Director/PDMR Shareholding
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The following awards were granted, and accepted, 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 (to be published as part of the Company's 2024 Annual Report and Accounts on or around 13 December 2024), 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% weighting | Final Year Profit from Growth and Diversified Activities in FY2027 30% weighting | An absolute reduction in Final Year Scopes 1, 2 & (categories 1, 4 and 6 of) Scope 3 emissions in FY2027 10% weighting | Proportion exercisable |
|---|---|---|---|
| Performance Period | 1 September 2024 to 28 August 2027 | ||
| Performance Targets | Below Median | Zero | |
| Median | £4.81m | 227,103 tC 0 2 e | 20% |
| Between Median and Upper Quartile | 20%-100% | ||
| Upper Quartile | £7.50m | 195,266 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 60.80p.
| 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 | 849,954 |
| 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 | 553,710 |
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 | |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| Nil consideration | 849,954 | |
| d) | Aggregated information | n/a single transaction |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 25 November 2024 |
| 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 | 553,710 | |
| d) | Aggregated information | n/a single transaction |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 25 November 2024 |
| f) | Place of the transaction | Grant of the options took place outside of a trading venue |
Person responsible for arranging release of this announcement:
Karen Mills, Deputy Company Secretary
Smiths News plc
Rowan House
Cherry Orchard North
Kembrey Park
Swindon
SN2 8UH
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