Utilitywise plc Grant of options under long term incentive plan (3947W)
01 8월 2018 - 3:01PM
UK Regulatory
TIDMUTW
RNS Number : 3947W
Utilitywise plc
01 August 2018
1 August 2018
Utilitywise plc
("Utilitywise" or the "Company" or the "Group")
Grant of options under long term incentive plan
On 31 July 2018, the following awards over ordinary shares of
0.1 pence in Utilitywise Plc were granted under the Utilitywise
Long Term Incentive Plan 2016 to the following person(s)
discharging managerial responsibilities ("PDMR"):
PDMR Number of shares under award
Brendan Flattery 2,422,145
-----------------------------
Richard Laker 882,352
-----------------------------
Brin Sheridan 882,352
-----------------------------
The awards are structured as market value options with an option
price of 28.9 pence per share (being the closing mid-market price
of Utilitywise Plc's ordinary shares on the dealing day before the
grant date).
The awards will ordinarily become exercisable in two separate
tranches. The first tranche (representing 50% of the vested value
of each award) will vest immediately following assessment of the
performance conditions following the end of the Company's 2020/21
financial year. The second tranche (representing the other 50% of
the vested value of each award) will vest on the first anniversary
of the vesting of the first tranche of an award.
In each case, the awards will become exercisable subject to the
grantee's continued service and to the extent to which the
performance conditions set for the award are satisfied. The
performance conditions are as follows:
-- As to 75% of each award, the Company's absolute Total
Shareholder Return ("TSR") over the three year period ending on 31
July 2021; and
-- As to 25% of each award, the Underlying Free Cash Flow
("FCF") of the Group for the financial year ending 31 July 2021,
where Underlying FCF is defined as operating cash flow, excluding
exceptional items, less interest, corporate tax and capital
expenditure.
Each of the performance conditions will attain the following
level of vesting:
-- 0% vesting below the minimum target;
-- 25% vesting at the minimum target;
-- 100% vesting at or above the maximum target;
-- Straight line vesting from 25% to 100% between the minimum and maximum target.
The minimum and maximum targets for each performance condition
are as follows:
Performance condition Minimum target Maximum target
Absolute TSR 250% 530%
--------------- ----------------
Underlying FCF GBP8.4 million GBP15.0 million
--------------- ----------------
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 Brendan Flattery
-------------------------------- -------------------------------------------
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 Utilitywise plc
-------------------------------- -------------------------------------------
b) LEI 213800LANUBGRXVGTN41
-------------------------------- -------------------------------------------
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
instrument, type of instrument in Utilitywise plc
Identification code GB00B6WVD707
-------------------------------- -------------------------------------------
b) Nature of the transaction Grant of a market value option award
under the Utilitywise Long Term Incentive
Plan 2016. The award will ordinarily
become exercisable in two distinct
tranches. The first tranche will
vest immediately following assessment
of the performance conditions; the
second tranche will vest on the first
anniversary of vesting of the first
tranche. In each case, vesting will
be subject to the recipient's continued
service and to the extent to which
the total shareholder return and
underlying free cash flow performance
conditions are met, and may be exercised
for a period of ten years from the
date of grant.
-------------------------------- -------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
28.9p 2,422,145
----------
-------------------------------- -------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
-------------------------------- -------------------------------------------
e) Date of the transaction 31 July 2018
-------------------------------- -------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Richard Laker
-------------------------------- -------------------------------------------
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 Utilitywise plc
-------------------------------- -------------------------------------------
b) LEI 213800LANUBGRXVGTN41
-------------------------------- -------------------------------------------
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
instrument, type of instrument in Utilitywise plc
Identification code GB00B6WVD707
-------------------------------- -------------------------------------------
b) Nature of the transaction Grant of a market value option award
under the Utilitywise Long Term Incentive
Plan 2016. The award will ordinarily
become exercisable in two distinct
tranches. The first tranche will
vest immediately following assessment
of the performance conditions; the
second tranche will vest on the first
anniversary of vesting of the first
tranche. In each case, vesting will
be subject to the recipient's continued
service and to the extent to which
the total shareholder return and
underlying free cash flow performance
conditions are met, and may be exercised
for a period of ten years from the
date of grant.
-------------------------------- -------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
28.9p 882,352
----------
-------------------------------- -------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
-------------------------------- -------------------------------------------
e) Date of the transaction 31 July 2018
-------------------------------- -------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Brin Sheridan
-------------------------------- -------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status Managing Director - Corporate Division
-------------------------------- -------------------------------------------
b) Initial notification/Amendment Initial Announcement
-------------------------------- -------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Utilitywise plc
-------------------------------- -------------------------------------------
b) LEI 213800LANUBGRXVGTN41
-------------------------------- -------------------------------------------
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
instrument, type of instrument in Utilitywise plc
Identification code GB00B6WVD707
-------------------------------- -------------------------------------------
b) Nature of the transaction Grant of a market value option award
under the Utilitywise Long Term Incentive
Plan 2016. The award will ordinarily
become exercisable in two distinct
tranches. The first tranche will
vest immediately following assessment
of the performance conditions; the
second tranche will vest on the first
anniversary of vesting of the first
tranche. In each case, vesting will
be subject to the recipient's continued
service and to the extent to which
the total shareholder return and
underlying free cash flow performance
conditions are met, and may be exercised
for a period of ten years from the
date of grant.
-------------------------------- -------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
28.9p 882,352
----------
-------------------------------- -------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
-------------------------------- -------------------------------------------
e) Date of the transaction 31 July 2018
-------------------------------- -------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -------------------------------------------
For further information
Utilitywise plc 0330 303 0233
Brendan Flattery (CEO)
Richard Laker (CFO)
finnCap (NOMAD and broker) 020 7220 0500
Matt Goode / James Thompson (Corporate Finance)
Andrew Burdis (Corporate Broking)
Liberum (Joint broker) 020 3100 2000
Robert Morton / Steve Pearce
Redleaf Communications 020 3757 6865
Robin Tozer / Elisabeth Cowell utilitywise@redleafpr.com
Utilitywise is a leading independent utility cost management
consultancy, which has established trading relationships with a
number of major UK and European energy suppliers and provides
services to its customers designed to assist them in achieving
better value out of their energy contracts, reduced energy
consumption and lower carbon footprint.
Utilitywise is a UK company quoted on the AIM market of the
London Stock Exchange. For more information, please visit
www.utilitywise.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DSHFKDDNDBKBKON
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