Dialight plc (“Company”)
Director/PDMR Shareholdings
27 March 2017
Options and Awards under the Dialight plc 2014 Performance Share Plan (“PSP”)
On 24 March 2017 the under–mentioned Director/Person Discharging Managerial Responsibility, was granted a nil cost option which entitled her to receive ordinary shares of 1.89 pence each in the Company in accordance with the rules of the PSP.
|
Name
|
Number of Options granted under the PSP
|
Total number of shares over which incentive awards in the PSP held following notification
|
% of issued class
|
|
Fariyal Khanbabi (Director)
|
26,588
|
108,153
|
0.333
|
On 24 March 2017 the under–mentioned Director/Persons Discharging Managerial Responsibility, were granted a conditional award, which entitled them to acquire ordinary shares of 1.89 pence each in the Company in accordance with the rules of the PSP.
|
Name
|
Number of shares awarded under the PSP
|
Total number of shares over which incentive awards in the PSP held following notification
|
% of issued class
|
|
Michael Sutsko
(Director)
|
58,930
|
227,059
|
0.698
|
|
Rizwan Ahmad
|
4,092
|
15,201
|
0.047
|
|
Dennis Geary
|
3,973
|
10,673
|
0.033
|
|
John Peck
|
4,092
|
15,201
|
0.047
|
|
Michael Schratz
|
4,469
|
15,974
|
0.049
|
|
Matt Boudiette
|
2,979
|
8,004
|
0.025
|
Options and awards will normally vest on the third anniversary of grant subject to continued employment. In relation to the awards made to Michael Sutsko and Fariyal Khanbabi only, the award and option (respectively) are subject to the satisfaction of two performance conditions as set out below.
25% of the option or award is measured against the Company’s total shareholder return (“TSR”) over the three year period relative to the FTSE SmallCap Index (excluding investment trusts) (“TSR Performance Condition”), and 75% of the option or award is measured against the Company’s underlying earnings per share (“EPS”) in 2019 (“EPS Performance Condition”).
TSR Performance Condition
No part of an option or award subject to the TSR Performance Condition shall vest if the percentage increase in the Company’s TSR is below the percentage increase in the TSR of the comparator index. 25% of the ordinary shares subject to the TSR Performance Condition will vest if the percentage increase in the Company’s TSR is equal to the percentage increase in the TSR of the comparator index, rising on a straight-line basis to 100% vesting if the percentage increase in the Company’s TSR is equal to the increase in the TSR of the index plus 10% per annum.
EPS Performance Condition
No part of an option or award subject to the EPS Performance Condition will vest if the Company’s 2019 EPS is below 62p, 25% of the ordinary shares subject to the EPS Option/Award will vest if the Company’s 2019 EPS exceeds 62p, rising on a straight-line basis to 100% vesting if the Company’s 2019 EPS exceeds 78p.
No consideration was paid for the grant of these options and awards and no consideration is due to be paid by the participant on the vesting of these options and awards. On vesting, options will be exercisable between 24 March 2020 and 24 March 2022.
Holding Period
A mandatory two-year post-vesting holding period applies to the PSP options/awards granted to Fariyal Khanbabi and Michael Sutsko.
This announcement is made in accordance with Article 19.3 of the Market Abuse Regulation.
Chris Fussell
General Counsel and Company Secretary
Tel: +44 (0) 20 3058 3546