The Vitec Group PLC 2014 LTIP award - vesting outcome (9936Z)

TIDMVTC

RNS Number : 9936Z

The Vitec Group PLC

20 March 2017

20 March 2017

THE VITEC GROUP PLC

Notification of Transactions of Directors and Persons Discharging Managerial Responsibility (PDMRs)

Long Term Incentive Plan (LTIP) - Lapse of 2014 Awards

The Company confirms that neither of the performance conditions associated with awards made under the LTIP on 2 April 2014 reached threshold performance conditions for vesting and hence all awards under the 2014 LTIP will lapse on their third anniversary on 2 April 2017. The performance conditions were based 50% on earnings per share growth and 50% on Total Shareholder Return performance compared to a comparator group.

Details of the number of awards that have lapsed along with each Executive Director and PDMR's current holdings in the Company's shares following this lapse are set out below.

 
 Name             Position          Number of        Current 
                                     2014 LTIP        shareholding 
                                     awards lapsed    as at date 
                                                      of announcement* 
---------------  ----------------  ---------------  ------------------ 
 Stephen          Group Chief                        275,551 
  Bird             Executive        65,958            (42,269) 
---------------  ----------------  ---------------  ------------------ 
                  Group Finance 
 Paul Hayes        Director         45,343           82,706 (29,920) 
---------------  ----------------  ---------------  ------------------ 
                  Group Business 
 Martin            Development 
  Green            Director         33,037           34,821 (12,851) 
---------------  ----------------  ---------------  ------------------ 
 Marco Pezzana    PDMR              38,013           33,545 (10,378) 
---------------  ----------------  ---------------  ------------------ 
 Jon Bolton       PDMR              25,487           28,181 (5,066) 
---------------  ----------------  ---------------  ------------------ 
 Halid Hatic      PDMR              10,000           Nil (Nil) 
---------------  ----------------  ---------------  ------------------ 
 

* The number in brackets refers to the number of ordinary shares purchased in the market with funds provided by the Executive Director or PDMR and which are held by Capita Trustees Limited, the Trustee used to hold shares in respect of awards made under The Vitec Group 2005 Deferred Bonus Plan and 2014 Deferred Bonus Plan. Stephen Bird's holding includes 2,000 shares held by a connected person.

Enquiries:

Jon Bolton

Group Company Secretary

020 8332 4600

A Snapshot of The Vitec Group

Vitec is a leading global provider of premium branded products and services to the fast changing and growing "image capture and sharing" market.

Vitec's customers include broadcasters, independent content creators, photographers and enterprises, and our activities comprise: design, manufacture and distribution of high performance products and software including camera supports, wireless systems, robotic camera systems, prompters, LED lights, mobile power, monitors and bags; and premium services including technical solutions, systems integration and equipment rental for TV production teams, film crews and enterprises.

We employ around 1,700 people across the world in ten different countries and are organised in two Divisions: Broadcast and Photographic.

The Vitec Group plc is listed on the London Stock Exchange with 2016 revenue of GBP376.2 million.

More information can be found at: www.vitecgroup.com.

LEI number: 2138007H5DQ4X8YOCF14

This information is provided by RNS

The company news service from the London Stock Exchange

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March 20, 2017 12:03 ET (16:03 GMT)