SSE PLC

Director's Dealing • Jul 30, 2020

National Storage Mechanism | Additional information

RNS Number : 6574U

SSE PLC

30 July 2020

SSE plc

Director/PDMR Shareholding

SSE plc (the "Company") - Notification of Transactions of Directors/Persons Discharging Managerial Responsibilities and their Closely Associated Persons

(i)           Deferred Bonus Scheme (DBS) - Grant of Awards

On 24 July 2020, the Directors/PDMRs listed in the table that follows were each granted awards over Ordinary shares of 50 pence each fully paid in the Company under the DBS.  The number of shares under each award has been calculated by reference to a price of £13.94 per share, being the average of the Company's share price over the three dealing days immediately preceding the date of grant.

Awards granted under the DBS represent a deferral of a proportion of the cash bonus earned for the 2019/20 annual incentive year which is converted into shares.  The shares will vest after a period of three years from the date of grant subject normally to the participant remaining in employment with the Company.  On vesting, the participant will become entitled to additional shares representing the value of reinvested dividends over the three-year period. 

Awards granted to Executive Directors will be subject to an additional post-vesting holding period during which time the Executive Director must retain the post-tax number of shares vesting under award.

1

Details of the person(s) discharging managerial responsibilities/person closely associated with

a)

Name(s)

Alistair Phillips-Davies (Director)

Gregor Alexander (Director)

Martin Pibworth (Director)

Rob McDonald (PDMR)

Jim Smith (PDMR)

Elizabeth Tanner (PDMR)

2

Reason for the notification

a)

Position/status

As noted in 1a) above

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

SSE plc

b)

LEI

549300KI75VYLLMSK856

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 Identification code

Ordinary shares of 50 pence each fully paid

ISIN: GB0007908733

b)

Nature of transaction

Grant of Awards under the SSE plc Deferred Bonus Scheme

c)

Price(s) and volume(s)

Conditional awards of shares, the number of shares calculated by reference to a price of GBP£13.94, being the average of the Company's share price over the three dealing days immediately preceding date of grant.

Director/PDMR	Total DBS Awards Granted
Alistair Phillips-Davies (Director)	18,652
Gregor Alexander (Director)	12,494
Martin Pibworth (Director)	9,350
Robert McDonald (PDMR)	3,925
Jim Smith (PDMR)	4,929
Elizabeth Tanner (PDMR)	2,723

d)

Aggregated information

-      Aggregated volume

-      Price

As noted in 4c) above

As noted in 4c) above

e)

Date of transaction

24 July 2020

f)

Place of transaction

Outside a trading venue

(ii)          Performance Share Plan (PSP) - Grant of Awards

On 24 July 2020, the Executive Directors listed in the table that follows were each granted awards over Ordinary shares of 50 pence each fully paid in the Company under the PSP.   The number of shares stated is the maximum which will become available to each Executive Director if the performance targets applicable to the award are achieved at their upper limit or above.  On vesting, the Executive Director will become entitled to additional shares representing the value of reinvested dividends over the performance period.  The number of shares under each award has been calculated by reference to a price of £13.94 per share, being the average of the Company's share price over the three dealing days immediately preceding the date of grant.

Vesting of these awards will normally only take place if performance conditions are satisfied over the three-year performance period 1 April 2020 to 31 March 2023.  These performance conditions are those indicated in the Company's Directors' Remuneration Policy (as set out in the 2020 Annual Report). 

Awards granted to Executive Directors will be subject to an additional post-vesting holding period during which time the Executive Director must retain the post-tax number of shares vesting under award.  

1

Details of the person(s) discharging managerial responsibilities/person closely associated with

a)

Name(s)

Gregor Alexander (Executive Director)

Alistair Phillips-Davies (Executive Director)

Martin Pibworth (Executive Director)

2

Reason for the notification

a)

Position/status

As noted in 1a) above

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

SSE plc

b)

LEI

549300KI75VYLLMSK856

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 Identification code

Ordinary shares of 50 pence each fully paid

ISIN: GB0007908733

b)

Nature of transaction

Grant of Awards under the SSE plc Performance Share Plan

c)

Price(s) and volume(s)

Conditional awards of shares, the number of shares calculated by reference to a price of GBP£13.94, being the average of the Company's share price over the three dealing days immediately preceding date of grant.

Director	Total PSP Awards Granted
Gregor Alexander	88,761
Alistair Phillips-Davies	131,244
Martin Pibworth	66,430

d)

Aggregated information

-      Aggregated volume

-      Price

As noted in 4c) above

As noted in 4c) above

e)

Date of transaction

24 July 2020

f)

Place of transaction

Outside a trading venue

(iii)         Leadership Share Plan (LSP) - Grant of Awards

On 24 July 2020, the PDMRs in the table that follows were each granted awards over Ordinary shares of 50 pence each fully paid in the Company under the LSP.   The number of shares stated is the number which will become available if the performance targets applicable to the awards are achieved, although the number could be increased or reduced by the Company performance adjuster described below.  On vesting, the PDMRs will become entitled to additional shares representing the value of reinvested dividends over the performance period.

The number of shares under the award has been calculated by reference to a price of £13.94 per share, being the average of the Company's share price over the three dealing days immediately preceding the date of grant. 

Vesting of the award will normally only take place if the performance conditions are achieved over the three-year performance period 1 April 2020 to 31 March 2023.  In addition, an overall Company performance adjuster, allowing vesting rates to be adjusted up or down by up to 25% at the discretion of the Remuneration Committee, may be applied if overall performance of the Company over the performance period merits such an upward or downward adjustment.

1

Details of the person(s) discharging managerial responsibilities/person closely associated with

a)

Name(s)

Robert McDonald (PDMR)

Jim Smith (PDMR)

Elizabeth Tanner (PDMR)

2

Reason for the notification

a)

Position/status

As noted in 1a) above

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

SSE plc

b)

LEI

549300KI75VYLLMSK856

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 Identification code

Ordinary shares of 50 pence each fully paid

ISIN: GB0007908733

b)

Nature of transaction

Grant of Awards under the SSE plc Leadership Share Plan

c)

Price(s) and volume(s)

Conditional awards of shares, the number of shares calculated by reference to a price of GBP£13.94, being the average of the Company's share price over the three dealing days immediately preceding date of grant.

PDMR	Total LSP Awards Granted
Rob McDonald (PDMR)	23,051
Jim Smith (PDMR)	30,487
Elizabeth Tanner  (PDMR)	17,934

d)

Aggregated information

-      Aggregated volume

-      Price

As noted in 4c) above

As noted in 4c) above

e)

Date of transaction

24 July 2020

f)

Place of transaction

Outside a trading venue

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