12 September 2019
SPORTECH PLC
(the 'Company')
Notification of Transactions by Persons Discharging Managerial Responsibilities ('PDMRs')
Award under the Sportech PLC Value Creation Plan (the 'Plan')
Following the appointment of Richard McGuire to Chief Executive Officer as of 2 July 2019, the Company has, on Wednesday 11 September 2019, made an award under the Plan to Richard McGuire along with other employees.
Under the terms of the Plan, which was approved by shareholders in 2017, participants have the right to receive a proportion of a pool of ordinary shares of 20 pence each in the Company ('Ordinary Shares') that in aggregate deliver a value equal to 20% of the value created for shareholders over the 5 year performance period ending 31 December 2021. The awards will vest for nil consideration and are subject to certain performance conditions, principally delivering a total shareholder return in excess of 8% p.a. compound growth above the starting share price of 95 pence. After adjusting for dividends paid since the creation of the Plan, the indicative vesting level currently is approximately 97 pence per share.
The awards will be settled in Ordinary Shares, however, the remuneration committee have the discretion to settle up to half of the awards in cash.
Full details of the Plan are available in the notice of General Meeting on the Company's website (http://www.sportechplc.com/investors/shareholder-information/meetings-and-voting).
The number of Ordinary Shares under award will be determined and vest at the end of the five year performance period, or earlier in the event of a change of control of the Company, and will be calculated at that time by reference to the participant's percentage entitlement to the growth in value below.
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Director |
Position |
Percentage entitlement of 20% pool |
Percentage entitlement of growth in value |
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RICHARD MCGUIRE |
CHIEF EXECUTIVE OFFICER |
4.5% |
0.9% |
For further information, please contact:
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Sportech PLC |
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Giles Vardey, Chairman |
Tel: +44 (0) 117 902 9000 |
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Peel Hunt |
Tel: +44 (0) 20 7418 8900 |
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(Corporate Broker to Sportech) George Sellar / Guy Pengelley |
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Buchanan |
Tel: +44 (0) 20 7466 5000 |
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(Financial PR adviser to Sportech) Henry Harrison-Topham / Mark Court / Tilly Abraham |
Notification of Deal Form of PDMR can be found below.
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1. |
Details of the person discharging managerial responsibilities/persons closely associated |
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a) |
Name |
RICHARD MCGUIRE |
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2. |
Reason for notification |
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a) |
Position/Status |
CHIEF EXECUTIVE OFFICER |
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b) |
Initial notification/amendment |
Initial notification |
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3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name |
SPORTECH PLC |
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b) |
LEI |
2138003BHYUQWAYGSK09 |
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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 |
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a) |
Description of the financial instrument, type of instrument and identification code |
Ordinary Shares of £0.20 each in the capital of SPORTECH PLC |
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b) |
Nature of transaction |
Award of shares under the SPORTECH PLC VALUE CREATION PLAN |
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c) |
Price(s) and volume(s) |
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d) |
Aggregated Information |
n/a |
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e) |
Date of transaction |
11 September 2019 |
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f) |
Place of transaction |
London Stock Exchange (XLON) |
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