21st Dec 2018 11:15
21 December 2018
Brady plc
("Brady" or the "Company")
Director / PDMR Dealings
Brady plc, a leading global provider of trading, risk management and settlement solutions to the commodity and energy markets, announces that the following Directors, Persons Discharging Managerial Responsibility ("PDMR") and certain senior employees have been granted nil cost options over a total of 1,324,225 new ordinary shares of 1 pence each in the capital of the Company ("Options"), under the Company's 2015 Long Term Incentive Plan ("LTIP"), as announced on 23 September 2015. The Options have a two-year holding period and will vest subject to the achievement of certain EBITDA and EPS targets, which are detailed in the table below.
Name | Position | Options Granted | Total number of Options Held |
Ian Jenks | Executive Chairman | 506,250 | 506,250 |
Martin Thorneycroft | Chief Financial Officer | 320,742 | 442,742 |
Elizabeth Koehn | PDMR | 265,625 | 265,625 |
Rebecca Wright | Chief Legal Officer and Company Secretary | 44,419 | 44,419 |
Fabienne Kangayan | PDMR | 28,750 | 28,750 |
Derek Wilson | PDMR | 17,969 | 17,969 |
Claire Rosser | PDMR | 58,594 | 58,594 |
In addition, the Company has granted conditional share awards ("Awards") over 102,848 new Ordinary Shares under the Company's 2015 LTIP, to Scott Hestenes, PDMR, and a senior employee. The Awards are subject to the same EBITDA and EPS performance targets as the Options, as well as the two-year holding period.
Name | Position | Awards Granted | Total number of Awards Held |
Scott Hestenes | PDMR | 85,735 | 122,735 |
Following these grants, there are a total of 2,739,541 outstanding Options and Awards equivalent to 3.3% of the Company's issued share capital.
Performance Targets
Fifty percent (50%) of the grant is measured against growth in Adjusted EPS and fifty percent (50%) is measured against growth in Adjusted EBITDA. Growth in Adjusted EPS and growth in Adjusted EBITDA and will be measured from the base Financial Year 2018 over three consecutive Financial Years. The Options / Awards will Vest as follows:
Growth Rate | Financial Year 2020EBITDA£'000 | Financial Year 2020EPS (pence) | Vesting % of Award |
Threshold % | 4,000 | 1.85 | 25% |
Good % | 4,333 | 2.02 | 50% |
Strong % | 4,667 | 2.19 | 75% |
Outstanding % | 5,000 | 2.37 | 100% |
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a) | Name | (1) Ian Jenks (2) Martin Thorneycroft (3) Elizabeth Koehn (4) Rebecca Wright (5) Fabienne Kangayan (6) Derek Wilson (7) Claire Rosser | ||||
2 | Reason for the notification | |||||
a) | Position/status | (1) Executive Chairman (2) Chief Financial Officer (3) PDMR (4) Chief Legal Officer and Company Secretary (5) PDMR (6) PDMR (7) PDMR | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a) | Name | Brady plc | ||||
b) | LEI | 213800W1KBGFLDIWNO70 | ||||
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 of instrument
Identification code | Ordinary shares of 1p each in the Company
GB00B0188P35 | ||||
b) | Nature of the transaction | Grant of nil cost Options over Ordinary Shares of 1 pence | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume - Price |
N/A - single transaction
| ||||
e) | Date of the transaction | 21 December 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a) | Name | Scott Hestenes | ||||
2 | Reason for the notification | |||||
a) | Position/status | PDMR | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a) | Name | Brady plc | ||||
b) | LEI | 213800W1KBGFLDIWNO70 | ||||
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 of instrument
Identification code | Ordinary shares of 1p each in the Company
GB00B0188P35 | ||||
b) | Nature of the transaction | Grant of nil cost Awards over Ordinary Shares of 1 pence | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume - Price |
N/A - single transaction
| ||||
e) | Date of the transaction | 21 December 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
For further information, please contact:
Brady plcIan Jenks, Executive ChairmanMartin Thorneycroft, Finance Director | Telephone: +44(0)1223 479479 |
Cenkos Securities plc - NOMAD and BrokerMark Connelly - Corporate Finance |
Telephone: +44 (0)20 7397 8900 |
Newgate CommunicationsBob Huxford/ Ian Silvera | Telephone: +44 (0)20 7653 9848
|
About Brady
Brady plc (BRY.L) is the largest European‐headquartered provider of trading and risk management software to the global commodity and energy markets. Brady combines fully integrated and complete solutions supporting the entire commodity trading operation, from capture of financial and physical trading, through risk management, handling of physical operations, back office financials and treasury settlement, for energy, refined and unrefined, soft commodities and agriculturals.
Brady has 30 years' expertise in the commodity markets and its clients include many of the world's largest financial institutions, trading companies, miners, refiners and producers, tier one banks, a large number of London Metal Exchange (LME) Category 1 and 2 clearing members and many leading European energy generators, traders and consumers.
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