Softcat PLC — Remuneration Information 2019

Dec 3, 2019

National Storage Mechanism | Additional information

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RNS Number : 5537V

Softcat PLC

03 December 2019

3 December 2019

Softcat plc (the "Company")

Notification of Transactions by

Persons Discharging Managerial Responsibilities

The following notification made under article 19.1 of the Market Abuse Regulation ("MAR") relates to awards of nil-cost options to persons discharging managerial responsibilities ("PDMR") on 3 December 2019 under the Softcat plc Long Term Incentive Plan ("LTIP"). This announcement is made in accordance with Article 19.3 of MAR. 

Softcat plc Long Term Incentive Plan

On 3 December 2019, awards under the Company's Long Term Incentive Plan (the "LTIP") were made as outlined below.

An award of nil-cost options to acquire 42,021 Ordinary shares was made to Graeme Watt, a director and PDMR. The number of shares over which the nil-cost option was awarded has been calculated by reference to the closing middle market quotation of the ordinary shares derived from the Daily Official List on the dealing day preceding the date of grant (1103.00 pence). The award will vest subject to the performance conditions outlined below.

An award of nil-cost options to acquire 28,014 Ordinary shares was made to Graham Charlton, a director and PDMR. The number of shares over which the nil-cost option was awarded has been calculated by reference to the closing middle market quotation of the ordinary shares derived from the Daily Official List on the dealing day preceding the date of grant (1103.00 pence). The award will vest subject to the performance conditions outlined below.

Performance Conditions and Vesting of Awards

These nil-cost options are subject to the rules of the LTIP and will vest depending on performance against Total Shareholder Return ("TSR") and Earnings per Share ("EPS") targets as measured over a three year performance period.

50% of the Award will be subject to the Company's relative TSR performance against the FTSE 250 (excluding real estate and investment trusts):

TSR performance                       % of Award vesting

Below median                                        Nil

At median                                             30%

Upper quartile or above                       100%

50% of the Award will be subject to the Company's EPS for FY 2022:

EPS                                          % of Award vesting

Less than 38.6 pence                               Nil

38.6 pence                                               20%

45.5 pence or above                               100%

There will be straight line vesting between the points as outlined above.

The normal date of vesting for the nil-cost options outlined above will be 3 December 2022 and the last date for exercise will be 2 December 2029, with dividend equivalents payable in respect of the vesting of nil-cost options in accordance with the rules of the LTIP.

For further information on the LTIP, please refer to the Company's Annual Report and Accounts. 

1.

Details of PDMR / person closely associated with them ("PCA")

a)

Name

Graeme Watt

2.

Reason for the notification

a)

Position / status

CEO

b)

Initial notification / amendment

Initial Notification

3.

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

a)

Name

Softcat plc

b)

LEI

213800N42YZLR9GLVC42

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

Identification Code

Ordinary Shares of £0.0005 each

ISIN: GB00BYZDVK82

b)

Nature of the transaction

Grant of nil cost option over Ordinary Shares of £0.0005 each under the Softcat plc Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)	Volume(s)
0.00	42,021

d)

Aggregated information

Aggregated volume

Price

N/A

e)

Date of the transaction

3 December 2019

f)

Place of the transaction

Outside a trading venue

1.

Details of PDMR / person closely associated with them ("PCA")

a)

Name

Graham Charlton

2.

Reason for the notification

a)

Position / status

CFO

b)

Initial notification / amendment

Initial Notification

3.

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

a)

Name

Softcat plc

b)

LEI

213800N42YZLR9GLVC42

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

Identification Code

Ordinary Shares of £0.0005 each

ISIN: GB00BYZDVK82

b)

Nature of the transaction

Grant of nil cost option over Ordinary Shares of £0.0005 each under the Softcat plc Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)	Volume(s)
0.00	28,014

d)

Aggregated information

Aggregated volume

Price

N/A

e)

Date of the transaction

3 December 2019

f)

Place of the transaction

Outside a trading venue

Luke Thomas

Company Secretary, Softcat plc

3 December 2019

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