TIDMSSE
RNS Number : 4139T
SSE PLC
03 July 2018
SSE plc
Director/PDMR Shareholding
SSE plc (the "Company") - Notification of Transactions of
Directors/Persons Discharging Managerial Responsibilities and their
Closely Associated Persons
(i) Deferred Bonus Scheme (DBS) - Vesting of Awards Granted 25 June 2015
On 28 June 2018, the independent Trustee of the SSE Employee
Trust notified the Company that it had on 28 June 2018 transferred
the beneficial interest of Ordinary shares of 50 pence each fully
paid in the Company, subject to awards granted on 25 June 2015
under the DBS to the Executive Directors and PDMR listed in the
table that follows. Vesting of these shares was subject to
continuous employment over the three-year period from date of grant
(or as provided by the DBS Plan Rules).
1 Details of the person(s) discharging managerial
responsibilities/person closely associated with
--- --------------------------------------------------------------------------------------------
a) Name(s) Gregor Alexander (Executive
Director)
Alistair Phillips-Davies (Executive
Director)
Martin Pibworth (Executive
Director)
Colin Nicol (PDMR)
--- ------------------------------------------ ------------------------------------------------
2 Reason for the notification
--- --------------------------------------------------------------------------------------------
a) Position/status As noted in 1a) above
--- ------------------------------------------ ------------------------------------------------
b) Initial notification/Amendment Initial notification
--- ------------------------------------------ ------------------------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor
--- --------------------------------------------------------------------------------------------
a) Name SSE plc
--- ------------------------------------------ ------------------------------------------------
b) LEI 549300KI75VYLLMSK856
--- ------------------------------------------ ------------------------------------------------
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 Ordinary shares of 50 pence
financial instrument, each fully paid
type of instrument ISIN: GB0007908733
Identification code
--- ------------------------------------------ ------------------------------------------------
b) Nature of transaction Vesting of Awards under the
SSE plc Deferred Bonus Scheme
--- ------------------------------------------ ------------------------------------------------
c) Price(s) and volume(s) Vesting of awards granted under
the SSE plc Deferred Bonus
Scheme on 28 June 2018 at a
vesting price of GBPGBP13.5309
--- ------------------------------------------ ------------------------------------------------
No. Shares Net Number
sold of Shares
at GBP13.5309 transferred
to meet to
income Participant
tax and
Gross Accrued National
Executive Award Dividend Total Insurance
Director/PDMR of Shares Shares Shares liabilities
---------------------- ----------- ---------- -------- -------------- -------------
Gregor Alexander
(Executive Director) 6,130 1,246 7,376 3,546 3,830
---------------------- ----------- ---------- -------- -------------- -------------
Alistair
Phillips-Davies
(Executive Director) 7,931 1,612 9,543 4,588 4,955
---------------------- ----------- ---------- -------- -------------- -------------
Martin Pibworth
(Executive Director) 4,328 879 5,207 2,504 2,703
---------------------- ----------- ---------- -------- -------------- -------------
Colin Nicol
(PDMR) 2,886 584 3,470 1,669 1,801
---------------------- ----------- ---------- -------- -------------- -------------
--- --------------------------------------------------------------------------------------------
d) Aggregated information As noted in 4c) above
* Aggregated volume As noted in 4c) above
* Price
--- ------------------------------------------ ------------------------------------------------
e) Date of transaction 28 June 2018
--- ------------------------------------------ ------------------------------------------------
f) Place of transaction Outside a trading venue
--- ------------------------------------------ ------------------------------------------------
(ii) Performance Share Plan (PSP) - Vesting of Awards Granted 25 June 2015
On 28 June 2018 the independent Trustee of the SSE Employee
Trust notified the Company that it had on 28 June 2018 transferred
the beneficial interest of Ordinary shares of 50 pence each fully
paid in the Company, subject to awards granted on 25 June 2015
under the PSP to the Executive Directors and PDMR listed in the
table that follows. Vesting of these shares was subject to certain
performance conditions being met at the end of the three-year
performance period commencing 1 April 2015. In total 30% of the
award vested for participants.
1 Details of the person(s) discharging managerial
responsibilities/person closely associated with
--- --------------------------------------------------------------------------------------------
a) Name(s) Gregor Alexander (Executive
Director)
Alistair Phillips-Davies (Executive
Director)
Martin Pibworth (Executive
Director)
Colin Nicol (PDMR)
--- ------------------------------------------ ------------------------------------------------
2 Reason for the notification
--- --------------------------------------------------------------------------------------------
a) Position/status As noted in 1a) above
--- ------------------------------------------ ------------------------------------------------
b) Initial notification/Amendment Initial notification
--- ------------------------------------------ ------------------------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor
--- --------------------------------------------------------------------------------------------
a) Name SSE plc
--- ------------------------------------------ ------------------------------------------------
b) LEI 549300KI75VYLLMSK856
--- ------------------------------------------ ------------------------------------------------
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 Ordinary shares of 50 pence
financial instrument, each fully paid
type of instrument ISIN: GB0007908733
Identification code
--- ------------------------------------------ ------------------------------------------------
b) Nature of transaction Vesting of Awards under the
SSE plc Performance Share Plan.
--- ------------------------------------------ ------------------------------------------------
c) Price(s) and volume(s) Vesting of awards granted under
the SSE plc Performance Share
Plan on 28 June 2018 at a vesting
price of GBPGBP13.5309
--- ------------------------------------------ ------------------------------------------------
No. Shares Net Number
sold of Shares
at GBP13.5309 transferred
to meet to
income Participant
Total tax and
Gross Accrued Shares National
Executive Award Dividend vested Insurance
Director/PDMR of Shares Shares at 30% liabilities
---------------------- ----------- ---------- -------- -------------- -------------
Gregor Alexander
(Executive Director) 58,848 11,981 21,248 10,215 11,033
---------------------- ----------- ---------- -------- -------------- -------------
Alistair
Phillips-Davies
(Executive Director) 76,138 15,502 27,491 13,216 14,275
---------------------- ----------- ---------- -------- -------------- -------------
Martin Pibworth
(Executive Director) 26,940 5,483 9,726 4,676 5,050
---------------------- ----------- ---------- -------- -------------- -------------
Colin Nicol
(PDMR) 19,243 3,914 6,946 3,340 3,606
---------------------- ----------- ---------- -------- -------------- -------------
--- --------------------------------------------------------------------------------------------
d) Aggregated information As noted in 4c) above
* Aggregated volume As noted in 4c) above
* Price
--- ------------------------------------------ ------------------------------------------------
e) Date of transaction 28 June 2018
--- ------------------------------------------ ------------------------------------------------
f) Place of transaction Outside a trading venue
--- ------------------------------------------ ------------------------------------------------
Deferred Bonus Scheme (DBS) - Grant of Awards
On 28 June 2018, the Executive Directors and PDMR listed in the
table that follows were each granted awards over Ordinary shares of
50 pence each fully paid in the Company under the DBS. The number
of shares under each award has been calculated by reference to a
price of GBP13.46 per share, being the average of the Company's
share price over the three dealing days immediately preceding the
date of grant.
Awards granted under the DBS represent a deferral of a
proportion of the cash bonus earned for the 2017/18 annual
incentive year which is converted into shares. The shares will vest
after a period of three years from the date of grant subject
normally to the participant remaining in employment with the
Company. On vesting, the participant will become entitled to
additional shares representing the value of reinvested dividends
over the three-year period.
In accordance with the DBS rules, shares awarded to Executive
Directors will be subject to a further holding period which expires
on the first anniversary of their cessation of employment with the
Company. On vesting, and throughout the holding period, they will
become entitled to additional shares representing the value of
reinvested dividends over the period.
1 Details of the person(s) discharging managerial
responsibilities/person closely associated with
--- ------------------------------------------------------------------------
a) Name(s) Gregor Alexander (Executive
Director)
Alistair Phillips-Davies (Executive
Director)
Martin Pibworth (Executive
Director)
Colin Nicol (PDMR)
--- ------------------------------- ---------------------------------------
2 Reason for the notification
--- ------------------------------------------------------------------------
a) Position/status As noted in 1a) above
--- ------------------------------- ---------------------------------------
b) Initial notification/Amendment Initial notification
--- ------------------------------- ---------------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor
--- ------------------------------------------------------------------------
a) Name SSE plc
--- ------------------------------- ---------------------------------------
b) LEI 549300KI75VYLLMSK856
--- ------------------------------- ---------------------------------------
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 Ordinary shares of 50 pence
financial instrument, each fully paid
type of instrument ISIN: GB0007908733
Identification code
--- ------------------------------- ---------------------------------------
b) Nature of transaction Grant of Awards under the SSE
plc Deferred Bonus Scheme
--- ------------------------------- ---------------------------------------
c) Price(s) and volume(s) Conditional awards of shares,
the number of shares calculated
by reference to a price of
GBPGBP13.46, being the average
of the Company's share price
over the three dealing days
immediately preceding date
of grant.
Total
DBS
Awards
Director/PDMR Granted
-------------------------- ---------
Gregor Alexander
(Director) 16,640
-------------------------- ---------
Alistair Phillips-Davies
(Director) 24,841
-------------------------- ---------
Martin Pibworth
(Director) 10,398
-------------------------- ---------
Colin Nicol (PDMR) 6,333
-------------------------- ---------
--- ------------------------------- ---------------------------------------
d) Aggregated information As noted in 4c) above
* Aggregated volume As noted in 4c) above
* Price
--- ------------------------------- ---------------------------------------
e) Date of transaction 28 June 2018
--- ------------------------------- ---------------------------------------
f) Place of transaction Outside a trading venue
--- ------------------------------- ---------------------------------------
(iii) Performance Share Plan (PSP) - Grant of Awards
On 28 June 2018, the Executive Directors listed in the table
that follows were each granted awards over Ordinary shares of 50
pence each fully paid in the Company under the PSP. The number of
shares stated is the maximum which will become available to each
Executive Director if the performance targets applicable to the
award are achieved at their upper limit or above. On vesting, the
Executive Director will become entitled to additional shares
representing the value of reinvested dividends over the performance
period. The number of shares under each award has been calculated
by reference to a price of GBP13.46 per share, being the average of
the Company's share price over the three dealing days immediately
preceding the date of grant.
Vesting of these awards will normally only take place if
performance conditions are satisfied over the three-year
performance period 1 April 2018 to 31 March 2021. These performance
conditions are those indicated in the Company's Directors'
Remuneration Policy (as set out in the 2018 Annual Report). The
Policy was approved by shareholders at SSE's AGM on 20 July 2017
and applies from this date.
Awards granted to Executive Directors will be subject to an
additional two-year post-vesting holding period during which time
the Executive Director must retain the post-tax number of shares
vesting under award.
1 Details of the person(s) discharging managerial
responsibilities/person closely associated with
--- ---------------------------------------------------------------------------
a) Name(s) Gregor Alexander (Executive
Director)
Alistair Phillips-Davies (Executive
Director)
Martin Pibworth (Executive
Director)
--- ------------------------------- ------------------------------------------
2 Reason for the notification
--- ---------------------------------------------------------------------------
a) Position/status As noted in 1a) above
--- ------------------------------- ------------------------------------------
b) Initial notification/Amendment Initial notification
--- ------------------------------- ------------------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor
--- ---------------------------------------------------------------------------
a) Name SSE plc
--- ------------------------------- ------------------------------------------
b) LEI 549300KI75VYLLMSK856
--- ------------------------------- ------------------------------------------
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 Ordinary shares of 50 pence
financial instrument, each fully paid
type of instrument ISIN: GB0007908733
Identification code
--- ------------------------------- ------------------------------------------
b) Nature of transaction Grant of Awards under the SSE
plc Performance Share Plan
--- ------------------------------- ------------------------------------------
c) Price(s) and volume(s) Conditional awards of shares,
the number of shares calculated
by reference to a price of
GBPGBP13.46, being the average
of the Company's share price
over the three dealing days
immediately preceding date
of grant.
Total
PSP Awards
Director Granted
-------------------------- ------------
Gregor Alexander 89,466
-------------------------- ------------
Alistair Phillips-Davies 132,287
-------------------------- ------------
Martin Pibworth 66,957
-------------------------- ------------
--- ------------------------------- ------------------------------------------
d) Aggregated information As noted in 4c) above
* Aggregated volume As noted in 4c) above
* Price
--- ------------------------------- ------------------------------------------
e) Date of transaction 28 June 2018
--- ------------------------------- ------------------------------------------
f) Place of transaction Outside a trading venue
--- ------------------------------- ------------------------------------------
(iv) Leadership Share Plan (LSP) - Grant of Awards
On 28 June 2018, Colin Nicol (PDMR) as noted in the table that
follows, was granted an award over Ordinary shares of 50 pence each
fully paid in the Company under the LSP. The number of shares
stated is the number which will become available to Colin Nicol if
the performance targets applicable to the award are achieved,
although the number could be increased (or reduced) by the Company
performance adjuster described below. On vesting, Colin Nicol will
become entitled to additional shares representing the value of
reinvested dividends over the performance period.
The number of shares under the award has been calculated by
reference to a price of GBP13.46 per share, being the average of
the Company's share price over the three dealing days immediately
preceding the date of grant.
Vesting of the award will normally only take place if the
performance conditions are achieved over the three-year performance
period 1 April 2018 to 31 March 2021. In addition, an overall
Company performance adjuster, allowing vesting rates to be adjusted
up or down by up to 25% at the discretion of the Remuneration
Committee, may be applied if overall performance of the Company
over the performance period merits such an upward or downward
adjustment.
1 Details of the person(s) discharging managerial
responsibilities/person closely associated with
--- ------------------------------------------------------------------
a) Name(s) Colin Nicol (PDMR)
--- ------------------------------- ---------------------------------
2 Reason for the notification
--- ------------------------------------------------------------------
a) Position/status As noted in 1a) above
--- ------------------------------- ---------------------------------
b) Initial notification/Amendment Initial notification
--- ------------------------------- ---------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor
--- ------------------------------------------------------------------
a) Name SSE plc
--- ------------------------------- ---------------------------------
b) LEI 549300KI75VYLLMSK856
--- ------------------------------- ---------------------------------
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 Ordinary shares of 50 pence
financial instrument, each fully paid
type of instrument ISIN: GB0007908733
Identification code
--- ------------------------------- ---------------------------------
b) Nature of transaction Grant of Awards under the SSE
plc Leadership Share Plan
--- ------------------------------- ---------------------------------
c) Price(s) and volume(s) Conditional awards of shares,
the number of shares calculated
by reference to a price of
GBPGBP13.46, being the average
of the Company's share price
over the three dealing days
immediately preceding date
of grant.
Total
LSP Awards
PDMR Granted
------------- ------------
Colin Nicol
(PDMR) 23,240
------------- ------------
--- ------------------------------- ---------------------------------
d) Aggregated information As noted in 4c) above
* Aggregated volume As noted in 4c) above
* Price
--- ------------------------------- ---------------------------------
e) Date of transaction 28 June 2018
--- ------------------------------- ---------------------------------
f) Place of transaction Outside a trading venue
--- ------------------------------- ---------------------------------
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END
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