TIDMSCS

RNS Number : 5754P

ScS Group PLC

19 October 2021

19 October 2021

ScS Group plc

Vesting of Long Term Incentive Plan 2019 (2019 LTIP) awards and PDMR notifications

ScS Group plc (the "Company") announces that on 15 October 2021, the Company's Employee Benefit Trust ("EBT") has transferred 276,689 ordinary shares of 0.1 pence in the Company (the "Shares") to three PDMRs in satisfaction of vesting of share awards granted on 15 October 2018 (the "2019 LTIP"), details of which are set out below:

 
 Name                                  Number of Shares Vesting 
 Chris Muir, CFO                                        163,452 
                                      ------------------------- 
 John Pattison, Commercial Director                      68,105 
                                      ------------------------- 
 Marie Liston, Corporate Services 
  Director                                               45,132 
                                      ------------------------- 
 

The 2019 LTIP crystallised on achieving the below performance criteria for the period 29 July 2018 to 31 July 2021 for earnings per share ("EPS"), as approved by the Remuneration Committee:

 
 EPS Figure                                          Percentage of Award that Vests 
 Less than 28.9 pence                                Nil 
                                                    ----------------------------------------- 
 28.9 pence                                          25% 
                                                    ----------------------------------------- 
 Greater than 28.9 pence but less than 37.0 pence    Straight-line basis between 25% and 100% 
                                                    ----------------------------------------- 
 37.0 pence                                          100% 
                                                    ----------------------------------------- 
 

The initial award provided vesting conditions on a straight-line basis between 25% and 100% based on an EPS in 2021 from 28.9p to 37.0p. The underlying EPS as reported under IFRS 16 for the year is 41.3p, which would result in 100% award under the terms of the LTIP. The Remuneration Committee are, however, conscious that the award was granted before transition to IFRS 16, at a time when there were 40,009,109 shares in issue, and that the Group has benefited during the year from an effective tax rate lower than the statutory rate. As a consequence, the Remuneration Committee have recalculated EPS using the same accounting basis, number of shares and statutory tax rate at the date of the award and based on the vesting calculation of the adjusted EPS of 35.9p. This resulted in an award of 89.3%.

As part of this transaction, the Company has been notified of the following transactions:

1. Chris Muir has sold 76,822 Shares back to the EBT at a price of 268p per Share to cover his associated tax liability from the share award, and transferred the remaining shares to his spouse Helen Muir, for nil consideration. Following this announcement Chris Muir, together with persons closely associated to him, holds 137,104 ordinary shares representing circa 0.36% of the issued share capital of the Company.

2. John Pattison has sold 32,009 Shares back to the EBT at a price of 268p per Share to cover his associated tax liability from the share award. Following this announcement John Pattison, together with persons closely associated to him, holds 36,096 ordinary shares representing circa 0.09% of the issued share capital of the Company.

3. Marie Liston has sold 21,212 Shares back to the EBT at a price of 268p per Share to cover her associated tax liability from the share award. Following this announcement Marie Liston, together with persons closely associated to her, holds 141,176 ordinary shares representing circa 0.13% of the issued share capital of the Company.

The notifications below are provided in accordance with the requirements of the EU Market Abuse Regulation :

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             Chris Muir 
     -------------------------------  ------------------------------------- 
 2    Reason for Notification 
     ---------------------------------------------------------------------- 
 a)   Position/status                  Chief Financial Officer 
     -------------------------------  ------------------------------------- 
 b)   Initial notification/Amendment   Initial notification 
     -------------------------------  ------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ---------------------------------------------------------------------- 
 a)   Name                             ScS Group plc 
     -------------------------------  ------------------------------------- 
 b)   LEI                              213800LOXNVJIB4C7B98 
     -------------------------------  ------------------------------------- 
 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     Ordinary Shares of 0.1 pence each in 
       instrument, type of              ScS Group plc 
       instrument                       GB00BRF0TJ56 
       Identification code 
     -------------------------------  ------------------------------------- 
 b)   Nature of the transaction        Exercise of Share Options 
     -------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s)            Price(s)    Volume(s) 
                                         Nil         163,452 
                                                    ---------- 
     -------------------------------  ------------------------------------- 
 d)        Aggregated information      Not applicable - single transaction 
             *    Aggregated volume 
 
 
             *    Price 
     -------------------------------  ------------------------------------- 
 e)   Date of the transaction          15 October 2021 
     -------------------------------  ------------------------------------- 
 f)   Place of the transaction         Outside a trading venue 
     -------------------------------  ------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             Chris Muir 
     -------------------------------  ------------------------------------- 
 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                             ScS Group plc 
     -------------------------------  ------------------------------------- 
 b)   LEI                              213800LOXNVJIB4C7B98 
     -------------------------------  ------------------------------------- 
 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     Ordinary Shares of 0.1 pence each in 
       instrument, type of              ScS Group plc 
       instrument                       GB00BRF0TJ56 
       Identification code 
     -------------------------------  ------------------------------------- 
 b)   Nature of the transaction        Sale of shares 
     -------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s)            Price(s)   Volume(s) 
                                         268p       76,822 
                                                   ---------- 
     -------------------------------  ------------------------------------- 
 d)        Aggregated information      Not applicable - single transaction 
             *    Aggregated volume 
 
 
             *    Price 
     -------------------------------  ------------------------------------- 
 e)   Date of the transaction          15 October 2021 
     -------------------------------  ------------------------------------- 
 f)   Place of the transaction         Outside a trading venue 
     -------------------------------  ------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             Chris Muir 
     -------------------------------  ------------------------------------- 
 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                             ScS Group plc 
     -------------------------------  ------------------------------------- 
 b)   LEI                              213800LOXNVJIB4C7B98 
     -------------------------------  ------------------------------------- 
 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     Ordinary Shares of 0.1 pence each in 
       instrument, type of              ScS Group plc 
       instrument                       GB00BRF0TJ56 
       Identification code 
     -------------------------------  ------------------------------------- 
 b)   Nature of the transaction        Transfer of 86,630 shares to spouse 
                                        for nil consideration. 
     -------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s)            Price(s)    Volume(s) 
                                         Nil         86,630 
                                                    ---------- 
     -------------------------------  ------------------------------------- 
 d)        Aggregated information      Not applicable - single transaction 
             *    Aggregated volume 
 
 
             *    Price 
     -------------------------------  ------------------------------------- 
 e)   Date of the transaction          15 October 2021 
     -------------------------------  ------------------------------------- 
 f)   Place of the transaction         Outside a trading venue 
     -------------------------------  ------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             Helen Muir 
     -------------------------------  --------------------------------------------- 
 2    Reason for Notification 
     ------------------------------------------------------------------------------ 
 a)   Position/status                  Person closely associated with Chris 
                                        Muir, 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                             ScS Group plc 
     -------------------------------  --------------------------------------------- 
 b)   LEI                              213800LOXNVJIB4C7B98 
     -------------------------------  --------------------------------------------- 
 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     Ordinary Shares of 0.1 pence each in 
       instrument, type of              ScS Group plc 
       instrument                       GB00BRF0TJ56 
       Identification code 
     -------------------------------  --------------------------------------------- 
 b)   Nature of the transaction        Receipt of 86,630 shares following 
                                        transfer from spouse for nil consideration. 
     -------------------------------  --------------------------------------------- 
 c)   Price(s) and volume(s)            Price(s)    Volume(s) 
                                         Nil         86,630 
                                                    ---------- 
     -------------------------------  --------------------------------------------- 
 d)        Aggregated information      Not applicable - single transaction 
             *    Aggregated volume 
 
 
             *    Price 
     -------------------------------  --------------------------------------------- 
 e)   Date of the transaction          15 October 2021 
     -------------------------------  --------------------------------------------- 
 f)   Place of the transaction         Outside a trading venue 
     -------------------------------  --------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             John Pattison 
     -------------------------------  ------------------------------------- 
 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                             ScS Group plc 
     -------------------------------  ------------------------------------- 
 b)   LEI                              213800LOXNVJIB4C7B98 
     -------------------------------  ------------------------------------- 
 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     Ordinary Shares of 0.1 pence each in 
       instrument, type of              ScS Group plc 
       instrument                       GB00BRF0TJ56 
       Identification code 
     -------------------------------  ------------------------------------- 
 b)   Nature of the transaction        Exercise of options 
     -------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s)            Price(s)    Volume(s) 
                                         nil         68,105 
                                                    ---------- 
     -------------------------------  ------------------------------------- 
 d)        Aggregated information      Not applicable - single transaction 
             *    Aggregated volume 
 
 
             *    Price 
     -------------------------------  ------------------------------------- 
 e)   Date of the transaction          15 October 2021 
     -------------------------------  ------------------------------------- 
 f)   Place of the transaction         Outside a trading venue 
     -------------------------------  ------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             John Pattison 
     -------------------------------  ------------------------------------- 
 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                             ScS Group plc 
     -------------------------------  ------------------------------------- 
 b)   LEI                              213800LOXNVJIB4C7B98 
     -------------------------------  ------------------------------------- 
 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     Ordinary Shares of 0.1 pence each in 
       instrument, type of              ScS Group plc 
       instrument                       GB00BRF0TJ56 
       Identification code 
     -------------------------------  ------------------------------------- 
 b)   Nature of the transaction        Sale of 32,009 shares. 
     -------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s)            Price(s)   Volume(s) 
                                         268p       32,009 
                                                   ---------- 
     -------------------------------  ------------------------------------- 
 d)        Aggregated information      Not applicable - single transaction 
             *    Aggregated volume 
 
 
             *    Price 
     -------------------------------  ------------------------------------- 
 e)   Date of the transaction          15 October 2021 
     -------------------------------  ------------------------------------- 
 f)   Place of the transaction         Outside a trading venue 
     -------------------------------  ------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             Marie Liston 
     -------------------------------  ------------------------------------- 
 2    Reason for Notification 
     ---------------------------------------------------------------------- 
 a)   Position/status                  Corporate Services Director 
     -------------------------------  ------------------------------------- 
 b)   Initial notification/Amendment   Initial Announcement 
     -------------------------------  ------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ---------------------------------------------------------------------- 
 a)   Name                             ScS Group plc 
     -------------------------------  ------------------------------------- 
 b)   LEI                              213800LOXNVJIB4C7B98 
     -------------------------------  ------------------------------------- 
 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     Ordinary Shares of 0.1 pence each in 
       instrument, type of              ScS Group plc 
       instrument                       GB00BRF0TJ56 
       Identification code 
     -------------------------------  ------------------------------------- 
 b)   Nature of the transaction        Exercise of options 
     -------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s)            Price(s)    Volume(s) 
                                         nil         45,132 
                                                    ---------- 
     -------------------------------  ------------------------------------- 
 d)        Aggregated information      Not applicable - single transaction 
             *    Aggregated volume 
 
 
             *    Price 
     -------------------------------  ------------------------------------- 
 e)   Date of the transaction          15 October 2021 
     -------------------------------  ------------------------------------- 
 f)   Place of the transaction         Outside a trading venue 
     -------------------------------  ------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             Marie Liston 
     -------------------------------  ------------------------------------- 
 2    Reason for Notification 
     ---------------------------------------------------------------------- 
 a)   Position/status                  Corporate Services Director 
     -------------------------------  ------------------------------------- 
 b)   Initial notification/Amendment   Initial Announcement 
     -------------------------------  ------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ---------------------------------------------------------------------- 
 a)   Name                             ScS Group plc 
     -------------------------------  ------------------------------------- 
 b)   LEI                              213800LOXNVJIB4C7B98 
     -------------------------------  ------------------------------------- 
 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     Ordinary Shares of 0.1 pence each in 
       instrument, type of              ScS Group plc 
       instrument                       GB00BRF0TJ56 
       Identification code 
     -------------------------------  ------------------------------------- 
 b)   Nature of the transaction        Sale of 21,212 shares. 
     -------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s)            Price(s)   Volume(s) 
                                         268p       21,212 
                                                   ---------- 
     -------------------------------  ------------------------------------- 
 d)        Aggregated information      Not applicable - single transaction 
             *    Aggregated volume 
 
 
             *    Price 
     -------------------------------  ------------------------------------- 
 e)   Date of the transaction          15 October 2021 
     -------------------------------  ------------------------------------- 
 f)   Place of the transaction         Outside a trading venue 
     -------------------------------  ------------------------------------- 
 

Enquiries:

 
 ScS Group PLC                            c/o Buchanan +44 (0)20 7466 
  Steve Carson, Chief Executive Officer    5000 
  Chris Muir, Chief Financial Officer 
 Buchanan                                 Tel: +44 (0)20 7466 5000 
  Richard Oldworth                         scs@buchanan.uk.com 
  Victoria Hayns 
  Tilly Abraham 
 
 

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October 19, 2021 11:32 ET (15:32 GMT)

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