Polypipe Group PLC Director/PDMR Shareholding (4777I)

TIDMPLP

RNS Number : 4777I

Polypipe Group PLC

21 March 2018

Polypipe Group plc (the "Company")

Notification of Transaction by Persons Discharging Managerial Responsibilities

The Company announces that it received notification on 21 March 2018 of changes in the interests of Paul James, Chief Financial Officer and a director of the Company, in the Ordinary Shares of GBP0.001 each in the Company ("Shares"), as set out below.

Certain buy-out arrangements were agreed by the Remuneration Committee of the Company to partially compensate Paul James for bonus and long-term incentive awards which were forfeited when he left his previous employer, Dixons Carphone plc. The buy-out arrangements were structured in accordance with the principles set out in the Company's approved Remuneration Policy, in particular that they should be of comparable commercial value to the incentives which have been forfeited.

The buy-out arrangements comprise:

1. A bonus payment of an estimated equivalent value to the bonus Mr. James would have received from his previous employer in relation to the year of his departure. To provide alignment with shareholders, the compensatory bonus award was granted on 21 March 2018 wholly in the form of Shares (structured as a nil cost option) as set out below. These Shares will vest in two equal tranches on the second and third anniversaries of Mr. James's appointment, subject to continued employment but no further performance conditions.

 
Number of Shares  Date of 
                   Vesting 
27,445*           5 March 
                   2020 
27,445*           5 March 
                   2021 
 

*these elements qualify for additional Shares in respect of the Company's dividends with a record date after the date Mr. James commenced employment with the Company.

The number of Shares awarded has been calculated using the average of the middle market closing price of the Company for the three dealing days starting on 16 March 2018.

The buy-out award will be reduced (down to zero, as the case may be) to take account of: (a) the actual bonus payable to Mr. James in respect of the financial year ending 30 April 2018; (b) any payments which Mr. James receives from his previous employer under its bonus arrangements; and/or (c) relevant malus events.

2. An award of Shares (structured as a nil cost option) on 21 March 2018 of an estimated equivalent value to the shares Mr. James would have received from his previous employer in relation to a Restricted Share Award due to vest in 2020. The compensatory share award will vest on the same date that the original Restricted Share Award would have vested, subject to continued employment but no further performance conditions.

 
Number of Shares  Date of 
                   Vesting 
30,755            30 June 
                   2020 
 

The number of Shares awarded has been calculated using the average of the middle market closing prices of both the Company and Dixons Carphone plc for the three dealing days starting on 16 March 2018.

The Company confirms that, under Listing Rule 9.4.2 (2), the awards set out above do not require prior shareholder approval.

The following disclosure is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.

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 James 
---  -------------------------  ---------------------------------- 
 2    Reason for the notification 
---  ------------------------------------------------------------- 
 a)   Position/status            Chief Financial Officer/Director 
                                  and PDMR 
---  -------------------------  ---------------------------------- 
 b)   Initial notification       Initial notification 
       /Amendment 
---  -------------------------  ---------------------------------- 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  ------------------------------------------------------------- 
 a)   Name                       Polypipe Group plc 
---  -------------------------  ---------------------------------- 
 b)   LEI                        2138005IF1N2RKJ6KO18 
---  -------------------------  ---------------------------------- 
 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             Ordinary Shares of GBP0.001 
       the financial              each 
       instrument, type 
       of instrument 
 
       Identification             GB00BKRC5K31 
       code 
---  -------------------------  ---------------------------------- 
 b)   Nature of the              Grant of nil-cost options 
       transaction                over 85,645 shares in connection 
                                  with recruitment to the role 
                                  of Chief Financial Officer 
---  -------------------------  ---------------------------------- 
 c)   Price(s) and volume(s)       Price(s)    Volume(s) 
                                   ----------  ---------- 
                                    Nil         85,645 
                                   ----------  ---------- 
---  -------------------------  ---------------------------------- 
 d)   Aggregated information 
 
       - Aggregated volume 
                                   85,645 
 
       - Price 
                                   Nil 
---  -------------------------  ---------------------------------- 
 e)   Date of the transaction    21 March 2018 
---  -------------------------  ---------------------------------- 
 f)   Place of the transaction   Outside a Trading Venue 
---  -------------------------  ---------------------------------- 
 

21 March 2018

Contact:

   Emma Versluys                                  01709 770000 

Company Secretary

This information is provided by RNS

The company news service from the London Stock Exchange

END

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March 21, 2018 09:50 ET (13:50 GMT)