24th May 2018 15:49
SPIRENT COMMUNICATIONS PLC (the "Company")
24 May 2018
DIRECTOR / PDMR SHAREHOLDING: Vesting and Exercise of Performance Share Awards under Spirent Employee Incentive Plan
The Company confirms that on 18 May 2018 the performance conditions attached to 578,035 Performance Shares awarded to Eric Hutchinson, the Company's CEO, on 18 May 2015 were tested, with the following results:
50% of awards subject to EPS performance condition 81.00% vest
50% of awards subject to TSR performance condition 45.90% vest
As a result, 366,762 shares vested award vested and became exercisable by Mr Hutchinson. Performance Shares forming part of this award which did not vest have now lapsed.
Awards of Performance Shares under the Employee Incentive Plan are not tax approved and income tax and social security deductions become payable by the individual on vesting.
The following transactions have taken place:
1. | Details of PDMR / person closely associated | ||||||||||
Name
| Eric Hutchinson | ||||||||||
2. | Reason for the notification | ||||||||||
a) | Position / status
| CEO | |||||||||
b) | Initial notification / amendment
| Initial notification | |||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
a) | Full name of the entity
| Spirent Communications plc | |||||||||
b) | Legal Entity Identifier Code
| 213800HKCUNWP1916L38 | |||||||||
4. | Details of the transaction(s) | ||||||||||
a) | Description of the financial instrument
Identification code
| Ordinary shares of 3&1/3 pence each
GB0004726096 | |||||||||
b) | Nature of the transaction
| (i) Exercise of shares arising from Spirent Employee Incentive Plan at nil-cost (ii) Sale of shares in market
| |||||||||
c) | Price(s) and volume(s) |
| |||||||||
d) | Aggregated information
- Aggregated volume
- price
|
n/a
n/a
| |||||||||
e) | Date of the transaction
| 24 May 2018 | |||||||||
f) | Place of the transaction
| (i) Outside a trading venue (ii) London
| |||||||||
Following this notification, the individuals listed above hold options over the following total number of shares:
Director / PDMR | Total number of shares held | Total number of shares over which options held |
Eric Hutchinson | 2,008,123 | 1,290,232 |
Enquiries
Michelle Balch Spirent Communications plc +44 (0)1293 767676
Deputy Company Secretary
Related Shares:
Spirent