Vesuvius plc Director/PDMR Shareholding (1280G)

TIDMVSVS

RNS Number : 1280G

Vesuvius plc

13 March 2020

V esuvius plc

13 March 2020

Notification of Transactions of Persons Discharging Managerial Responsibilities

This notification is made in accordance with Article 19(3) of the Market Abuse Regulation.

Grant of 2020 Long Term Incentive Share Awards

Vesuvius plc (the "Company") announces that on 12 March 2020, performance share awards (the "Awards") were granted over the Company's ordinary shares ("Shares") to the following persons discharging managerial responsibilities in the Company under the Vesuvius Share Plan in the form indicated in the table below:

 
 Name                 Maximum number of Shares under   Form of Award 
                       Award ("Award Shares") 
 Patrick André   282,772                          Nil-cost Option 
                     -------------------------------  ---------------- 
 Guy Young            132,120                          Nil-cost Option 
                     -------------------------------  ---------------- 
 

The number of Award Shares set out above is the maximum number which may vest under the Awards, normally following the third anniversary of the award date. The actual number of Award Shares which vest will depend upon the extent to which performance conditions have been satisfied.

The performance conditions applicable to the 2020 Awards will be based half on total shareholder return (TSR) performance and half on earnings per share (EPS), as described in the Company's 2019 Annual Report.

The 2020 Awards are subject to a h olding period which will run until the fifth anniversary of the grant date.

Given current share price volatility, the Remuneration Committee resolved that the number of shares subject to the Awards should be capped at a level that reflects the middle market share price of the Company for the five days up to the February Committee meeting, being 437.1 pence. As the average middle market closing price of a Vesuvius share (as derived from the London Stock Exchange Daily Official List) for the five trading days prior to the date of grant (5-11 March) was 392.48 pence, the capped price of 437.1 pence per share has therefore been used to limit the number of shares awarded.

As a result Patrick André received an Award equivalent in value to 180% of his base salary rather than 200% and Guy Young received an Award equivalent in value to 135% of his base salary rather than 150%.

The Vesuvius Share Plan was approved by shareholders at the General Meeting on 26 November 2012.

Name of contact and telephone number for queries:

 
 Henry Knowles, General Counsel and Company 
  Secretary                                    [phone] 
 Pamela Antay, Head of Investor Relations      [phone] 
 
 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                                  Patrick André 
      ------------------------------------  ------------------------------------------ 
 2     Reason for the notification 
      -------------------------------------------------------------------------------- 
 a)    Position/status                       Chief Executive 
      ------------------------------------  ------------------------------------------ 
 b)    Initial notification                  Initial notification 
        /Amendment 
      ------------------------------------  ------------------------------------------ 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      -------------------------------------------------------------------------------- 
 a)    Name                                  Vesuvius plc 
      ------------------------------------  ------------------------------------------ 
 b)    LEI                                   213800ORZ521W585SY02 
      ------------------------------------  ------------------------------------------ 
 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                    Performance share award in the form 
        financial instrument,                 of nil-cost options over Vesuvius 
        type of instrument                    plc 10 pence ordinary shares 
 
       Identification code                   ISIN: GB00B82YXW83 
 
 b)    Nature of the transaction             Grant of performance share awards 
                                              under the Vesuvius Share Plan 
      ------------------------------------  ------------------------------------------ 
 c)    Price(s) and volume(s) 
                                             ----------------------  --------------- 
                                              Price(s)                Volume(s) 
                                             ----------------------  --------------- 
    392.48 pence                                                      282,772 
   ----------------------------------------------------------------  --------------- 
 
 d)    Aggregated information 
 
  - Aggregated volume                   282,772 
 
  - Aggregated Price                    392.48 pence 
 
   - Aggregated Total                    GBP1,109,824 
 
 e)    Date of the transaction               12 March 2020 
      ------------------------------------  ------------------------------------------ 
 f)    Place of the transaction              London - outside a trading venue 
      ------------------------------------  ------------------------------------------ 
 
 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                                  Guy Young 
      ------------------------------------  ------------------------------------------ 
 2     Reason for the notification 
      -------------------------------------------------------------------------------- 
 a)    Position/status                       Chief Financial Officer 
      ------------------------------------  ------------------------------------------ 
 b)    Initial notification                  Initial notification 
        /Amendment 
      ------------------------------------  ------------------------------------------ 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      -------------------------------------------------------------------------------- 
 a)    Name                                  Vesuvius plc 
      ------------------------------------  ------------------------------------------ 
 b)    LEI                                   213800ORZ521W585SY02 
      ------------------------------------  ------------------------------------------ 
 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                    Performance share award in the form 
        financial instrument,                 of nil-cost options over Vesuvius 
        type of instrument                    plc 10 pence ordinary shares 
 
       Identification code                   ISIN: GB00B82YXW83 
 
 b)    Nature of the transaction             Grant of performance share awards 
                                              under the Vesuvius Share Plan 
      ------------------------------------  ------------------------------------------ 
 c)    Price(s) and volume(s) 
                                             ----------------------  --------------- 
                                              Price(s)                Volume(s) 
                                             ----------------------  --------------- 
    392.48 pence                                                      132,120 
   ----------------------------------------------------------------  --------------- 
 
 d)    Aggregated information 
 
  - Aggregated volume                   132,120 
 
  - Aggregated Price                    392.48 pence 
 
   - Aggregated Total                    GBP518,545 
 
 e)    Date of the transaction               12 March 2020 
      ------------------------------------  ------------------------------------------ 
 f)    Place of the transaction              London - outside a trading venue 
      ------------------------------------  ------------------------------------------ 
 

Vesuvius plc, 165 Fleet Street, London EC4A 2AE

Registered in England and Wales No. 8217766

LEI: 213800ORZ521W585SY02

www.vesuvius.com

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March 13, 2020 08:52 ET (12:52 GMT)