Director/PDMR Shareholding
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The following awards were granted as conditional awards, where a participant may receive an allocation of shares following the normal vesting date, subject to the extent to which the applicable performance conditions have been satisfied at the end of the three-year performance period and their continuing employment at that time.
As indicated in the Company's Directors' Remuneration Report (published as part of the Company's 2023 Annual Report and Accounts on 15 December 2023), the Company confirms that the vesting of the LTIP award will depend on the achievement of the following performance conditions:
| Relative TSR vs FTSE Small Cap Index (excluding investment trusts) over the three-year performance period 60% | Final Year Profit from Growth and Diversified Activities in FY2026 30% | An absolute reduction in Final Year Scopes 1, 2 & controllable Scope 3 emissions in FY2026 10% | Proportion exercisable |
|---|---|---|---|
| Performance Period | 27 August 2023 to 29 August 2026 | ||
| Performance Targets | Below Median | Zero | |
| Median | £3.5m | 238,903 tC 0 2 e | 20% |
| Between Median and Upper Quartile | 20%-100% | ||
| Upper Quartile | £6.0m | 205,145 tC 0 2 e | 100% |
The Company has considered carefully the level of target performance and the corresponding performance range for each measure to ensure that they are sufficiently stretching and promote long-term sustainable success.
The vested shares will be subject to a holding period of two years from the vesting date and subject to customary malus and clawback events. The value of any dividends accrued, in the form of dividend equivalents, will normally be paid in shares at the end of period (third anniversary) based on the number of vested shares and will also be subject to the holding period of two years from the vesting date.
No consideration was paid for the grant of the award. For the purposes of this award, the grant was made at a share price of 47.6p.
| Name of Participant | Form of Award | Normal Vesting Date | Maximum Number of Shares |
|---|---|---|---|
| Jonathan Bunting | Conditional award | The day following the end of the performance period on which the performance conditions have been assessed and notified to the Participant | 1,048,542 |
| Paul Baker | Conditional award | The day following the end of the performance period on which the performance conditions have been assessed and notified to the Participant | 683,081 |
As noted in the Company's Directors' Remuneration Report, the LTIP grant levels are equivalent to 100% of base salary at grant.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Jonathan Bunting |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Executive Officer |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | Smiths News plc |
| b) | LEI | 2138004033ONVOOQXB02 |
| a) | Description of the financial instrument, type of instrument | Ordinary 5p shares |
| Identification code | ISIN: GB00B17WCR61 | |
| b) | Nature of the transaction | Grant of 1,048,542 nil cost options pursuant to the Long Term Incentive Plan |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| Nil consideration | 1,048,542 | |
| d) | Aggregated information | n/a single transaction |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 30 November 2023 |
| f) | Place of the transaction | Grant of the options took place outside of a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Paul Baker |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Financial Officer |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | Smiths News plc |
| b) | LEI | 2138004033ONVOOQXB02 |
| a) | Description of the financial instrument, type of instrument | Ordinary 5p shares |
| Identification code | ISIN: GB00B17WCR61 | |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| Nil consideration | 683,081 | |
| d) | Aggregated information | n/a single transaction |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 30 November 2023 |
| f) | Place of the transaction | Grant of the options took place outside of a trading venue |
Karen Mills
Deputy Company Secretary
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