Torotrak PLC Director/PDMR Shareholding (6262A)
September 30 2015 - 2:03AM
UK Regulatory
TIDMTRK
RNS Number : 6262A
Torotrak PLC
30 September 2015
30 September 2015
Torotrak plc
("Torotrak" or the "Company")
Director / PDMR Shareholding
Torotrak announces that on 29 September 2015 it granted share
awards ("Awards") giving the Executive Directors and certain senior
employees deemed to be Persons Discharging Management
Responsibility (PDMRs) of the Company the right to receive or
acquire ordinary shares of 1p each in the capital of the Company
("Shares") as follows:
-- Subject to the achievement of certain performance criteria to
receive at nil cost, Shares under the terms of the Company's Long
Term Performance Share Plan (LTPSP) approved by Shareholders at the
Company's Annual General Meeting in July 2006 and as amended at the
Company's Annual General Meeting held on 4 September 2015. The
number of Shares awarded under the LTPSP scheme was calculated
using a price of 6.724 pence per Share, being the average closing
middle market price of an ordinary share for the five business days
commencing on 22 September 2015, preceding the date of the
Award.
-- Under the terms of the Torotrak 2015 Share Option Plan (2015
Plan), approved by Shareholders at the Company's Annual General
Meeting held on 4 September 2015, the Executive Directors and PDMRs
are entitled to acquire shares at a price of 10 pence, being the
higher of 10 pence and 6.724 pence being the average closing middle
market price of an ordinary share for the five business days
commencing on 22 September 2015, preceding the date of the
Award.
The Awards to Directors/PDMRs were as follows:
Director/ Position Maximum Maximum Resultant Current Current
PDMR number of number of total Shares shareholding Shareholding
Shares subject Shares subject over which % of ISC
to this to this options/
LTPSP Award 2015 Plan awards are
Award held
(excluding
current
shareholding)
-------------- ----------------- ---------------- ---------------- --------------- -------------- --------------
Adam Robson Chief Executive 3,218,916 5,000,000 12,504,630 428,571 0.08%
-------------- ----------------- ---------------- ---------------- --------------- -------------- --------------
Finance
& Commercial
Rex Vevers Director 2,575,133 4,000,000 8,464,923 634,920 0.12%
-------------- ----------------- ---------------- ---------------- --------------- -------------- --------------
Chief Technology
Doug Cross Officer 1,255,377 2,600,000 4,316,013 23,779,668 4.36%
-------------- ----------------- ---------------- ---------------- --------------- -------------- --------------
Chief Operating
Steve Hughes Officer 1,255,377 2,600,000 3,855,377 - 0.00%
-------------- ----------------- ---------------- ---------------- --------------- -------------- --------------
Total 24,843,159
--------------------------------- ---------------- ---------------- --------------- -------------- --------------
Each Award under the LTPSP gives the recipient the right to
receive up to the maximum number of Shares comprised in it
following the third anniversary of the date of grant ("Vesting
Date"), subject to the satisfaction of the following performance
conditions, each applicable to 50 per cent. of the Shares in the
Award.
-- The first condition is market related and requires the
Company to achieve a measure of total shareholder return ("TSR")
over a three year period commencing on 29 September 2015. The
maximum number of Shares in this part of an Award will vest if
Torotrak's TSR is ranked at the Vesting Date in the top quartile of
its comparator group (the FTSEtechMARK All- Share index). No Shares
will be received in respect of this part of an Award if Torotrak's
TSR is not ranked at the Vesting Date in the upper 40 per cent. of
the comparator group.
-- The second condition is market related and requires the
Company to achieve a minimum share price at the end of a three year
period commencing on 29 September 2015. 25 per cent. of the award
will vest if the Company's share price exceeds 15 pence with an
additional 25 per cent. vesting if the Company's share price
exceeds 20 pence at the end of the performance period. For a share
price above 15 pence but below 20 pence the number of shares that
will vest will be determined on a sliding scale on a straight-line
basis.
Each Award under the 2015 Plan gives the recipient the right to
acquire the maximum number of Shares comprised in it at 10 pence
following the announcement of the Company's Preliminary Results for
the financial year ended 31 March 2018.
For further information, please visit www.torotrak.com or
contact:
Torotrak plc
Adam Robson, Chief Executive / Rex Vevers, Finance Director
Tel: +44 1772 900931
Cantor Fitzgerald Europe (Financial Adviser & Broker)
Marc Milmo / Will Goode / David Banks
Tel: +44 20 7894 7000
Tavistock (Financial PR)
Simon Hudson / Lulu Bridges / James Collins
Tel: +44 20 7920 3150 or +44 (0)7966 477256
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
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