20 Mar 2017 16:03
20 March 2017
THE VITEC GROUP PLC
Notification of Transactions of Directors and Persons Discharging Managerial Responsibility (PDMRs)
Long Term Incentive Plan (LTIP) - Lapse of 2014 Awards
The Company confirms that neither of the performance conditions associated with awards made under the LTIP on 2 April 2014 reached threshold performance conditions for vesting and hence all awards under the 2014 LTIP will lapse on their third anniversary on 2 April 2017. The performance conditions were based 50% on earnings per share growth and 50% on Total Shareholder Return performance compared to a comparator group.
Details of the number of awards that have lapsed along with each Executive Director and PDMR's current holdings in the Company's shares following this lapse are set out below.
Name | Position | Number of 2014 LTIP awards lapsed | Current shareholding as at date of announcement* |
Stephen Bird | Group Chief Executive | 65,958 | 275,551 (42,269) |
Paul Hayes | Group Finance Director | 45,343 | 82,706 (29,920) |
Martin Green | Group Business Development Director | 33,037 | 34,821 (12,851) |
Marco Pezzana | PDMR | 38,013 | 33,545 (10,378) |
Jon Bolton | PDMR | 25,487 | 28,181 (5,066) |
Halid Hatic | PDMR | 10,000 | Nil (Nil) |
* The number in brackets refers to the number of ordinary shares purchased in the market with funds provided by the Executive Director or PDMR and which are held by Capita Trustees Limited, the Trustee used to hold shares in respect of awards made under The Vitec Group 2005 Deferred Bonus Plan and 2014 Deferred Bonus Plan. Stephen Bird's holding includes 2,000 shares held by a connected person.
Enquiries:
Jon Bolton
Group Company Secretary
020 8332 4600
A Snapshot of The Vitec Group
Vitec is a leading global provider of premium branded products and services to the fast changing and growing "image capture and sharing" market.
Vitec's customers include broadcasters, independent content creators, photographers and enterprises, and our activities comprise: design, manufacture and distribution of high performance products and software including camera supports, wireless systems, robotic camera systems, prompters, LED lights, mobile power, monitors and bags; and premium services including technical solutions, systems integration and equipment rental for TV production teams, film crews and enterprises.
We employ around 1,700 people across the world in ten different countries and are organised in two Divisions: Broadcast and Photographic.
The Vitec Group plc is listed on the London Stock Exchange with 2016 revenue of £376.2 million.
More information can be found at: www.vitecgroup.com.
LEI number: 2138007H5DQ4X8YOCF14