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MACFARLANE GROUP PLC — Remuneration Information 2019
May 17, 2019
4664_dirs_2019-05-17_197a774b-e5ff-4c77-b1bb-6905a7a0cbb0.html
Remuneration Information
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RNS Number : 4498Z
Macfarlane Group PLC
17 May 2019
17th May 2019
Macfarlane Group PLC
Director/PDMR Shareholding
On 17th May 2019, Peter D. Atkinson (Chief Executive), John Love (Group Finance Director), Ivor Gray (Commercial Director) and Derek Quirk (Company Secretary) were granted conditional share awards over Macfarlane Group PLC ordinary shares of 25p as set out below, under the terms of the Company's Performance Share Plan ('PSP').
The conditional share award is subject to the achievement of performance conditions and if it vests will be released in accordance with the Plan rules. The award is also subject to an additional holding period of two years from the date on which the award vests.
Directors' Shareholdings and Share Interests
| Name | Awards | Vesting Date | Total Options Following Grant | Beneficial* |
| Peter D. Atkinson | 330,123 | May 2022 | 330,123 | 854,172 |
| John Love | 163,525 | May 2022 | 163,525 | 800,000 |
| Ivor Gray | 57,266 | May 2022 | 57,266 | 54,836 |
| Derek Quirk | 53,356 | May 2022 | 53,356 | - |
*including connected persons
The PSP awards made by Macfarlane represent awards over shares worth 100% of the Executive Directors' base salaries, as permitted by the Directors' remuneration policy. The Company had anticipated making PSP awards at a 50% of base salary level in 2019 (and included a statement in its Directors' remuneration report to this effect) but after consideration and further review by the Remuneration Committee in the period since February 2019, it was determined that awards at 100% of salary should be made in 2019.
The reason for this change of approach was to recognise that these awards are the first PSP awards made by the Company since 2015, and accordingly it was considered to be in shareholders' interests to ensure that our Executive Directors are appropriately aligned to shareholders through slightly larger PSP awards that will directly link potential reward to the future performance of the Company through the PSP.
The PSP awards made to Mr. Gray and Mr. Quirk represent awards over shares worth 50% of base salaries.
The forms required under the EU Market Abuse Regulation follow.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Peter D. Atkinson |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Executive |
| b) | Initial notification /Amendment | Initial Notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Macfarlane Group PLC |
| b) | LEI | 213800LVRYDERSJAAZ73 |
| 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 | Conditional awards over ordinary shares of 25p each |
| Identification code | N/A | |
| b) | Nature of the transaction | Conditional share awards made under the Company's Performance Share Plan. |
| c) | Price(s) and volume(s) | Award over 330,123 conditional shares at nil cost under the Company's Performance Share Plan. |
| d) | Aggregated information | |
| - Aggregated volume | N/A - single transaction | |
| - Price | ||
| e) | Date of the transaction | 17th May 2019 |
| f) | Place of the transaction | Grant of share awards occurred outside a trading venue. |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | John Love |
| 2 | Reason for the notification | |
| a) | Position/status | Group Finance Director |
| b) | Initial notification /Amendment | Initial Notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Macfarlane Group PLC |
| b) | LEI | 213800LVRYDERSJAAZ73 |
| 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 | Conditional awards over ordinary shares of 25p each |
| Identification code | N/A | |
| b) | Nature of the transaction | Conditional share awards made under the Company's Performance Share Plan. |
| c) | Price(s) and volume(s) | Award over 163,525 conditional shares at nil cost under the Company's Performance Share Plan. |
| d) | Aggregated information | |
| - Aggregated volume | N/A - single transaction | |
| - Price | ||
| e) | Date of the transaction | 17th May 2019 |
| f) | Place of the transaction | Grant of share awards occurred outside a trading venue. |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Ivor Gray |
| 2 | Reason for the notification | |
| a) | Position/status | Commercial Director |
| b) | Initial notification /Amendment | Initial Notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Macfarlane Group PLC |
| b) | LEI | 213800LVRYDERSJAAZ73 |
| 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 | Conditional awards over ordinary shares of 25p each |
| Identification code | N/A | |
| b) | Nature of the transaction | Conditional share awards made under the Company's Performance Share Plan. |
| c) | Price(s) and volume(s) | Award over 57,266 conditional shares at nil cost under the Company's Performance Share Plan. |
| d) | Aggregated information | |
| - Aggregated volume | N/A - single transaction | |
| - Price | ||
| e) | Date of the transaction | 17th May 2019 |
| f) | Place of the transaction | Grant of share awards occurred outside a trading venue. |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Derek L. H. Quirk |
| 2 | Reason for the notification | |
| a) | Position/status | Company Secretary |
| b) | Initial notification /Amendment | Initial Notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Macfarlane Group PLC |
| b) | LEI | 213800LVRYDERSJAAZ73 |
| 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 | Conditional awards over ordinary shares of 25p each |
| Identification code | N/A | |
| b) | Nature of the transaction | Conditional share awards made under the Company's Performance Share Plan. |
| c) | Price(s) and volume(s) | Award over 53,356 conditional shares at nil cost under the Company's Performance Share Plan. |
| d) | Aggregated information | |
| - Aggregated volume | N/A - single transaction | |
| - Price | ||
| e) | Date of the transaction | 17th May 2019 |
| f) | Place of the transaction | Grant of share awards occurred outside a trading venue. |
| ## Further enquiries: | ## Macfarlane Group | Tel: 0141 333 9666 |
| Stuart Paterson Chairman | ||
| ## Spreng Thomson | Tel: 0141 548 5191 | |
| Callum Spreng | Mob: 07803 970103 |
Legal Entity Identifier (LEI): 213800LVRYDERSJAAZ73
Notes to Editors:
· Macfarlane Group PLC is listed on the London Stock Exchange (LSE: MACF) in the Industrials Sector
· The company is headquartered in Glasgow, Scotland and has more than 60 years' experience in the UK packaging industry
· Macfarlane Group's businesses are:
o Macfarlane Packaging is the leading UK distributor of a comprehensive range of protective packaging products
o Labels designs and prints high quality self-adhesive and resealable labels, principally for FMCG companies
o Packaging Design and Manufacture designs and produces protective packaging for high value, fragile products
· Macfarlane Group employs over 925 people at 30 sites, principally in the UK, but also in Ireland and Sweden.
The company has 20,000+ customers in the UK, Europe and the USA providing 600,000+ lines to a wide range of industry sectors including: consumer goods; food manufacturing; logistics; internet retail; mail order; electronics; defence and aerospace.
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 [email protected] or visit www.rns.com.
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