNS Number : 0144U

Fisher (James) & Sons plc

24 July 2020

JAMES FISHER AND SONS PLC

Notification of Directors' Interest in Shares

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations.

On 24 July 2020, awards over ordinary shares of 25p each in James Fisher and Sons plc (the "Company") were made to the Executive Directors of the Company under the James Fisher and Sons 2015 Long Term Incentive Plan, as follows:

 
        PDMR          Number of Shares held under 
                                 award 
 Eoghan O'Lionaird              42,307 
                     ---------------------------- 
 Stuart Kilpatrick              27,938 
                     ---------------------------- 
 

Notes:

No consideration was paid for the grant of the awards which are structured as nil cost restricted share awards.

The awards will normally vest on the 24 July 2023 subject to the satisfaction of the performance conditions set by the Remuneration Committee of the Company and which are consistent with performance conditions attached to past LTIP awards.

In line with the Remuneration Policy approved by shareholders at the 2018 AGM a two-year post-vesting period will apply to this award.

Recognising the prevailing share price, which has been impacted by Covid-19 and market conditions more generally, the Remuneration Committee has agreed to set the price on which the LTIPs are granted equal to the average share price between 1 January 2020 and 30 June 2020. This effectively reduces the value of the LTIP grants by c.15%. The reduction of LTIP award levels in connection with Covid-19 is in addition to the 20% salary/fee reduction previously announced for the Board for the three months from 1 April 2020, as well as a deferral of the 2019 annual bonuses to the second half of 2020.

Furthermore, the Remuneration Committee retains the discretion to adjust the Awards at vesting to ensure that all relevant factors are taken into account, including the consideration of any windfall gains.

Details of the full notifications received by the Company are set out below.

 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                              Eoghan Pol O'Lionaird 
      --------------------------------  ---------------------------------------- 
 2     Reason for Notification 
      -------------------------------------------------------------------------- 
 a)    Position/status                   Chief Executive Officer 
      --------------------------------  ---------------------------------------- 
 b)    Initial notification/Amendment    Initial Announcement 
      --------------------------------  ---------------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      -------------------------------------------------------------------------- 
 a)    Name                              James Fisher and Sons plc 
      --------------------------------  ---------------------------------------- 
 b)    LEI                               213800J975E5OYR6S216 
      --------------------------------  ---------------------------------------- 
 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      Ordinary Shares of 25 pence each in 
        instrument, type of               James Fisher and Sons plc 
        instrument                        GB0003395000 
        Identification code 
      --------------------------------  ---------------------------------------- 
 b)    Nature of the transaction         Grant of a restricted share award under 
                                          the James Fisher and Sons 2015 Long 
                                          Term Incentive Plan. The award will 
                                          ordinarily vest on 24 July 2023. 
      --------------------------------  ---------------------------------------- 
 c)    Price(s) and volume(s)             Price(s)    Volume(s) 
                                           Nil         42,307 
                                                      ---------- 
      --------------------------------  ---------------------------------------- 
            Aggregated information 
              *    Aggregated volume 
 
 
 d)           *    Price                   42,307 
      --------------------------------  ---------------------------------------- 
 e)    Date of the transaction           24 July 2020 
      --------------------------------  ---------------------------------------- 
 f)    Place of the transaction          Outside a trading venue 
      --------------------------------  ---------------------------------------- 
 
 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                              Stuart Charles Kilpatrick 
      --------------------------------  ---------------------------------------- 
 2     Reason for Notification 
      -------------------------------------------------------------------------- 
 a)    Position/status                   Group Finance Director 
      --------------------------------  ---------------------------------------- 
 b)    Initial notification/Amendment    Initial Announcement 
      --------------------------------  ---------------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      -------------------------------------------------------------------------- 
 a)    Name                              James Fisher and Sons plc 
      --------------------------------  ---------------------------------------- 
 b)    LEI                               213800J975E5OYR6S216 
      --------------------------------  ---------------------------------------- 
 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      Ordinary Shares of 25 pence each in 
        instrument, type of               James Fisher and Sons plc 
        instrument                        GB0003395000 
        Identification code 
      --------------------------------  ---------------------------------------- 
 b)    Nature of the transaction         Grant of a restricted share award under 
                                          the James Fisher and Sons 2015 Long 
                                          Term Incentive Plan. The award will 
                                          ordinarily vest on 24 July 2023. 
      --------------------------------  ---------------------------------------- 
 c)    Price(s) and volume(s)             Price(s)    Volume(s) 
                                           Nil         27,938 
                                                      ---------- 
      --------------------------------  ---------------------------------------- 
            Aggregated information 
              *    Aggregated volume 
 
 
 d)           *    Price                   27,938 
      --------------------------------  ---------------------------------------- 
 e)    Date of the transaction           24 July 2020 
      --------------------------------  ---------------------------------------- 
 f)    Place of the transaction          Outside a trading venue 
      --------------------------------  ---------------------------------------- 
 

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July 24, 2020 07:00 ET (11:00 GMT)