21st Dec 2020 07:00
|
| 21 December 2020 |
CareTech Holdings PLC
("CareTech" or "the Group")
New Long-Term Incentive Plan
PDMR Dealings
CareTech Holdings PLC (AIM: CTH), a pioneering provider of specialist social care and education services to adults and children in the UK, announces that, upon the recommendation of the Group's remuneration committee, the Board has approved the implementation of a new Long-Term Incentive Plan ('LTIP'). Pursuant to the LTIP, the Board has also made an initial grant of nil-cost options over ordinary shares in the Company ("Awards") to the Company's executive directors and certain other members of the senior management team (the "Participants"). The total initial grant of Awards is for a total of 803,689 share options.
The LTIP replaces the Group's existing executive share option scheme and has been established with a view to encourage long-term value creation for the Group's shareholders and to align the interests of the Participants with shareholders. The Board believes that the implementation of the LTIP will also assist the Group in attracting and retaining high-calibre individuals for the future. In establishing the LTIP, the Board consulted with AON Hewitt Consulting Services.
Further details of the Long-Term Incentive Plan
Awards will normally vest on the third anniversary of the date of grant, subject to the satisfaction of any performance conditions and the grantee's continued service. Upon vesting, 50% of the Award shares are subject to a holding period of 4 years from the date of grant, with the remaining 50% of the Award shares subject to a holding period of 5 years from the date of grant. During the holding period, restrictions will apply to the sale or other disposal of the shares. Malus and clawback provisions are also in place to reduce or recover the awards for criteria such as any material misstatement of the financial statements, a serious breach of the Company's code of ethics.
Grants under the LTIP are subject to a dilution limit of no more than 10% of the ordinary share capital (across all of the Group's share plans) within a cumulative ten-year period going forwards.
PDMR Dealings
The following Awards have been granted to the following person(s) discharging managerial responsibilities.
PDMR | No. of shares under Award on the basis of achieving the maximum performance targets |
Farouq Sheikh | 123,203 |
Haroon Sheikh | 138,604 |
Christopher Dickinson | 92,402 |
Michael Adams | 19,251 |
John Ivers | 55,441 |
Nasir Quraishi | 26,233 |
Wahid Cockar | 19,543 |
Shokat Akbar | 22,331 |
Amanda Sherlock | 21,068 |
Joan Bone | 16,170 |
Andrew Lee | 10,780 |
David Parkinson | 7,084 |
Vesting of these Awards above are subject to the growth in underlying earnings per share ("EPS") during the three financial years ending 30 September 2023 (the "Performance Period"). 100% of the Awards will vest in the event that EPS increases 35% during the Performance Period.
Details of the full notifications received by the Company are set out below.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Farouq Sheikh | ||||
2 | Reason for Notification | |||||
a) | Position/status | Chairman | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | CareTech Holdings PLC | ||||
b) | LEI | 213800HI1AZG2GLBYF65 | ||||
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 | Option over Ordinary Shares of 0.5 pence each in CareTech Holdings PLC
| ||||
Identification code | GB00B0KWHQ09 | |||||
b) | Nature of the transaction | Grant of a nil cost option award under the CareTech Holdings PLC Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 18 December 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Haroon Sheikh | ||||
2 | Reason for Notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | CareTech Holdings PLC | ||||
b) | LEI | 213800HI1AZG2GLBYF65 | ||||
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 | Option over Ordinary Shares of 0.5 pence each in CareTech Holdings PLC
| ||||
Identification code | GB00B0KWHQ09 | |||||
b) | Nature of the transaction | Grant of a nil cost option award under the CareTech Holdings PLC Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 18 December 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Christopher Dickinson | ||||
2 | Reason for Notification | |||||
a) | Position/status | Chief Financial Officer | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | CareTech Holdings PLC | ||||
b) | LEI | 213800HI1AZG2GLBYF65 | ||||
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 | Option over Ordinary Shares of 0.5 pence each in CareTech Holdings PLC
| ||||
Identification code | GB00B0KWHQ09 | |||||
b) | Nature of the transaction | Grant of a nil cost option award under the CareTech Holdings PLC Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 18 December 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Mike Adams | ||||
2 | Reason for Notification | |||||
a) | Position/status | Purple Chief Executive Officer | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | CareTech Holdings PLC | ||||
b) | LEI | 213800HI1AZG2GLBYF65 | ||||
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 | Option over Ordinary Shares of 0.5 pence each in CareTech Holdings PLC
| ||||
Identification code | GB00B0KWHQ09 | |||||
b) | Nature of the transaction | Grant of a nil cost option award under the CareTech Holdings PLC Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 18 December 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | John Ivers | ||||
2 | Reason for Notification | |||||
a) | Position/status | Chief Operating Officer | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | CareTech Holdings PLC | ||||
b) | LEI | 213800HI1AZG2GLBYF65 | ||||
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 | Option over Ordinary Shares of 0.5 pence each in CareTech Holdings PLC
| ||||
Identification code | GB00B0KWHQ09 | |||||
b) | Nature of the transaction | Grant of a nil cost option award under the CareTech Holdings PLC Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 18 December 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Nasir Quraishi | ||||
2 | Reason for Notification | |||||
a) | Position/status | Group Executive Director - People | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | CareTech Holdings PLC | ||||
b) | LEI | 213800HI1AZG2GLBYF65 | ||||
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 | Option over Ordinary Shares of 0.5 pence each in CareTech Holdings PLC
| ||||
Identification code | GB00B0KWHQ09 | |||||
b) | Nature of the transaction | Grant of a nil cost option award under the CareTech Holdings PLC Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 18 December 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Wahid Cockar | ||||
2 | Reason for Notification | |||||
a) | Position/status | Group Executive Director - IT | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | CareTech Holdings PLC | ||||
b) | LEI | 213800HI1AZG2GLBYF65 | ||||
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 | Option over Ordinary Shares of 0.5 pence each in CareTech Holdings PLC
| ||||
Identification code | GB00B0KWHQ09 | |||||
b) | Nature of the transaction | Grant of a nil cost option award under the CareTech Holdings PLC Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 18 December 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Shokat Akbar | ||||
2 | Reason for Notification | |||||
a) | Position/status | Group Executive Director - Corporate | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | CareTech Holdings PLC | ||||
b) | LEI | 213800HI1AZG2GLBYF65 | ||||
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 | Option over Ordinary Shares of 0.5 pence each in CareTech Holdings PLC
| ||||
Identification code | GB00B0KWHQ09 | |||||
b) | Nature of the transaction | Grant of a nil cost option award under the CareTech Holdings PLC Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 18 December 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Amanda Sherlock | ||||
2 | Reason for Notification | |||||
a) | Position/status | Group Executive Director - Compliance | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | CareTech Holdings PLC | ||||
b) | LEI | 213800HI1AZG2GLBYF65 | ||||
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 | Option over Ordinary Shares of 0.5 pence each in CareTech Holdings PLC
| ||||
Identification code | GB00B0KWHQ09 | |||||
b) | Nature of the transaction | Grant of a nil cost option award under the CareTech Holdings PLC Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 18 December 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Joan Bone | ||||
2 | Reason for Notification | |||||
a) | Position/status | Group Executive Director - Marketing | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | CareTech Holdings PLC | ||||
b) | LEI | 213800HI1AZG2GLBYF65 | ||||
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 | Option over Ordinary Shares of 0.5 pence each in CareTech Holdings PLC
| ||||
Identification code | GB00B0KWHQ09 | |||||
b) | Nature of the transaction | Grant of a nil cost option award under the CareTech Holdings PLC Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 18 December 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Andrew Lee | ||||
2 | Reason for Notification | |||||
a) | Position/status | Commercial Director | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | CareTech Holdings PLC | ||||
b) | LEI | 213800HI1AZG2GLBYF65 | ||||
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 | Option over Ordinary Shares of 0.5 pence each in CareTech Holdings PLC
| ||||
Identification code | GB00B0KWHQ09 | |||||
b) | Nature of the transaction | Grant of a nil cost option award under the CareTech Holdings PLC Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 18 December 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | David Parkinson | ||||
2 | Reason for Notification | |||||
a) | Position/status | Group Financial Controller | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | CareTech Holdings PLC | ||||
b) | LEI | 213800HI1AZG2GLBYF65 | ||||
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 | Option over Ordinary Shares of 0.5 pence each in CareTech Holdings PLC
| ||||
Identification code | GB00B0KWHQ09 | |||||
b) | Nature of the transaction | Grant of a nil cost option award under the CareTech Holdings PLC Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 18 December 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
For further information, please contact:
CareTech Holdings PLC 01707 601800
Farouq Sheikh, Executive Chairman
Christopher Dickinson, Group Finance Director
Consilium Strategic Communications 020 3709 5700
Mary-Jane Elliott
Chris Welsh
Angela Gray
Panmure Gordon (Nomad and Joint Broker) 020 7886 2500
Emma Earl
Freddy Crossley
Charles Leigh-Pemberton
Numis (Joint Broker) 020 7260 1000
Jonathan Wilcox
James Black
Duncan Monteith
About CareTech
CareTech Holdings PLC is a leading provider of specialist social care services supporting around 5,000 adults and children with a wide range of complex needs in more than 550 day services the UK employing more than 10,500 staff; and an emerging presence in international markets.
Committed to the highest standards of care and care governance, CareTech's innovative Care Pathway covers Foster care, Children's Services, Adults Services and Technology Solutions.
CareTech, which was founded in 1993, began trading on the AIM market of the London Stock Exchange in October 2005 under the ticker symbol CTH.
For further information please visit: www.caretech-uk.com
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CTH.L