De La Rue PLC Director/PDMR Shareholding (0807Q)
October 13 2023 - 5:27AM
UK Regulatory
TIDMDLAR
RNS Number : 0807Q
De La Rue PLC
13 October 2023
De La Rue plc
(the "Company")
Director/PDMR Shareholding
Notification of transactions by persons discharging managerial
responsibilities and persons closely associated with them
13 October 2023
De La Rue plc announces that on 12 October 2023 it granted
awards under the De La Rue Performance Share Plan 2020 (the "PSP")
and the De La Rue Investor Returns Plan (the "IRP") to Clive Vacher
and Ruth Euling, each of whom is an Executive Director and a Person
Discharging Managerial Responsibilities ("PDMR") of the Company.
The granting of the awards creates a change in the interests of
each of them in the ordinary shares of 44(152) /(175) p of the
Company ("Shares"). The awards were granted under the rules of the
PSP and IRP as follows:
Name of Director/PDMR Role Number of Shares Number of Shares
subject to the PSP subject to the IRP
Option Option
(40% of the award) (60% of the award)
Clive Vacher CEO 309,602 640,878
-------------- -------------------- ---------------------
Ruth Euling MD, Currency 102,454 212,079
-------------- -------------------- ---------------------
The Options were granted on 12 October 2023 (the "Award Date").
The number of Shares contained in each Option was calculated by
reference to a price of 62 pence, being the average of the closing
middle market quotations for the Company's Shares for the five
consecutive dealing days including and ending on 11 October
2023.
The awards are a blended mix of PSP and IRP Options offering
higher leverage and potential returns to participants for
associated share price growth.
The PSP Options are granted such that vesting is subject to two
equally-weighted performance conditions, which will be assessed
independently, as outlined below:
Performance Proportion Threshold Maximum
metric
Outcome 25% vesting 100% vesting
----------- ------------- --------------
Adjusted EPS 50% 3 pence 5 pence
(Average performance
over 3 years)
----------- ------------- --------------
Free Cash Flow 50% GBP10million GBP15 million
(3 year average)
----------- ------------- --------------
Performance below Threshold will result in zero vesting.
Performance between the Threshold and Maximum levels will result in
a pro-rata increase in the number of Shares vesting, on a
straight-line basis. Performance beyond the Maximum level will not
result in any additional vesting.
The IRP Options are granted subject to the following performance
condition:
Relative Total Shareholder Equivalent 100% will vest if
Return Underpin to 60% of award underpin met
Outperformance of the FTSE on a relative However, as the exercise
250 (ex Investment Trusts) face value price is set at a
over the three years from calculation premium to the share
date of grant. price at grant, participants
Calculated based on a net will only be able
return index with 30 day averaging to realise value if
at the start and end of the the share price exceeds
performance period. 80p.
Options under the IRP will only have value if the share price
exceeds the option price and vesting requires that the Company has
delivered market competitive total returns to shareholders. The
exercise price has been set at 80p (a premium of 29% to the share
price of 62p at grant date).
The performance conditions are also subject to the discretion of
the Remuneration Committee to adjust or over-ride the formulaic
outcome and determine the number of Shares in respect of which the
Option will v est, taking into account such factors it may in its
discretion determine, potentially including the underlying
performance of the Group and the Participant's individual
performance .
The normal vesting date for each of the Options is 12 October
2026. To the extent that an Option vests, it is subject to a
further holding period of two years, during which time it will not
be capable of exercise. This means that, i n line with the UK
Corporate Governance Code, each Option will be subject to an
aggregate vesting and holding period of five years and no value can
be realized by the option holder until 12 October 2028 at the
earliest.
The number of Shares shown in the first table above represents
the maximum that may be acquired if all performance conditions are
achieved in full. The Company may also transfer additional Shares
to reflect the value of dividends that would have been paid on the
Shares in respect of which the Option vests over the period between
the Award Date and the end of the post-vesting holding period.
The relevant information set out below is provided in accordance
with the requirements of Article 19 of the Market Abuse Regulation
as retained in UK law.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Clive Vacher
----------------------------- ------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status Executive Director/Chief Executive
Officer
----------------------------- ------------------------------------
b) Initial notification Initial Notification
/Amendment
----------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name De La Rue plc
----------------------------- ------------------------------------
b) LEI 213800DH741LZWIJXP78
----------------------------- ------------------------------------
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 financial Ordinary shares of 44(152) /(175)
instrument, type of p
instrument
Identification code GB00B3DGH821
----------------------------- ------------------------------------
b) Nature of the transaction Grant of options under the rules
of the De La Rue Performance Share
Plan 2020 (PSP) and the De La Rue
Investor Returns Plan (IRP).
----------------------------- ------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.00 PSP: 309,602
IRP: 640,878
--------------
----------------------------- ------------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
- Aggregated total
----------------------------- ------------------------------------
e) Date of the transaction 12 October 2023
----------------------------- ------------------------------------
f) Place of the transaction Outside a trading venue
----------------------------- ------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Ruth Euling
----------------------------- ------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status Executive Director/MD, Currency
----------------------------- ------------------------------------
b) Initial notification Initial Notification
/Amendment
----------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name De La Rue plc
----------------------------- ------------------------------------
b) LEI 213800DH741LZWIJXP78
----------------------------- ------------------------------------
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 financial Ordinary shares of 44(152) /(175)
instrument, type of p
instrument
Identification code GB00B3DGH821
----------------------------- ------------------------------------
b) Nature of the transaction Grant of options under the rules
of the De La Rue Performance Share
Plan 2020 (PSP) and the De La Rue
Investor Returns Plan (IRP).
----------------------------- ------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.00 PSP: 102,454
IRP: 212,079
--------------
----------------------------- ------------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
- Aggregated total
----------------------------- ------------------------------------
e) Date of the transaction 12 October 2023
----------------------------- ------------------------------------
f) Place of the transaction Outside a trading venue
----------------------------- ------------------------------------
Jon Messent, Company Secretary
Contact Number: 01256 605212
13 October 2023
De La Rue plc's LEI code is 213800DH741LZWIJXP78.
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END
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