TIDMSSE
RNS Number : 0111C
SSE PLC
07 June 2023
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 24 July 2020
On 5 June 2023, the independent Trustee of the SSE Employee
Trust notified the Company that it had on 1 June 2023 transferred
the following beneficial interest of Ordinary shares of 50 pence
each fully paid in the Company, subject to awards granted on 24
July 2020 under the DBS including additional shares representing
the value of reinvested dividends over the three-year period to the
Directors/PDMRs 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
).
Details of the person(s) discharging managerial responsibilities/person
1 closely associated with
a) Name(s) Alistair Phillips-Davies (Director)
Gregor Alexander (Director)
Martin Pibworth (Director)
Rob McDonald (PDMR)
Sam Peacock (PDMR
John Stewart (PDMR)
Elizabeth Tanner (PDMR)
Stephen Wheeler (PDMR)
-------------------------------- ---------------------------------------------
Reason for the notification
2
-------------------------------------------------------------------------------
a) Position/status As noted in 1a) above
-------------------------------- ---------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------- ---------------------------------------------
Details of the issuer, emission allowance market participant, auction
3 platform, auctioneer or auction monitor
-------------------------------------------------------------------------------
a) Name SSE plc
-------------------------------- ---------------------------------------------
b) LEI 549300KI75VYLLMSK856
-------------------------------- ---------------------------------------------
Details of the transaction(s): section to be repeated for (i) each
4 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 Ordinary shares of 50 pence each fully
instrument, type of instrument paid
Identification code ISIN: GB0007908733
-------------------------------- ---------------------------------------------
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 24 July 2020
at a vesting price of GBPGBP18.527022
-------------------------------- ---------------------------------------------
No. Shares
sold at
GBP18.527022 Net Number
Accrued to meet income of Shares
Dividend Total tax and transferred
Shares Shares National to Participant
Executive Gross Award Insurance
Director/PDMR of Shares liabilities
Alistair
Phillips-Davies
(Director) 18,652 3,286 21,938 10,348 11,590
------------ ---------- -------- --------------- ----------------
Gregor Alexander
(Director) 12,494 2,200 14,694 7,226 7,468
------------ ---------- -------- --------------- ----------------
Martin Pibworth
(Director) 9,350 1,646 10,996 5,407 5,589
------------ ---------- -------- --------------- ----------------
Rob McDonald
(PDMR) 3,925 689 4,614 2,281 2,333
------------ ---------- -------- --------------- ----------------
Sam Peacock
(PDMR) 998 173 1,171 567 604
------------ ---------- -------- --------------- ----------------
John Stewart
(PDMR) 2,955 518 3,473 1,717 1,756
------------ ---------- -------- --------------- ----------------
Elizabeth Tanner
(PDMR) 2,723 478 3,201 1,550 1,651
------------ ---------- -------- --------------- ----------------
Stephen Wheeler
(PDMR) 3,941 691 4,632 2,418 2,214
------------ ---------- -------- --------------- ----------------
d) Aggregated information
* Aggregated volume As noted in 4c) above
As noted in 4c) above
* Price
-------------------------------------------------- ----------------------------------------
e) Date of transaction 1 June 2023
-------------------------------------------------- ----------------------------------------
f) Place of transaction Outside a trading venue
-------------------------------------------------- ----------------------------------------
(ii) Performance Share Plan (PSP) - Vesting of Awards Granted 24 July 2020
On 5 June 2023 the independent Trustee of the SSE Employee Trust
notified the Company that it had on 1 June 2023 transferred the
beneficial interest of Ordinary shares of 50 pence each fully paid
in the Company, subject to awards granted on 24 July 2020 under the
PSP including additional shares representing the value of
reinvested dividends over the three-year period to the Executive
Directors 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 2020. In
total 76% of the award vested for participants. The vested shares
(balance post-tax), known as "Award Shares" for Alistair
Phillips-Davies, Gregor Alexander and Martin Pibworth are subject
to a further holding period and will be held under nominee in
accordance with the PSP Rules.
Details of the person(s) discharging managerial responsibilities/person
1 closely associated with
a) Name(s) Gregor Alexander (Executive Director)
Alistair Phillips-Davies (Executive
Director)
Martin Pibworth (Executive Director)
------------------------------------ ------------------------------------------------------
Reason for the notification
2
--------------------------------------------------------------------------------------------
a) Position/status As noted in 1a) above
------------------------------------ ------------------------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------------ ------------------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------------
a) Name SSE plc
------------------------------------ ------------------------------------------------------
b) LEI 549300KI75VYLLMSK856
------------------------------------ ------------------------------------------------------
Details of the transaction(s): section to be repeated for (i)
4 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 Ordinary shares of 50 pence each fully
instrument, type of instrument paid
Identification code ISIN: GB0007908733
------------------------------------ ------------------------------------------------------
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 24
July 2020 at a vesting price of GBPGBP18.527022
------------------------------------ ------------------------------------------------------
No. Shares
sold at
GBP18.527022
to meet
income Award
Total tax and Shares
Gross Accrued Shares National transferred
Executive Award Dividend vested Insurance to Nominee
Director/PDMR of Shares Shares at 76% liabilities
Gregor Alexander
(Executive Director) 88,761 15,651 79,351 39,019 40,332
----------- ---------- -------- -------------- -------------
Alistair
Phillips-Davies
(Executive Director) 131,244 23,143 117,330 55,339 61,991
----------- ---------- -------- -------------- -------------
Martin Pibworth
(Executive Director 66,430 11,712 59,384 29,201 30,183
----------- ---------- -------- -------------- -------------
--------------------------------------------------------------------------------------------
d) Aggregated information
* Aggregated volume As noted in 4c) above
As noted in 4c) above
* Price
------------------------------------ ------------------------------------------------------
e) Date of transaction 1(st) June 2023
------------------------------------ ------------------------------------------------------
f) Place of transaction Outside a trading venue
------------------------------------ ------------------------------------------------------
(iii) Leadership Share Plan (LSP) - Vesting of Awards Granted 24 July 2020
On 5 June 2023 the independent Trustee of the SSE Employee Trust
notified the Company that it had on 1 June 2023 transferred the
beneficial interest of Ordinary shares of 50 pence each fully paid
in the Company, subject to awards granted on 24 July 2020 under the
LSP including additional shares representing the value of
reinvested dividends over the three-year period to the PDMRs 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 2020. Applicable
vesting rates per participant are shown in the table below.
Details of the person(s) discharging managerial responsibilities/person
1 closely associated with
a) Name(s) Rob McDonald (PDMR)
Sam Peacock (PDMR)
John Stewart (PDMR)
Elizabeth Tanner (PDMR)
Stephen Wheeler (PDMR)
------------------------------------ ------------------------------------------------------
Reason for the notification
2
--------------------------------------------------------------------------------------------
a) Position/status As noted in 1a) above
------------------------------------ ------------------------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------------ ------------------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------------
a) Name SSE plc
------------------------------------ ------------------------------------------------------
b) LEI 549300KI75VYLLMSK856
------------------------------------ ------------------------------------------------------
Details of the transaction(s): section to be repeated for (i)
4 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 Ordinary shares of 50 pence each fully
instrument, type of instrument paid
Identification code ISIN: GB0007908733
------------------------------------ ------------------------------------------------------
b) Nature of transaction Vesting of Awards under the SSE plc
Leadership Share Plan.
------------------------------------ ------------------------------------------------------
c) Price(s) and volume(s) Vesting of awards granted under the
SSE plc Leadership Share Plan on 24
July 2020 at a vesting price of GBPGBP18.527022
------------------------------------ ------------------------------------------------------
No. Shares
Total sold at Net Number
Accrued Shares GBP18.527022 of Shares
Dividend vested to meet transferred
Shares at applicable income to
rate tax and Participant
Gross National
Executive Award Insurance
Director/PDMR of Shares liabilities
Rob McDonald 23,044
(PDMR) 23,051 4,063 (85.00%) 11,390 11,654
----------- ---------- -------------- -------------- --------------
Sam Peacock 8,578
(PDMR) 9,415 1,657 (77.50%) 4,154 4,424
----------- ---------- -------------- -------------- --------------
John Stewart 15,690
(PDMR) 17,216 3,033 (77.50%) 7,755 7,935
----------- ---------- -------------- -------------- --------------
Liz Tanner 16,342
(PDMR) 17,934 3,159 (77.50%) 7,913 8,429
----------- ---------- -------------- -------------- --------------
Stephen
Wheeler 18,842
(PDMR) 20,455 3,603 (78.33%) 9,833 9,009
----------- ---------- -------------- -------------- --------------
--------------------------------------------------------------------------------------------
d) Aggregated information
* Aggregated volume As noted in 4c) above
As noted in 4c) above
* Price
------------------------------------ ------------------------------------------------------
e) Date of transaction 1 June 2023
------------------------------------ ------------------------------------------------------
f) Place of transaction Outside a trading venue
------------------------------------ ------------------------------------------------------
(i) Deferred Bonus Scheme (DBS) - Grant of Awards
On 5 June 2023 the independent Trustee of the SSE Employee Trust
notified the Company that it had on 1 June 2023 granted the
Directors/PDMRs listed in the table that follows 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 GBP 18.58 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 2022/23 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.
Details of the person(s) discharging managerial responsibilities/person
1 closely associated with
a) Name(s) Alistair Phillips-Davies (Director)
Gregor Alexander (Director)
Martin Pibworth (Director)
Christopher Burchell (PDMR)
Rob McDonald (PDMR)
Sam Peacock (PDMR)
Catherine Raw (PDMR)
John Stewart (PDMR)
Elizabeth Tanner (PDMR)
Stephen Wheeler (PDMR)
-------------------------------- ----------------------------------------------
Reason for the notification
2
--------------------------------------------------------------------------------
a) Position/status As noted in 1a) above
-------------------------------- ----------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------- ----------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name SSE plc
-------------------------------- ----------------------------------------------
b) LEI 549300KI75VYLLMSK856
-------------------------------- ----------------------------------------------
Details of the transaction(s): section to be repeated for (i)
4 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 Ordinary shares of 50 pence each fully
instrument, type of instrument paid
Identification code ISIN: GB0007908733
-------------------------------- ----------------------------------------------
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 GBPGBP18.58, being the average
of the Company's share price over the
three dealing days immediately preceding
the date of grant.
Total
DBS Awards
Director/PDMR Granted
Alistair Phillips-Davies
(Director) 22,310
------------
Gregor Alexander (Director) 14,945
------------
Martin Pibworth (Director) 13,316
------------
Christopher Burchell
(PDMR) 4,913
------------
Robert McDonald (PDMR) 4,916
------------
Sam Peacock (PDMR) 2,494
------------
Catherine Raw (PDMR) 4,599
John Stewart (PDMR) 3,121
Elizabeth Tanner (PDMR) 3,238
Stephen Wheeler (PDMR) 4,846
------------
-------------------------------- ----------------------------------------------
d) Aggregated information
* Aggregated volume As noted in 4c) above
As noted in 4c) above
* Price
-------------------------------- ----------------------------------------------
e) Date of transaction 1 June 2023, date of grant
-------------------------------- ----------------------------------------------
f) Place of transaction Outside a trading venue
-------------------------------- ----------------------------------------------
(ii) Performance Share Plan (PSP) - Grant of Awards
On 5 June 2023 the independent Trustee of the SSE Employee Trust
notified the Company that it had on 1 June 2023 granted the
Executive Directors listed in the table that follows awards over
Ordinary shares of 50 pence each fully paid in the Company under
the PSP. The number of shares stated 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 GBP18.58 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 2023 to 31 March 2026. These performance
conditions are those indicated in the Remuneration Committee Report
which forms part of SSE's 2023 Annual Report and Accounts which
will be published on 16 June 2023 .
Awards granted to Executive Directors will be subject to an
additional post-vesting holding period during which time the
Executive Director must retain the post-tax number of shares
vesting under award.
Details of the person(s) discharging managerial responsibilities/person
1 closely associated with
a) Name(s) Alistair Phillips-Davies (Executive
Director)
Martin Pibworth (Executive Director)
-------------------------------- ----------------------------------------------
Reason for the notification
2
--------------------------------------------------------------------------------
a) Position/status As noted in 1a) above
-------------------------------- ----------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------- ----------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name SSE plc
-------------------------------- ----------------------------------------------
b) LEI 549300KI75VYLLMSK856
-------------------------------- ----------------------------------------------
Details of the transaction(s): section to be repeated for (i)
4 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 Ordinary shares of 50 pence each fully
instrument, type of instrument paid
Identification code ISIN: GB0007908733
-------------------------------- ----------------------------------------------
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 GBPGBP18.58, being the average
of the Company's share price over the
three dealing days immediately preceding
the date of grant.
Total PSP
Director Awards Granted
Alistair Phillips-Davies 134,448
----------------
Martin Pibworth 83,334
----------------
-------------------------------- ----------------------------------------------
d) Aggregated information
* Aggregated volume As noted in 4c) above
As noted in 4c) above
* Price
-------------------------------- ----------------------------------------------
e) Date of transaction 1 June 2023, date of grant
-------------------------------- ----------------------------------------------
f) Place of transaction Outside a trading venue
-------------------------------- ----------------------------------------------
(iii) Leadership Share Plan (LSP) - Grant of Awards
On 5 June 2023 the independent Trustee of the SSE Employee Trust
notified the Company that it had on 1 June 2023 granted the PDMRs
listed in the table that follows awards 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 if the
performance targets applicable to the awards are achieved, although
the number could be increased or reduced by the Company performance
adjuster described below. On vesting, the PDMRs 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 GBP18.58 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 2023 to 31 March 2026. 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.
Details of the person(s) discharging managerial responsibilities/person
1 closely associated with
a) Name(s) Christopher Burchell (PDMR)
Robert McDonald (PDMR)
Sam Peacock (PDMR)
Catherine Raw (PDMR)
John Stewart (PDMR)
Elizabeth Tanner (PDMR)
Stephen Wheeler (PDMR)
-------------------------------- ---------------------------------------------
Reason for the notification
2
-------------------------------------------------------------------------------
a) Position/status As noted in 1a) above
-------------------------------- ---------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------- ---------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------
a) Name SSE plc
-------------------------------- ---------------------------------------------
b) LEI 549300KI75VYLLMSK856
-------------------------------- ---------------------------------------------
Details of the transaction(s): section to be repeated for (i)
4 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 Ordinary shares of 50 pence each fully
instrument, type of instrument paid
Identification code ISIN: GB0007908733
-------------------------------- ---------------------------------------------
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 GBPGBP18.58, being the average
of the Company's share price over the
three dealing days immediately preceding
date of grant.
Total LSP
PDMR Awards Granted
Christopher Burchell
(PDMR) 27,387
----------------
Rob McDonald (PDMR) 24,856
----------------
Sam Peacock (PDMR) 13,455
----------------
Catherine Raw (PDMR) 26,910
----------------
John Stewart (PDMR) 16,953
----------------
Elizabeth Tanner
(PDMR) 18,837
----------------
Stephen Wheeler (PDMR) 28,150
----------------
-------------------------------- ---------------------------------------------
d) Aggregated information
* Aggregated volume As noted in 4c) above
As noted in 4c) above
* Price
-------------------------------- ---------------------------------------------
e) Date of transaction 1 June 2023, date of grant
-------------------------------- ---------------------------------------------
f) Place of transaction Outside a trading venue
-------------------------------- ---------------------------------------------
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END
DSHSSSFMWEDSELM
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