Rotork PLC Director/PDMR Shareholding (8023N)
23 May 2020 - 1:07AM
UK Regulatory
TIDMROR
RNS Number : 8023N
Rotork PLC
22 May 2020
Rotork plc
Notification of transactions
by Persons Discharging Managerial Responsibilities ("PDMR")
Rotork plc ("Company") today provides notification of the
following transactions which were effected outside of a trading
venue on 21 May 2020 and which relate to the interests in the
ordinary shares of nominal value 0.5pence each in the capital of
the Company ("Shares") (ISIN: GB00BVFNZH21) of each of the two
below named PDMRs.
The transactions arise in respect of: (i) the 84.5% vesting on 9
May 2020 of the three-year performance conditioned nil cost option
over certain Shares granted to the PDMRs on 9 May 2017 (as amended
from the original 6 March 2017 date of grant) under the Company's
2010 Long-Term Incentive Plan (each, a "2017 LTIP Option"); and
(ii) the exercise by each PDMR on 21 May 2020 of their respective
2017 LTIP Option to acquire all available Shares thereunder and the
immediate sale of a sufficient number of such Shares to cover their
personal tax liability arising on exercise.
Individual PDMR and transaction details are set out in the table
below:
Name and Number Number Number of Number
position of Shares of Shares Shares immediately of remaining
of PDMR over which acquired sold at Shares held
the 2017 on exercise 256.6 pence beneficially
LTIP Option on 21 May per Share by the PDMR
vested 2020(2) on 21 May following
on 9 May 2020(2) the transactions(3)
2020(1)
Jonathan
Davis,
Group
Finance
Director 147,989 147,989 69,555 78,434
------------- ------------- -------------------- ---------------------
Grant
Wood,
Operations 51,438
Director 51,438 (3) 24,176 27,262
------------- ------------- -------------------- ---------------------
(1) Any Shares over which a 2017 LTIP Option was originally
granted and have not vested automatically lapse under the rules of
the Company's 2010 Long-Term Incentive Plan. The 2017 LTIP Option
has a four-year exercise period commencing from the date of
vesting.
(2) All Shares acquired and sold arising from the exercise of
the 2017 LTIP Options were transacted outside of a trading venue by
RBC cees Limited (as Trustee of The Rotork Employee Share Ownership
Trust) through the purchase and sale of market purchased Shares
already held in the Trust. The transactions were all effected based
on the Company's MMQ Share price for 20 May 2020 of 256.6pence per
share.
(3) The beneficial interest in Shares relates to the PDMR,
including their connected persons.
In respect of Mr Davis only, a two-year compulsory holding
period applies which runs concurrently with the exercise period,
meaning that in principle he could not exercise his 2017 LTIP
Option until 9 May 2022. However, there is an exemption to this
which allows for the exercise of 2017 LTIP Option during the
holding period (and the immediate sale of a sufficient number of
Shares acquired therefrom) in order to trigger and satisfy personal
tax liabilities in relation to the exercise, as is the case in
respect of the above transactions. Arising from that, the net of
tax residual Shares held beneficially by Mr Davis (ie 78,434
Shares) must be retained for the remainder of the compulsory
holding period (ie until 9 May 2022) and during which time (and
subsequently) they will count towards the Company's shareholding
value requirements of him.
The Company can confirm that each of the above named PDMRs have
complied with their respective obligation to notify the Financial
Conduct Authority of the above transactions as required under the
EU Market Abuse Regulation.
- END -
Rotork contact and telephone number for enquiries:
Sandra Forbes, Interim Group General Counsel and Company
Secretary
07775703579
Notes:
Legal Entity Identifier: 213800AH5RZIHGWRJ718
Classification: 3.1 (with reference to DTR6 Annex 1R)
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END
DSHBSGDUIUDDGGD
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