RNS Number : 6810K
Weir Group PLC
15 April 2024
 

15 April 2024

 

The Weir Group PLC

Notification of Transactions by Persons Discharging Managerial Responsibilities ("PDMRs") and Persons Closely Associated with them

The Weir Group PLC (the "Company") hereby announces that on 11 April 2024, Brian Puffer was granted restricted share awards under The Weir Group Share Reward Plan.

These restricted share awards have been granted to Brian Puffer to compensate him for incentive awards that he forfeited on leaving bp plc, as announced at the time of his appointment and in the Company's 2023 Annual Report. These awards are scheduled to vest between February 2025 and March 2027. These buy-out awards have been structured to reflect the time frames and key terms of the forfeited awards. As such, although not subject to performance conditions, for certain awards the Remuneration Committee has determined that it will make a downward adjustment at the time of vesting to reflect the extent to which a corresponding performance share award granted under the bp plc Executive Directors' Incentive Plan would not have vested, based on the level of performance share vesting for the relevant performance cycle disclosed in the bp Annual Report and Form 20-F for the last financial year in such performance cycle. For the avoidance of doubt, the number of shares subject to the awards set out below represent the maximum number of shares which may be acquired when such awards vest and in no circumstances will an award vest over more shares than the initial number of shares awarded.

This notification relates to a transaction notified in accordance with the Market Abuse Regulation, further details below:

 

1.

Details of the person discharging managerial responsibilities/ person closely associated

a)

Name

Brian Puffer

2.

Reason for the notification

a)

Position/status

Chief Financial Officer

b)

Initial notification/ Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

The Weir Group PLC

b)

LEI

549300KDR56WHY9I3D10

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

                      Identification code

Ordinary shares of 12.5p each fully paid

 

                                                                                       

GB0009465807

b)

Nature of the transaction

Grant of Restricted Share Award under The Weir Group Share Reward Plan. The award will vest in a single tranche on 28 February 2025.

The Award is not subject to performance conditions.

No consideration was paid for the grant of the award.

 c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

20,441

 

 

d)

Aggregated information

-     Aggregated volume

-     Price

N/A

e)

Date of the transaction

11 April 2024

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of the person discharging managerial responsibilities/ person closely associated

a)

Name

Brian Puffer

2.

Reason for the notification

a)

Position/status

Chief Financial Officer

b)

Initial notification/ Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

The Weir Group PLC

b)

LEI

549300KDR56WHY9I3D10

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

                      Identification code

Ordinary shares of 12.5p each fully paid

 

                                                                                       

GB0009465807

b)

Nature of the transaction

Grant of Restricted Share Award under The Weir Group Share Reward Plan. The award will vest in a single tranche on 31 March 2025.

The Award is not subject to performance conditions. However, the Remuneration Committee has determined that it will make a downward adjustment to the award to reflect the extent to which a performance share award granted in May/June 2022 under the bp plc Executive Directors' Incentive Plan would not have vested, based on the level of performance share vesting for the 2022-24 cycle disclosed in the bp Annual Report and Form 20-F for the financial year ended 31 December 2024.

No consideration was paid for the grant of the award.

 c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

24,985

 

 

d)

Aggregated information

-     Aggregated volume

-     Price

N/A

e)

Date of the transaction

11 April 2024

f)

Place of the transaction

Outside a trading venue

1.

Details of the person discharging managerial responsibilities/ person closely associated

a)

Name

Brian Puffer

2.

Reason for the notification

a)

Position/status

Chief Financial Officer

b)

Initial notification/ Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

The Weir Group PLC

b)

LEI

549300KDR56WHY9I3D10

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

                      Identification code

Ordinary shares of 12.5p each fully paid

 

                                                                                       

GB0009465807

b)

Nature of the transaction

Grant of Restricted Share Award under The Weir Group Share Reward Plan. The award will vest in a single tranche on 31 March 2025.

The Award is not subject to performance conditions.

No consideration was paid for the grant of the award.

 c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

40,747

 

 

d)

Aggregated information

-     Aggregated volume

-     Price

N/A

e)

Date of the transaction

11 April 2024

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of the person discharging managerial responsibilities/ person closely associated

a)

Name

Brian Puffer

2.

Reason for the notification

a)

Position/status

Chief Financial Officer

b)

Initial notification/ Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

The Weir Group PLC

b)

LEI

549300KDR56WHY9I3D10

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

                      Identification code

Ordinary shares of 12.5p each fully paid

 

                                                                                       

GB0009465807

b)

Nature of the transaction

Grant of Restricted Share Award under The Weir Group Share Reward Plan. The award will vest in a single tranche on 27 February 2026.

The Award is not subject to performance conditions.

No consideration was paid for the grant of the award.

 c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

16,677

 

 

d)

Aggregated information

-     Aggregated volume

-     Price

N/A

e)

Date of the transaction

11 April 2024

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of the person discharging managerial responsibilities/ person closely associated

a)

Name

Brian Puffer

2.

Reason for the notification

a)

Position/status

Chief Financial Officer

b)

Initial notification/ Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

The Weir Group PLC

b)

LEI

549300KDR56WHY9I3D10

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

                      Identification code

Ordinary shares of 12.5p each fully paid

 

                                                                                       

GB0009465807

b)

Nature of the transaction

Grant of Restricted Share Award under The Weir Group Share Reward Plan. The award will vest in a single tranche on 31 March 2026.

The Award is not subject to performance conditions. However, the Remuneration Committee has determined that it will make a downward adjustment to the award to reflect the extent to which a performance share award granted in May/June 2023 under the bp plc Executive Directors' Incentive Plan would not have vested, based on the level of performance share vesting for the 2023-25 cycle disclosed in the bp Annual Report and Form 20-F for the financial year ended 31 December 2025.

No consideration was paid for the grant of the award.

 c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

20,383

 

 

d)

Aggregated information

-     Aggregated volume

-     Price

N/A

e)

Date of the transaction

11 April 2024

f)

Place of the transaction

Outside a trading venue

1.

Details of the person discharging managerial responsibilities/ person closely associated

a)

Name

Brian Puffer

2.

Reason for the notification

a)

Position/status

Chief Financial Officer

b)

Initial notification/ Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

The Weir Group PLC

b)

LEI

549300KDR56WHY9I3D10

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

                      Identification code

Ordinary shares of 12.5p each fully paid

 

                                                                                       

GB0009465807

b)

Nature of the transaction

Grant of Restricted Share Award under The Weir Group Share Reward Plan. The award will vest in a single tranche on 31 March 2027.

The Award is not subject to performance conditions.

No consideration was paid for the grant of the award.

 c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

2,127

 

 

d)

Aggregated information

-     Aggregated volume

-     Price

N/A

e)

Date of the transaction

11 April 2024

f)

Place of the transaction

Outside a trading venue

 

For further information, please contact:

 

Graham Vanhegan

Company Secretary

Telephone: 0141 308 3771

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