Smiths News PLC — Director's Dealing 2019

Dec 16, 2019

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RNS Number : 0004X

Connect Group PLC

16 December 2019

Connect Group PLC

Director/PDMR Shareholding

Connect Group PLC (the "Company") announces that it has been notified of the following transactions in the Company's ordinary 5p shares undertaken by directors / persons discharging managerial responsibility:

Connect Group Long Term Incentive Plan FY2020-2022 ('LTIP')

The following awards were granted as conditional awards, where a participant will receive an allocation of shares following the normal vesting date, subject to the extent to which the applicable performance conditions have been satisfied and their continuing employment.

The Company confirms that the vesting of the LTIP award will depend on the achievement of the following performance conditions:

	Adjusted Earnings Per Share (Adjusted EPS) in final year of performance period	Relative TSR benchmarked vs the FTSE Small Cap Index	Proportion exercisable
Performance period	Three years ending 27 August 2022	Three years from the date of award to 12 December 2022
Performance Targets	Below 10.0p	Below Median	Zero
10.0p	Median	20%
Between 10.0p and 12.9p	Between Median and Upper Quartile	20%-100%
13.0p or more	Upper Quartile	100%

The Company has considered carefully the level of target performance and the corresponding performance range for each measure to ensure that they are sufficiently stretching and promote long-term sustainable success. The vested shares will be subject to a holding period of two years from the vesting date and subject to customary malus and clawback events.  The value of any dividends accrued, in the form of dividend equivalents, will normally be paid in shares at the end of period (third anniversary) based on the number of vested shares and will also be subject to the holding period of two years from the vesting date.

No consideration was paid for the grant of the award. For the purposes of this award, the grant was made at a share price of 30.0p.

Name of Participant	Form of Award	Normal Vesting Date	Maximum Number of Shares
Jonathan Bunting	Conditional award	The day following the end of the performance period on which  the performance conditions have been assessed and notified to the Participant	1,411,840
Tony Grace	Conditional award	The day following the end of the performance period on which  the performance conditions have been assessed and notified to the Participant	983,333

The LTIP grant levels for Jonathan Bunting and Tony Grace are equivalent to 100% of base salary at grant.  

The relevant notifications set out below are provided in accordance with the requirements of Article 19 of the EU Market Abuse Regulation.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Tony Grace
2	Reason for the notification
a)	Position/status	Executive Director, 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	Connect Group PLC
b)	LEI	2138004033ONVOOQXB02
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	Ordinary 5p shares
Identification code	ISIN: GB00B17WCR61
b)	Nature of the transaction	Award of conditional award pursuant to the Connect Group PLC Long Term Incentive Plan
c)	Price(s) and volume(s)
		Price(s)	Volume(s)
		30.0p	983,333
d)	Aggregated information	n/a single transaction
- Aggregated volume
- Price
e)	Date of the transaction	13 December 2019
f)	Place of the transaction	Grant of the conditional award took place outside of a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jonathan Bunting
2	Reason for the notification
a)	Position/status	Executive Director, Interim Chief Executive Officer (and CEO of Smiths News)
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Connect Group PLC
b)	LEI	2138004033ONVOOQXB02
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	Ordinary 5p shares
Identification code	ISIN: GB00B17WCR61
b)	Nature of the transaction	Award of conditional award pursuant to the Connect Group PLC Long Term Incentive Plan
c)	Price(s) and volume(s)
		Price(s)	Volume(s)
		30.0p	1,411,840
d)	Aggregated information	n/a single transaction
- Aggregated volume
- Price
e)	Date of the transaction	13 December 2019
f)	Place of the transaction	Grant of the conditional award took place outside of a trading venue

Karen Mills

Deputy Company Secretary 

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