SSE PLC

Director's Dealing • Jun 7, 2023

National Storage Mechanism | Additional information

RNS Number : 0111C

SSE PLC

07 June 2023

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) - Vesting of Awards Granted 24 July 2020

On 5 June 2023, the independent Trustee of the SSE Employee Trust notified the Company that it had on 1 June 2023 transferred the following beneficial interest of Ordinary shares of 50 pence each fully paid in the Company, subject to awards granted on 24 July 2020 under the DBS including additional shares representing the value of reinvested dividends over the three-year period to the Directors/PDMRs listed in the table that follows.  Vesting of these shares was subject to continuous employment over the three-year period from date of grant (or as provided by the DBS Plan Rules).

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) Sam Peacock (PDMR John Stewart (PDMR) Elizabeth Tanner (PDMR) Stephen Wheeler (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	Vesting of Awards under the SSE plc Deferred Bonus Scheme
c)	Price(s) and volume(s)	Vesting of awards granted under the SSE plc Deferred Bonus Scheme on 24 July 2020 at a vesting price of GBP£18.527022

Executive Director/PDMR	Gross Award of Shares	Accrued Dividend Shares	Total Shares	No. Shares sold at £18.527022 to meet income tax and National Insurance liabilities	Net Number of Shares transferred to Participant
Alistair Phillips-Davies (Director)	18,652	3,286	21,938	10,348	11,590
Gregor Alexander (Director)	12,494	2,200	14,694	7,226	7,468
Martin Pibworth (Director)	9,350	1,646	10,996	5,407	5,589
Rob McDonald (PDMR)	3,925	689	4,614	2,281	2,333
Sam Peacock (PDMR)	998	173	1,171	567	604
John Stewart (PDMR)	2,955	518	3,473	1,717	1,756
Elizabeth Tanner (PDMR)	2,723	478	3,201	1,550	1,651
Stephen Wheeler (PDMR)	3,941	691	4,632	2,418	2,214

d)

Aggregated information

-      Aggregated volume

-      Price

As noted in 4c) above

As noted in 4c) above

e)

Date of transaction

1 June 2023

f)

Place of transaction

Outside a trading venue

(ii)           Performance Share Plan (PSP) - Vesting of Awards Granted 24 July 2020

On 5 June 2023 the independent Trustee of the SSE Employee Trust notified the Company that it had on 1 June 2023 transferred the beneficial interest of Ordinary shares of 50 pence each fully paid in the Company, subject to awards granted on 24 July 2020 under the PSP including additional shares representing the value of reinvested dividends over the three-year period to the Executive Directors listed in the table that follows.  Vesting of these shares was subject to certain performance conditions being met at the end of the three-year performance period commencing 1 April 2020.  In total 76% of the award vested for participants.  The vested shares (balance post-tax), known as "Award Shares" for Alistair Phillips-Davies, Gregor Alexander and Martin Pibworth are subject to a further holding period and will be held under nominee in accordance with the PSP Rules.

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

Vesting of Awards under the SSE plc Performance Share Plan.

c)

Price(s) and volume(s)

Vesting of awards granted under the SSE plc Performance Share Plan on 24 July 2020 at a vesting price of GBP£18.527022

Executive Director/PDMR	Gross Award of Shares	Accrued Dividend Shares	Total Shares vested at 76%	No. Shares sold at £18.527022 to meet income tax and National Insurance liabilities	Award Shares transferred to Nominee
Gregor Alexander (Executive Director)	88,761	15,651	79,351	39,019	40,332
Alistair Phillips-Davies (Executive Director)	131,244	23,143	117,330	55,339	61,991
Martin Pibworth (Executive Director	66,430	11,712	59,384	29,201	30,183

d)

Aggregated information

-      Aggregated volume

-      Price

As noted in 4c) above

As noted in 4c) above

e)

Date of transaction

1st June 2023

f)

Place of transaction

Outside a trading venue

(iii)          Leadership Share Plan (LSP) - Vesting of Awards Granted 24 July 2020

On 5 June 2023 the independent Trustee of the SSE Employee Trust notified the Company that it had on 1 June 2023 transferred the beneficial interest of Ordinary shares of 50 pence each fully paid in the Company, subject to awards granted on 24 July 2020 under the LSP including additional shares representing the value of reinvested dividends over the three-year period to the PDMRs listed in the table that follows.  Vesting of these shares was subject to certain performance conditions being met at the end of the three-year performance period commencing 1 April 2020.  Applicable vesting rates per participant are shown in the table below.

1

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

a)

Name(s)

Rob McDonald (PDMR)

Sam Peacock (PDMR)

John Stewart (PDMR)

Elizabeth Tanner (PDMR)

Stephen Wheeler (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

Vesting of Awards under the SSE plc Leadership Share Plan.

c)

Price(s) and volume(s)

Vesting of awards granted under the SSE plc Leadership Share Plan on 24 July 2020 at a vesting price of GBP£18.527022

Executive Director/PDMR	Gross Award of Shares	Accrued Dividend Shares	Total Shares vested at applicable rate	No. Shares sold at £18.527022 to meet income tax and National Insurance liabilities	Net Number of Shares transferred to Participant
Rob McDonald (PDMR)	23,051	4,063	23,044 (85.00%)	11,390	11,654
Sam Peacock (PDMR)	9,415	1,657	8,578 (77.50%)	4,154	4,424
John Stewart (PDMR)	17,216	3,033	15,690 (77.50%)	7,755	7,935
Liz Tanner (PDMR)	17,934	3,159	16,342 (77.50%)	7,913	8,429
Stephen Wheeler (PDMR)	20,455	3,603	18,842 (78.33%)	9,833	9,009

d)

Aggregated information

-      Aggregated volume

-      Price

As noted in 4c) above

As noted in 4c) above

e)

Date of transaction

1 June 2023

f)

Place of transaction

Outside a trading venue

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

On 5 June 2023 the independent Trustee of the SSE Employee Trust notified the Company that it had on 1 June 2023 granted the Directors/PDMRs listed in the table that follows 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 £18.58 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 2022/23 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. 

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)

Christopher Burchell (PDMR)

Rob McDonald (PDMR)

Sam Peacock (PDMR)

Catherine Raw (PDMR)

John Stewart (PDMR)

Elizabeth Tanner (PDMR)

Stephen Wheeler (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£18.58, being the average of the Company's share price over the three dealing days immediately preceding the date of grant.

Director/PDMR	Total DBS Awards Granted
Alistair Phillips-Davies (Director)	22,310
Gregor Alexander (Director)	14,945
Martin Pibworth (Director)	13,316
Christopher Burchell (PDMR)	4,913
Robert McDonald (PDMR)	4,916
Sam Peacock (PDMR)	2,494
Catherine Raw (PDMR)	4,599
John Stewart (PDMR)	3,121
Elizabeth Tanner (PDMR)	3,238
Stephen Wheeler (PDMR)	4,846

d)

Aggregated information

-      Aggregated volume

-      Price

As noted in 4c) above

As noted in 4c) above

e)

Date of transaction

1 June 2023, date of grant

f)

Place of transaction

Outside a trading venue

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

On 5 June 2023 the independent Trustee of the SSE Employee Trust notified the Company that it had on 1 June 2023 granted the Executive Directors listed in the table that follows awards over Ordinary shares of 50 pence each fully paid in the Company under the PSP.   The number of shares stated 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 £18.58 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 2023 to 31 March 2026.  These performance conditions are those indicated in the Remuneration Committee Report which forms part of SSE's 2023 Annual Report and Accounts which will be published on 16 June 2023.

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 (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£18.58, being the average of the Company's share price over the three dealing days immediately preceding the date of grant.

Director	Total PSP Awards Granted
Alistair Phillips-Davies	134,448
Martin Pibworth	83,334

d)

Aggregated information

-      Aggregated volume

-      Price

As noted in 4c) above

As noted in 4c) above

e)

Date of transaction

1 June 2023, date of grant

f)

Place of transaction

Outside a trading venue

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

On 5 June 2023 the independent Trustee of the SSE Employee Trust notified the Company that it had on 1 June 2023 granted the PDMRs listed in the table that follows 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 £18.58 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 2023 to 31 March 2026.  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)

Christopher Burchell (PDMR)

Robert McDonald (PDMR)

Sam Peacock (PDMR)

Catherine Raw (PDMR)

John Stewart (PDMR)

Elizabeth Tanner (PDMR)

Stephen Wheeler (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£18.58, being the average of the Company's share price over the three dealing days immediately preceding date of grant.

PDMR	Total LSP Awards Granted
Christopher Burchell (PDMR)	27,387
Rob McDonald (PDMR)	24,856
Sam Peacock (PDMR)	13,455
Catherine Raw (PDMR)	26,910
John Stewart (PDMR)	16,953
Elizabeth Tanner (PDMR)	18,837
Stephen Wheeler (PDMR)	28,150

d)

Aggregated information

-      Aggregated volume

-      Price

As noted in 4c) above

As noted in 4c) above

e)

Date of transaction

1 June 2023, date of grant

f)

Place of transaction

Outside a trading venue

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