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Director/PDMR Shareholding

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RNS Number : 7462O
ConvaTec Group PLC
04 October 2019
 

4 October 2019

ConvaTec Group Plc
("ConvaTec" or "the Company")
Director/PDMR Shareholding

The Company announces the following Director interests in ordinary shares of 10 pence each in the share capital of the Company ("Shares").

Date of grant

Number of Shares Granted

Vest date

30.09.2019

1,869,646

30.09.2019

30.09.2019

1,094,972

30.09.2020

30.09.2019

1,072,626

30.09.2021

30.09.2019

310,609

30.09.2022

On 30 September 2019, Karim Bitar, the Company's Chief Executive Officer, was granted Shares under the Company's Long Term Incentive Plan ("LTIP"). These share awards comprise (i) compensation for the loss of incentive awards that would have been due from Genus Plc, as announced on 25 March 2019, and (ii) a pro rata annual LTIP 2019 conditional award. All shares have been awarded in line with the Company's Remuneration Policy, which is set out in full in the latest Annual Report.

The following awards have been granted without any performance conditions (i) an award of 1,869,646 Shares granted on 30 September 2019, which vested on the same day (ii) an award of 1,094,972 Shares which will vest on 30 September 2020.

The following conditional awards ("Conditional Awards") have been granted using the 2019 LTIP performance conditions (i) an award of 1,072,626 Shares which will vest on 30 September 2021 (ii) an award of 310,609 Shares which will vest on 30 September 2022. The latter Conditional Award, being the prorated annual LTIP 2019 award referred to above, is also subject to a further two-year holding period.

The stated number of Shares under the Conditional Awards are the maximum available if the performance conditions for the relevant performance periods are fully satisfied. The Conditional Awards are granted subject to a time vesting period as detailed above, performance conditions based on a combination of: relative total shareholder return; earnings per share; and return on invested capital, all over the relevant periods and equally weighted, along with continued employment. Details of the 2019 LTIP targets were disclosed in the Company's half year results published on 1 August 2019.

The number of shares to be awarded with respect to the loss of incentive awards from Genus Plc was determined as at the date of the service agreement entered into with Mr Bitar on 24 March 2019. The number of shares to be awarded with respect to the annual LTIP 2019 award was determined by the average closing price of the Company's Shares for the three consecutive business days, up to and including 27 September 2019.  The total number of shares awarded on 30 September 2019 was 4,347,853, of which 4,037,244 were awarded with respect to the loss of incentive awards from Genus Plc.

Also on 30 September Mr Bitar sold a total of 664,582 Shares which was equivalent to part of the income tax liability with respect to the awards which vested on 30 September 2019. A balancing sale to cover the remainder of such liability shall be made and notified separately.

The attached notification, made in accordance with the requirements of the EU Market Abuse Regulation, gives further detail.

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

Table A - LTIP Share grant vested on 30 September 2019

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Karim Bitar

2

Reason for the notification

a)

Position/Status

CEO

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

ConvaTec Group Plc

b)

LEI

213800LS272L4FIDOH92

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 instrument, type of instrument

Identification code

Ordinary shares of 10p each in ConvaTec Group Plc

GB00BD3VFW73

b)

Nature of the transaction

Grant of Shares under the ConvaTec Group Plc Long Term Incentive Plan, with immediate vesting.

c)

Price(s) and volume(s)

Price(s)

N/A

 

Volume(s)

 1,869,646

d)

Aggregated information

- Aggregated volume 

- Price

 

N/A

e)

Date of the transaction

2019-09-30

f)

Place of the transaction

Outside a trading venue

 

 

Table B - 2019 LTIP Share grant vesting on 30 September 2020

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Karim Bitar

2

Reason for the notification

a)

Position/Status

CEO

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

ConvaTec Group Plc

b)

LEI

213800LS272L4FIDOH92

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 instrument, type of instrument

Identification code

Ordinary shares of 10p each in ConvaTec Group Plc

GB00BD3VFW73

b)

Nature of the transaction

Grant of conditional share award under the ConvaTec Group Plc Long Term Incentive Plan, subject to time vesting period of one year, along with continued employment.

c)

Price(s) and volume(s)

Price(s)

N/A

Volume(s)

1,094,972

d)

Aggregated information

- Aggregated volume 

- Price

 

N/A

e)

Date of the transaction

2019-09-30

f)

Place of the transaction

Outside a trading venue

 

  

Table C - 2019 LTIP Share grant vesting on 30 September 2021

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Karim Bitar

2

Reason for the notification

a)

Position/Status

CEO

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

ConvaTec Group Plc

b)

LEI

213800LS272L4FIDOH92

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 instrument, type of instrument

Identification code

Ordinary shares of 10p each in ConvaTec Group Plc

GB00BD3VFW73

b)

Nature of the transaction

Grant of conditional share award under the ConvaTec Group Plc Long Term Incentive Plan, subject to (i) time vesting period of two years (ii) performance conditions based on a combination of: relative total shareholder return; earnings per share; and return on invested capital, all over the two-year period and equally weighted, along with continued employment.

c)

Price(s) and volume(s)

Price(s)

N/A

Volume(s)

1,072,626

d)

Aggregated information

- Aggregated volume 

- Price

 

N/A

e)

Date of the transaction

2019-09-30

f)

Place of the transaction

Outside a trading venue

 

 

Table D - 2019 LTIP Share grant vesting on 30 September 2022

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Karim Bitar

2

Reason for the notification

a)

Position/Status

CEO

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

ConvaTec Group Plc

b)

LEI

213800LS272L4FIDOH92

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 instrument, type of instrument

Identification code

Ordinary shares of 10p each in ConvaTec Group Plc

GB00BD3VFW73

b)

Nature of the transaction

Grant of conditional share award under the ConvaTec Group Plc Long Term Incentive Plan, subject to (i) time vesting period of three years (ii) performance conditions based on a combination of: relative total shareholder return; earnings per share; and return on invested capital, all over the three-year period and equally weighted, along with continued employment.

c)

Price(s) and volume(s)

Price(s)

N/A

 

Volume(s)

310,609

d)

Aggregated information

- Aggregated volume 

- Price

 

N/A

e)

Date of the transaction

2019-09-30

f)

Place of the transaction

Outside a trading venue

  

Table E - Sale of Shares

Details of the person discharging managerial responsibilities/person closely associated

 

Name

Karim Bitar

 

Reason for the notification

 

Position/Status

CEO

 

Initial notification/Amendment

Initial notification

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

Name

ConvaTec Group Plc

 

LEI

213800LS272L4FIDOH92

 

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

 

Description of the financial instrument, type of instrument

Identification code

Ordinary shares of 10p each in ConvaTec Group Plc

GB00BD3VFW73

 

Nature of the transaction

Sale of shares

 

Price(s) and volume(s)

Price(s)

£1.74

 

Volume(s)

 664,582

 

Aggregated information

- Aggregated volume 

- Price

 

664,582

£1.74

 

Date of the transaction

2019-09-30

 

Place of the transaction

Outside a trading venue

 

       

 

 

 

Enquiries

Media

Analysts and Investors

John Crosse, VP Investor Relations, ConvaTec                      +44 (0)7500 141 435

Mark Reynolds, Director Investor Relations, ConvaTec           +44 (0)7551 036 625

[email protected]

ConvaTec Group Plc's LEI code is 213800LS272L4FIDOH92

About ConvaTec

ConvaTec is a global medical products and technologies company focused on therapies for the management of chronic conditions, with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion devices. ConvaTec's products provide a range of clinical and economic benefits including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. To learn more about ConvaTec, please visit www.convatecgroup.com where a copy of this announcement can also be found.

 


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Price: 189.75

Market: LSE
Market Cap: £3.76 billion
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