Softcat PLC Director/PDMR Shareholding (5328I)

TIDMSCT

RNS Number : 5328I

Softcat PLC

26 November 2018

26 November 2018

Softcat plc (the "Company")

Notification of Transactions by

Persons Discharging Managerial Responsibilities

The following notification made under article 19.1 of the Market Abuse Regulation ("MAR") relates to awards of nil-cost options to persons discharging managerial responsibilities ("PDMR") on 21 November 2018 under the Softcat plc Long Term Incentive Plan ("LTIP"). This announcement is made in accordance with Article 19.3 of MAR.

Softcat plc Long Term Incentive Plan

On 21 November 2018, awards under the Company's Long Term Incentive Plan (the "LTIP") were made as outlined below.

An award of nil-cost options to acquire 75,000 number of shares was made to Graeme Watt, a director and PDMR. The number of shares over which the nil-cost option was awarded has been calculated by reference to the closing middle market quotation of the ordinary shares derived from the Daily Official List on the dealing day preceding the date of grant (600.00 pence). The award will vest subject to the performance conditions outlined below.

An award of nil-cost options to acquire 50,000 number of shares was made to Graham Charlton, a director and PDMR. The number of shares over which the nil-cost option was awarded has been calculated by reference to the closing middle market quotation of the ordinary shares derived from the Daily Official List on the dealing day preceding the date of grant (600.00 pence). The award will vest subject to the performance conditions outlined below.

Performance Conditions and Vesting of Awards

These nil-cost options are subject to the rules of the LTIP and will vest depending on performance against Total Shareholder Return ("TSR") and Earnings per Share ("EPS") targets as measured over a three year performance period.

50% of the Award will be subject to the Company's relative TSR performance against the FTSE 250 (excluding real estate and investment trusts):

   TSR performance                       % of Award vesting 
   Below median                                        Nil 
   At median                                              30% 
   Upper quartile or above                        100% 

50% of the Award will be subject to the Company's EPS for FY 2021:

   EPS                                          % of Award vesting 
   Less than 29.3 pence                               Nil 
   29.3 pence                                                20% 
   35.7 pence or above                                100% 

There will be straight line vesting between the points as outlined above.

The normal date of vesting for the nil-cost options outlined above will be 21 November 2021 and the last date for exercise will be 20 November 2028, with dividend equivalents payable in respect of the vesting of nil-cost options in accordance with the rules of the LTIP.

For further information on the LTIP, please refer to the Company's Annual Report and Accounts.

 
 1.    Details of PDMR / person closely associated with them 
        ("PCA") 
 a)    Name                                        Graeme Watt 
      ------------------------------------------  -------------------------------------------- 
 2.    Reason for the notification 
      ---------------------------------------------------------------------------------------- 
 a)    Position / status                           CEO 
      ------------------------------------------  -------------------------------------------- 
 b)    Initial notification                        Initial Notification 
        / amendment 
      ------------------------------------------  -------------------------------------------- 
 3.    Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      ---------------------------------------------------------------------------------------- 
 a)    Name                                        Softcat plc 
      ------------------------------------------  -------------------------------------------- 
 b)    LEI                                         N/A 
      ------------------------------------------  -------------------------------------------- 
 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                                 Ordinary Shares of GBP0.0005 each 
        of the financial                            ISIN: GB00BYZDVK82 
        instrument 
        Identification 
        Code 
      ------------------------------------------  -------------------------------------------- 
 b)    Nature of the                               Grant of nil cost option over Ordinary 
        transaction                                 Shares of GBP0.0005 each under the Softcat 
                                                    plc Long Term Incentive Plan 
      ------------------------------------------  -------------------------------------------- 
 c)    Price(s) and                                 Price(s)   Volume(s) 
        volume(s)                                    0.00       75,000 
                                                               ---------- 
      ------------------------------------------  -------------------------------------------- 
 d)    Aggregated information 
        Aggregated volume                            N/A 
        Price 
      ------------------------------------------  -------------------------------------------- 
       Date of the 
 e)     transaction                                  2018-11-21 
      ------------------------------------------  -------------------------------------------- 
 f)    Place of the 
        transaction                                  Outside a trading venue 
      ------------------------------------------  -------------------------------------------- 
 
 
 
 1.    Details of PDMR / person closely associated with them 
        ("PCA") 
 a)    Name                                        Graham Charlton 
      ------------------------------------------  -------------------------------------------- 
 2.    Reason for the notification 
      ---------------------------------------------------------------------------------------- 
 a)    Position / status                           CFO 
      ------------------------------------------  -------------------------------------------- 
 b)    Initial notification                        Initial Notification 
        / amendment 
      ------------------------------------------  -------------------------------------------- 
 3.    Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      ---------------------------------------------------------------------------------------- 
 a)    Name                                        Softcat plc 
      ------------------------------------------  -------------------------------------------- 
 b)    LEI                                         N/A 
      ------------------------------------------  -------------------------------------------- 
 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                                 Ordinary Shares of GBP0.0005 each 
        of the financial                            ISIN: GB00BYZDVK82 
        instrument 
        Identification 
        Code 
      ------------------------------------------  -------------------------------------------- 
 b)    Nature of the                               Grant of nil cost option over Ordinary 
        transaction                                 Shares of GBP0.0005 each under the Softcat 
                                                    plc Long Term Incentive Plan 
      ------------------------------------------  -------------------------------------------- 
 c)    Price(s) and                                 Price(s)   Volume(s) 
        volume(s)                                    0.00       50,000 
                                                               ---------- 
      ------------------------------------------  -------------------------------------------- 
 d)    Aggregated information 
        Aggregated volume                            N/A 
        Price 
      ------------------------------------------  -------------------------------------------- 
       Date of the 
 e)     transaction                                  2018-11-21 
      ------------------------------------------  -------------------------------------------- 
 f)    Place of the 
        transaction                                  Outside a trading venue 
      ------------------------------------------  -------------------------------------------- 
 
 

Softcat plc

26 November 2018

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November 26, 2018 11:09 ET (16:09 GMT)