20th Aug 2015 16:21
Communisis plc
('Communisis' or the 'Company')
(Symbol: CMS)
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
The notification below is made in accordance with DTR 3.1.4 R(1) and the dealing was in respect of the grant of options pursuant to the Communisis Long Term Incentive Plan to acquire (for nil consideration but subject to a performance condition) ordinary shares of 25 pence each in the share capital of Communisis plc.
On 20 August 2015, Jon Wellings was granted 175,000 options under the Communisis Long Term Incentive Plan.
The options are exercisable from 20 August 2018 to 19 August 2020.
1. The Performance Conditions subject to which the options have been granted are as follows:
1.1 20% of the options are subject to a performance condition based on growth in the Company's share price, in accordance with the following table and subject to the conditions specified in paragraphs (a) and (b):-
Share Price | % of award subject to Share Price Performance Condition vesting |
Start to Earn being 10p above Base Share Price (average share price in the period of 3 months preceding date of grant being 49.764p) | 25% vests |
Between STE and 90p | Straight-line vesting |
90p or more | 100% vests |
(a) the period over which the Share Price Performance Condition will be measured will be the period of three years measured from the date of grant;
(b) vesting will be based on the average share price in the final 3 months of the 3 year measurement period and the base share price will be average share price for the 3 months preceding the date of grant.
1.2 80% of the options are subject to a performance condition based on EPS performance, in accordance with the following table and subject to the conditions specified in paragraphs (a) and (b):-
Equivalent CAGR in EPS | % of award subject to EPS Performance Condition vesting |
Less than 7.5% p.a. | Nil |
7.5% p.a. | 25% vests |
Between 7.5% p.a. and 15% p.a. | Straight-line vesting |
15% p.a.or more | 100% vests |
(a) the period over which the EPS Performance Condition will be measured will be the period of three financial years 2015, 2016 and 2017;
(b) EPS will be Adjusted Basic EPS, calculated on the same basis as for the Company's accounts, (i.e.) earnings per share from continuing operations before exceptional items and amortisation of acquired intangibles and the tax effect of these items.
1.3 As an additional underpin, no shares will vest unless the Company's Remuneration Committee is satisfied as to the Company's financial performance in financial years 2015, 2016 and 2017.
Sarah Caddy
Company Secretary
0113 277 0202
20 August 2015
Related Shares:
Communisis PLC