SSE PLC

Remuneration Information • Jun 3, 2024

National Storage Mechanism | Additional information

RNS Number : 9219Q

SSE PLC

03 June 2024

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 6 July 2021

On 31 May 2024, the independent Trustee of the SSE Employee Trust notified the Company that it had on 30 May 2024 transferred the following beneficial interest of Ordinary shares of 50 pence each fully paid in the Company, pursuant to awards granted on 6 July 2021 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) Barry O'Regan (Director) Martin Pibworth (Director) Chris Burchell (PDMR) 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 6 July 2021 at a vesting price of GBP£17.128269

Executive Director/PDMR	Gross Award of Shares	Accrued Dividend Shares	Total Shares	No. Shares sold at £17.128269 to meet income tax and National Insurance liabilities	Net Number of Shares transferred to Participant
Alistair Phillips-Davies (Director)	20,650	3,383	24,033	11,336	12,697
Barry O'Regan (Director)	2,534	412	2,946	1,538	1,408
Martin Pibworth (Director)	11,174	1,828	13,002	6,524	6,478
Chris Burchell (PDMR)	1,916	312	2,228	1,051	1,177
Rob McDonald (PDMR)	4,473	730	5,203	2,611	2,592
Sam Peacock (PDMR)	2,146	350	2,496	1,178	1,318
John Stewart (PDMR)	2,984	486	3,470	1,742	1,728
Elizabeth Tanner (PDMR)	3,025	492	3,517	1,659	1,858
Stephen Wheeler (PDMR)	3,686	601	4,287	2,238	2,049

d)

Aggregated information

-      Aggregated volume

-      Price

As noted in 4c) above

As noted in 4c) above

e)

Date of transaction

30 May 2024

f)

Place of transaction

Outside a trading venue

(ii)           Performance Share Plan (PSP) - Vesting of Awards Granted 6 July 2021

On 31 May 2024 the independent Trustee of the SSE Employee Trust notified the Company that it had on 30 May 2024 transferred the beneficial interest of Ordinary shares of 50 pence each fully paid in the Company, pursuant to awards granted on 6 July 2021 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 2021.  In total 62% of the award vested for participants.  The vested shares (balance post-tax), known as "Award Shares" for Alistair Phillips-Davies 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)

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 6 July 2021 at a vesting price of GBP£17.128269

Executive Director/PDMR	Gross Award of Shares	Accrued Dividend Shares	Total Shares vested at 62%	No. Shares sold at £17.128269 to meet income tax and National Insurance liabilities	Award Shares transferred to Nominee
Alistair Phillips-Davies (Executive Director)	122,131	20,009	88,125	41,565	46,560
Martin Pibworth (Executive Director)	73,597	12,055	53,103	26,645	26,458

d)

Aggregated information

-      Aggregated volume

-      Price

As noted in 4c) above

As noted in 4c) above

e)

Date of transaction

30 May 2024

f)

Place of transaction

Outside a trading venue

(iii)          Leadership Share Plan (LSP) - Vesting of Awards Granted 6 July 2021

On 31 May 2024 the independent Trustee of the SSE Employee Trust notified the Company that it had on 30 May 2024 transferred the beneficial interest of Ordinary shares of 50 pence each fully paid in the Company, pursuant to awards granted on 6 July 2021 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 2021.  In total 86% of the award vested for participants.

1

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

a)

Name(s)

Barry O'Regan (Director)

Chris Burchell (PDMR)

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 6 July 2021 at a vesting price of GBP£17.128269

Executive Director/PDMR	Gross Award of Shares	Accrued Dividend Shares	Total Shares vested at 86%	No. Shares sold at £17.128269 to meet income tax and National Insurance liabilities	Net Number of Shares transferred to Participant
Barry O'Regan (Director)	15,616	2,556	15,623	8,153	7,470
Chris Burchell (PDMR)	30,039	4,920	30,063	14,180	15,883
Rob McDonald (PDMR)	24,372	3,991	24,388	12,237	12,151
Sam Peacock (PDMR)	11,682	1,911	11,686	5,512	6,174
John Stewart (PDMR)	17,514	2,866	17,523	8,793	8,730
Liz Tanner (PDMR)	18,175	2,976	18,188	8,579	9,609
Stephen Wheeler (PDMR)	17,679	2,894	17,690	9,232	8,458

d)

Aggregated information

-      Aggregated volume

-      Price

As noted in 4c) above

As noted in 4c) above

e)

Date of transaction

30 May 2024

f)

Place of transaction

Outside a trading venue

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

On 31 May 2024 the independent Trustee of the SSE Employee Trust notified the Company that it had on 30 May 2024 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 £17.31 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 2023/24 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)

Barry O'Regan (Director)

Martin Pibworth (Director)

Christopher Burchell (PDMR)

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

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£17.31, 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)	19,716
Barry O'Regan (Director)	2,974
Martin Pibworth (Director)	11,768
Christopher Burchell (PDMR)	5,402
Robert McDonald (PDMR)	5,945
Sam Peacock (PDMR)	2,726
John Stewart (PDMR)	3,435
Elizabeth Tanner (PDMR)	3,816
Stephen Wheeler (PDMR)	4,710

d)

Aggregated information

-      Aggregated volume

-      Price

As noted in 4c) above

As noted in 4c) above

e)

Date of transaction

30 May 2024, date of grant

f)

Place of transaction

Outside a trading venue

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

On 31 May 2024 the independent Trustee of the SSE Employee Trust notified the Company that it had on 30 May 2024 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 £17.31 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 2024 to 31 March 2027.  These performance conditions are those indicated in the Remuneration Committee Report which forms part of SSE's 2024 Annual Report and Accounts which will be published on 14 June 2024 .

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)

Barry O'Regan (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£17.31, 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	150,807
Barry O'Regan	84,489
Martin Pibworth	97,499

d)

Aggregated information

-      Aggregated volume

-      Price

As noted in 4c) above

As noted in 4c) above

e)

Date of transaction

30 May 2024, date of grant

f)

Place of transaction

Outside a trading venue

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

On 31 May 2024 the independent Trustee of the SSE Employee Trust notified the Company that it had on 30 May 2024 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 £17.31 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 2024 to 31 March 2027.  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)

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£17.31, 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)	30,867
Rob McDonald (PDMR)	31,088
Sam Peacock (PDMR)	15,887
John Stewart (PDMR)	19,107
Elizabeth Tanner (PDMR)	21,231
Stephen Wheeler (PDMR)	31,648

d)

Aggregated information

-      Aggregated volume

-      Price

As noted in 4c) above

As noted in 4c) above

e)

Date of transaction

30 May 2024, date of grant

f)

Place of transaction

Outside a trading venue

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