QinetiQ Group plc Director/PDMR Shareholding (6372R)
June 30 2015 - 4:30AM
UK Regulatory
TIDMQQ.
RNS Number : 6372R
QinetiQ Group plc
30 June 2015
QinetiQ Group plc
30 June 2015
NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITIES OR THEIR CONNECTED PERSONS
1. Vesting of Award under the QinetiQ Group plc Deferred Annual Bonus Plan ("DAB")
The Company announces that on 29 June 2015 the following
Executive Director acquired Ordinary Shares of 1p each in the
Company ("Shares"), as detailed in the table below, as a result of
the vesting of an award granted on 29 June 2012 under the DAB:
Director Number of Shares Number of Shares Price per share
acquired on vesting sold on 29 June
under the Deferred 2015
Award on 29 June
2015
David Mellors 117,173 117,173 226.57p
--------------------- ----------------- ----------------
The performance conditions were not met in respect of the
Matching Award granted on 29 June 2012 under the DAB over 117,173
Shares and the Matching Award has therefore lapsed.
The DAB operated as follows:
Prior to shareholder approval of the Bonus Banking Plan in 2014,
Executive Directors had a mandatory deferral of 50% of any bonus
earned into a restricted, deferred award of Shares under the DAB.
At the same time, the Company granted a matching award of Shares,
up to a maximum match of 100% of the deferred award. Vesting of the
matching award occurs after three years, subject to the achievement
of EPS-based performance conditions, up to a maximum match of one
Share for each Share deferred.
2. Grant of Award of notional Shares under the QinetiQ Group plc Bonus Banking Plan ("BBP")
QinetiQ Group plc (the "Company") announces that on 30 June 2015
the following Executive Director was granted an award of notional
Ordinary Shares of 1p each in the Company ("Shares"), as detailed
in the table below, under the BBP:
Director Number of notional Shares representing Number of notional Shares
deferred bonus as at 30 June representing deferred bonus
2015 which are not subject to as at 30 June 2015 which are
forfeiture conditions subject to forfeiture conditions
David Mellors 126,726 126,726
--------------------------------------- ----------------------------------
There is no exercise price applicable for the above award. The
notional Shares relate to pre-tax bonus and are based on a market
value of 197p per Share. At the end of each plan year the number of
notional Shares in respect of deferred bonus will be adjusted to
take account of the prevailing share price, performance-related
adjustments and payments, and the deferral of further bonus into
the plan.
The BBP operates as follows:
Each Executive Director has a mandatory deferral of 50% of any
bonus earned into the BBP. The plan operates on a four-year cycle
and performance conditions and targets are set at the beginning of
each plan year.
At the end of each of the first three plan years, (i)
performance against the targets is assessed and the amount of any
bonus is contributed by the Company to the Executive Director's
plan account; and (ii) notional Shares held in the plan account are
valued using a 30 day average share price as at the end of the plan
year. The total value of the plan account is adjusted accordingly,
and 50% of that total value is paid to the Executive Director. The
remaining balance in the Executive Director's plan account is
converted into notional Shares using the 30 day average share price
as at the end of the plan year.
In the fourth year, 100% of the balance is paid in Shares to the
Executive Director.
During the four-year plan period, 50% of the retained balance is
at risk of forfeiture based on a minimum level of performance which
is determined annually in advance by the Remuneration Committee.
The BBP rules contain provisions in respect of malus and
clawback.
As a result of the above transactions, the aggregate number of
Shares held beneficially by the Executive Director across all
accounts (excluding BBP notional Shares which are at risk of
forfeiture) is as follows:
Director Resulting aggregate number Total percentage holding
of Shares held beneficially following notification
(excluding BBP notional
Shares which are at risk
of forfeiture)
David Mellors 425,823 0.07%
----------------------------- -------------------------
This notification is made pursuant to rule 3.1.4R of the FCA
Disclosure Rules and Transparency Rules.
END
For further information:
Jon Messent, Company Secretary, QinetiQ Group plc
David Bishop, Investor Relations, QinetiQ Group plc
Tel: +44 (0) 1252 392000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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