15th Apr 2021 09:52
Equiniti Group plc
Incorporated in England and Wales
Registration number: 07090427
LEI: 213800TS721HGE2JIV94
ISIN: GB00BYWWHR75
Equiniti Group plc("the Company")
Notification of transactions by Persons Discharging Managerial Responsibilities (PDMR)
On 14 April 2021, awards over ordinary shares of £0.001 each in the capital of the Company were granted to Paul Lynam, Chief Executive Officer of the Company. As per the requirements of the UK Market Abuse Regime, further details have been provided below.
To facilitate Paul Lynam's recruitment as Chief Executive Officer, the Remuneration Committee ("Committee") agreed that Paul was to be granted share awards to replace unvested Secure Trust Bank awards which were forfeited as a consequence of his leaving his former employer to join the Company ("Replacement Awards"), together with a deferred bonus award in respect of 2020.
These Replacement Awards have been made under a one-off award agreement in reliance of FCA Listing Rule 9.4.2(2).
The number of shares comprised in the Replacement Awards was determined by reference to the ten-day average closing share price of Secure Trust Bank and the Company to 10 December 2020. All Awards have been made in line with the Company's Remuneration Policy, which is set out in full in the 2018 Annual Report.
Deferred Awards
(i) FY20 Deferred Award
PDMR | Grant Price (£)1 | Number of shares |
Paul Lynam | £1.39 | 104,316 |
1 Calculated using the closing market quotation as derived from the Daily Official List of the London Stock Exchange on 13 April 2021, being the day before the date of grant of the award.
This award, which is structured as a conditional award, will vest in three equal tranches on the first, second and third anniversary of the grant date, subject to continued service.
(ii) Pre FY20 Deferred Award
The following Replacement Awards have been granted without performance conditions to replace Secure Trust Bank awards without performance conditions ("Pre FY20 Deferred Award"). The vesting dates of the Pre FY20 Deferred Award match the dates of the forfeited awards.
PDMR | Number of shares |
Paul Lynam | 366,556 |
An award of 366,556 conditional shares which will vest in accordance with the table below.
Number of Shares | Normal Vesting Date |
29,262 | 26 April 2021 |
53,432 | 26 April 2021 |
76,799 | 26 April 2021 |
53,449 | 26 April 2022 |
76,799 | 26 April 2022 |
76,815 | 26 April 2023 |
Performance Awards
The following Replacement Awards have been granted subject to performance conditions to replace Secure Trust Bank awards with performance conditions ("Performance Awards"). The vesting dates match the dates of the forfeited awards. Performance Awards which vest are subject to a further two-year holding period from vesting.
PDMR | Award | Number of shares | Normal Vesting Date |
Paul Lynam | FY18 Award | 26,318 | 26.04.2021 |
Paul Lynam | FY19 Award | 320,627 | 26.04.2022 |
Paul Lynam | FY20 Award | 768,049 | 22.10.2023 |
FY18 Performance Award
This award has been determined based on the actual outcome of the relevant Secure Trust Bank LTIP award which was subject to performance conditions based on a combination of relative TSR, EPS and risk management objectives over the preceding three-year period.
FY19 Performance Award
This award will vest to the extent to which the performance condition attached to the corresponding Secure Trust Bank LTIP is met. Such condition is based on a combination of relative TSR, EPS and risk management objectives over the preceding three-year period.
FY20 Performance Award
This award will be determined based on the TSR performance of the Company relative to the constituents of the FTSE 250 (excluding investment trusts) over the three-year period from 1 October 2020 to 30 September 2023.
Full details of the performance targets will be disclosed in the 2021 Annual Report.
The relevant FCA notifications for these awards are set out below.
Total Shareholding
As an executive Director, Paul Lynam is required to hold shares in the Company with a value equivalent to 200% of his base salary. He has a period of five years in which to accumulate his holding.
In addition to the awards stated here, and the 692,308 Type A PSP awards announced on 8 April 2021, Paul Lynam also holds 163,940 ordinary shares in the Company which he purchased before joining as Chief Executive Officer on 1 April 2021.
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||||||||||||
a) | Name | Paul Lynam | ||||||||||||||||||
2 | Reason for notification |
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a) | Position/Status | Chief Executive/Executive Director | ||||||||||||||||||
b) | Initial notification/amendment | Initial notification | ||||||||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||||||
a) | Name | Equiniti Group plc | ||||||||||||||||||
b) | LEI | 213800TS721HGE2JIV94 | ||||||||||||||||||
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 and identification code | Ordinary shares of £0.001 each
ISIN: GB00BYWWHR75 | ||||||||||||||||||
b) | Nature of transaction | Grant of awards under Listing Rule 9.4.2(2) | ||||||||||||||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information | 1,585,866 ordinary shares of £0.001 each £1,799,594.28 | ||||||||||||||||||
e) | Date of transaction | 14 April 2021 | ||||||||||||||||||
f) | Place of transaction | Outside of trading venue | ||||||||||||||||||
For further information please contact:
Prism Cosec LimitedCompany [email protected]
15 April 2021
Related Shares:
EQN.L