TIDMWOSG

RNS Number : 1304P

Watches of Switzerland Group PLC

14 October 2021

14 October 2021

Watches of Switzerland Group PLC

Notification of transactions by Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them

The following information is given in accordance with Article 19.3 of the Market Abuse Regulation and is made on behalf of Brian Duffy a PDMR, in the Watches of Switzerland Group PLC under article 19.1 of the Market Abuse Regulation ('MAR').

Watches of Switzerland Group PLC (the 'Company') announces that Brian Duffy has exercised in full the option (the 'CEO Option') that was granted to him on 31 May 2019 by Jewel Holdco S.à r.l., the holding company through which funds managed by an affiliate of Apollo Global Management, Inc. formerly held shares in the Company.

The one-off CEO Option was provided to Brian Duffy in connection with the Company's admission to the London Stock Exchange, and the terms of the award were agreed at that time by Jewel Holdco S.à r.l. A summary of the agreement was included in the Company's prospectus and subsequent summaries have been included in the Company's Directors' Remuneration Report.

The face value of the award was GBP6.0 million which resulted in the CEO Option over 2,222,222 shares, at the IPO price of 270p. The vesting of the CEO Option was subject to continued service with the Company from the date of grant to the second anniversary of IPO (being 4 June 2021); and the CEO Option was exercisable at any time from the grant date until the third anniversary of the grant date (being 31 May 2022).

As a result of the exercise of the option, on 12 October 2021, 1,000,000 shares were sold today to cover the underlying tax liability. Brian Duffy will retain the balance of the award - namely 1,222,222 shares. Brian's holding now amounts to 7,696,999 shares or 3.21% of the Company's issued share capital.

 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                             Brian Duffy 
 2    Reason for the notification 
 a)   Position/status                                  Chief Executive Officer 
 b)   Initial notification/Amendment                   Initial Notification 
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer 
       or auction monitor 
 a)   Name                                             Watches of Switzerland Group PLC 
 b)   LEI                                              2138008ZOT5K9PJW7168 
 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    Ordinary Shares of GBP0.0125 
      of instrument                                     ISIN: GB00BJDQQ870 
 
      Identification code 
 b)   Nature of the transaction                        Exercise in full of option awarded at time of IPO and disposal 
                                                       of such number of shares as 
                                                       was necessary to cover the tax liability which crystallised on 
                                                       exercise of the Option. 
 c)   Price(s) and volume(s)                            Price       Number of shares   Number of shares 
                                                                      sold to cover      retained 
                                                                      Tax Liability 
                                                         GBP10.48    1,000,000          1,222,222 
                                                                    -----------------  ----------------- 
 d)   Aggregated information                                                               Price        Value 
       - Aggregated volume                                                                   per share 
                                                                     Shares sold to         GBP10.48     GBP10,480,000 
       - Price                                                        cover Tax Liability 
                                                                                           -----------  -------------- 
                                                                     Shares Retained        GBP10.48     GBP12,808,887 
                                                                                           -----------  -------------- 
 e)   Date of the transaction                          14 October 2021 
 f)   Place of the transaction                         Outside a trading venue 
 

Contact

Allegra Perry

Director of Investor Relations and Corporate Affairs

T: 0207 317 4600

E: investor.relations@thewosgroup.com

Laura Battley

Company Secretary & General Counsel

T: 0207 317 4601

E: companysecretariat@thewosgroup.com

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October 14, 2021 08:25 ET (12:25 GMT)

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