Torotrak PLC Director / PDMR Shareholding (1744D)
July 04 2016 - 9:23AM
UK Regulatory
TIDMTRK
RNS Number : 1744D
Torotrak PLC
04 July 2016
4 July 2016
Torotrak plc
("Torotrak" or the "Company")
Director / PDMR Shareholding
Torotrak announces that on 1 July 2016 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 at a
rate equivalent to 50 per cent. of salary and at a price of 7 pence
per Share.
The Awards to Directors/PDMRs were as follows:
Director/ Position Maximum Current Current
PDMR number shareholding shareholding
of Shares % of ISC
subject
to this
LTPSP
Award
(excluding
current
shareholding)
------------ ------------------ --------------- -------------- --------------
Adam
Robson Chief Executive 1,546,000 428,571 0.08%
------------ ------------------ --------------- -------------- --------------
Finance
& Commercial
Rex Vevers Director 1,236,800 634,920 0.12%
------------ ------------------ --------------- -------------- --------------
Doug Chief Technology
Cross Officer 1,012,421 23,779,668 4.33%
------------ ------------------ --------------- -------------- --------------
Steve Chief Operating 1,012,421 - -
Hughes Officer
------------ ------------------ --------------- -------------- --------------
Total 4,807,642 24,843,159
-------------------------------- --------------- -------------- --------------
Each Award under the LTPSP gives the recipient a 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 1 July 2016. 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. For Adam Robson and Rex Vevers only, the TSR for
the Company's Shares will be calculated using a share price of 7
pence at the commencement of the three year measurement period.
-- 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 1 July 2016. 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.
The Remuneration Committee has also made a one-off LTPSP Award
to all employees of the Company at a rate equivalent to 50 per
cent. of salary to further align the interests of all staff with
Shareholders and to ensure the retention and incentivisation of all
staff as the Company continues to work towards the
commercialisation of its technologies in line with the Group's
strategy.
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
Tel: +44 20 7894 7000
Tavistock (financial PR)
Simon Hudson / Lulu Bridges / James Collins
Tel: +44 20 7920 3150 or +44 (0)7966 477256
This information is provided by RNS
The company news service from the London Stock Exchange
END
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