De La Rue plc
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
De La Rue plc (the "Company") announces the following changes in the interests of Directors and Persons Discharging Managerial Responsibilities (PDMRs) in ordinary shares of 44 152/175p ("Shares") in the capital of the Company.
De La Rue Performance Share Plan ("PSP") and Annual Bonus Plan ("ABP")
On 5 September 2019, the Directors and PDMRs listed below completed the exercise of nil-cost options over Shares in the capital of the Company, granted under the PSP on 29 June 2015 and 27 June 2016 respectively and deferred shares under the ABP on 7 June 2017.
PSP 2015
On 29 June 2018, 60% of the portion of awards in the form of nil cost options that vested under the PSP after the three year performance criteria became eligible for exercise. The balance including dividend shares vested after a further year.
PSP 2016
On 27 June 2019, awards in the form of nil-cost options under the PSP that vested became eligible for exercise. Awards granted had a three year performance criteria based on earnings per share ("EPS") (75% of total award) and Return on Capital Employed ("ROCE") (25% of total award). The requirement for EPS growth was not met and that portion of the award lapsed. The ROCE performance was met in full and in line with the Rules of the PSP, 60% of this portion of the award, including dividend shares, vested on 27 June 2019, being the third anniversary of the award and the balance will vest after a further year.
ABP 2017
Half of the deferred shares awarded under the ABP on 7 June 2017 vested one year after the cash payout and the balance including dividend shares vested two years (10 July 2019) after the cash payment.
Details of the operation of the PSP and ABP and the performance conditions are contained in the Company's Annual Report 2019.
Below is a summary of the vested and exercised awards by the relevant Director and PDMR:
| Name | Status | Excerised Shares (including dividend shares) |
| Martin Sutherland | Director/PDMR | PSP Vested on 29 June 2019 - 10,182 |
| PSP Vested on 27 June 2019 - 15,029 | ||
| ABP Vested on 10 July 2019 - 8,511 | ||
| Total Vested and Excerised Shares - 33,722 | ||
| Joanne Easton | PDMR | ABP - Vested and exercised shares 2,691 |
The relevant notifications set out below are provided in accordance with the requirements of Article 19 of the EU Market Abuse Regulation.
John Hermans, Deputy Company Secretary
Contact Number: 01256 605343
9 September 2019
De La Rue plc's LEI code is 213800DH741LZWIJXP78.
| 1
| Details of the person discharging managerial responsibilities / person closely associated
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| a)
| Name
| Martin Sutherland
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| 2
| Reason for the notification
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| a)
| Position/status
| Chief Executive Officer (PDMR) | ||||||||||||
| b)
| Initial notification /Amendment
| Initial Notification | ||||||||||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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| a)
| Name
| De La Rue plc | ||||||||||||
| b)
| LEI
| 213800DH741LZWIJXP78 | ||||||||||||
| 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 44 152/175p
GB00B3DGH821 | ||||||||||||
| b)
| Nature of the transaction
| (i) Acquisition of 33,722 shares (including dividend shares) in the Company following the vesting and exercise of awards granted under the PSP on 29 June 2015 (10,182 shares) and 27 June 2016 (15,029 shares) respectively and ABP on 7 June 2017 (8,511 shares); and (ii) subsequent sale of 15,906 shares to cover PAYE/NI liabilities arising from the aggregated vesting and exercise. The remainder of the shares (17,816) are being retained.
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| c)
| Price(s) and volume(s)
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| d)
| Aggregated information
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| e)
| Date of the transaction
| (i) 2019-09-05 (GMT) (ii) 2019-09-05 (GMT) | ||||||||||||
| f)
| Place of the transaction
| (i) Outside a trading venue (ii) London Stock Exchange (XLON) | ||||||||||||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||||||||
| a)
| Name
| Joanne Easton
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| 2
| Reason for the notification
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| a)
| Position/status
| Group Director of Human Resources (PDMR) | ||||||||||||
| b)
| Initial notification /Amendment
| Initial Notification | ||||||||||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||||||
| a)
| Name
| De La Rue plc | ||||||||||||
| b)
| LEI
| 213800DH741LZWIJXP78 | ||||||||||||
| 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 44 152/175p
GB00B3DGH821 | ||||||||||||
| b)
| Nature of the transaction
| (i) Acquisition of 2,691 shares (including dividend shares) in the Company following the vesting of an award granted under the ABP on 7 June 2017; and (ii) subsequent sale of 1,277 shares to cover PAYE/NI liabilities arising from such vesting. The remainder of the shares (1,414) are being retained.
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| c)
| Price(s) and volume(s)
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| d)
| Aggregated information
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| e)
| Date of the transaction
| (iii) 2019-09-05 (GMT) (iv) 2019-09-05 (GMT) | ||||||||||||
| f)
| Place of the transaction
| (i) Outside a trading venue (ii) London Stock Exchange (XLON) | ||||||||||||