TIDMCTEC

RNS Number : 0031M

ConvaTec Group PLC

05 May 2020

5 May 2020

ConvaTec Group Plc

("ConvaTec" or "the Company")

Director/PDMR Shareholding

The Company announces the following change in the interests of Directors in ordinary shares of 10 pence each in the share capital of the Company ("Shares").

On 1 May 2020, Karim Bitar, the Company's Chief Executive Officer and Frank Schulkes, the Company's Chief Financial Officer, both Executive Directors, were granted conditional share awards, under the Company's Long Term Incentive Plan ("LTIP"). Subject to shareholder approval of the Directors' Remuneration Policy at the 2020 Annual General Meeting, these awards shall be subject to continued employment for three years, and performance conditions based on a combination of: relative total shareholder return, and adjusted PBT growth, both over a three year period, weighted 25% and 75% respectively.

As published in the 2019 Annual Report, total shareholder return will be measured relative to the FTSE 350 excluding investment trusts. Relative TSR will be measured over the performance period of three years (commencing 1 January 2020) calculated in GBP and using three-month averaging. Adjusted PBT growth will be measured as the three--year compound annualised growth rate over the same performance period (i.e. three years from 1 January 2020). The adjusted PBT targets will be appropriately stretching, and linked to a new strategic plan and corresponding operating model for the three years. However, as at the date of grant, the strategic plan remains under review to ensure that the impact of the COVID--19 pandemic is appropriately reflected. This means that the PBT growth targets applicable to these awards have not been finalised yet. The Board expects that the PBT growth targets shall be set by 15 August 2020 and these will be announced by RNS once they have been agreed.

   Karim Bitar:                  1,061,532 Shares 
   Frank Schulkes:           535,752 Shares 

No consideration was paid for the grant of these awards.

The attached notification, made in accordance with the requirements of the EU Market Abuse Regulation, gives further detail.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 
1   Details of the person discharging managerial responsibilities/person 
     closely associated 
a)  Name                                               Karim Bitar 
2   Reason for the notification 
a)  Position/Status                                    CEO 
b)  Initial notification/Amendment                     Initial notification 
3   Details of the issuer, emission allowance market participant, 
     auction platform, auctioneer or auction monitor 
a)  Name                                               ConvaTec Group Plc 
b)  LEI                                                213800LS272L4FIDOH92 
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                                 Ordinary shares of 10p each in ConvaTec Group Plc 
     financial instrument,                              GB00BD3VFW73 
     type of instrument 
     Identification code 
b)  Nature of the transaction                          Grant of conditional share award under the ConvaTec Group Plc 
                                                       Long Term Incentive Plan, subject 
                                                       to (i) time vesting period of three years (ii) performance 
                                                       conditions based on a combination 
                                                       of: relative total shareholder return, and adjusted PBT growth, 
                                                       both measured over a three 
                                                       year period commencing 1 January 2020, weighted 25% and 75% 
                                                       respectively (iii) continued employment. 
c)  Price(s) and volume(s)                             Price(s)                                          Volume(s) 
                                                        N/A                                                1,061,532 
d)  Aggregated information 
     - Aggregated volume                                 N/A 
     - Price 
e)  Date of the transaction                            1 May 2020 
f)  Place of the transaction                           Outside a trading venue 
 
 
 
1   Details of the person discharging managerial responsibilities/person 
     closely associated 
a)  Name                                                Frank Schulkes 
2   Reason for the notification 
a)  Position/Status                                     CFO 
b)  Initial notification/Amendment                      Initial notification 
3   Details of the issuer, emission allowance market participant, 
     auction platform, auctioneer or auction monitor 
a)  Name                                                ConvaTec Group Plc 
b)  LEI                                                 213800LS272L4FIDOH92 
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                                  Ordinary shares of 10p each in ConvaTec Group Plc 
     financial instrument,                               GB00BD3VFW73 
     type of instrument 
     Identification code 
b)  Nature of the transaction                           Grant of conditional share award under the ConvaTec Group Plc 
                                                        Long Term Incentive Plan, subject 
                                                        to (i) time vesting period of three years (ii) performance 
                                                        conditions based on a combination 
                                                        of: relative total shareholder return, and adjusted PBT 
                                                        growth, both measured over a three 
                                                        year period commencing 1 January 2020, weighted 25% and 75% 
                                                        respectively (iii) continued employment. 
c)  Price(s) and volume(s)                              Price(s)                                           Volume(s) 
                                                         N/A                                                 535,752 
d)  Aggregated information 
     - Aggregated volume                                  N/A 
     - Price 
e)  Date of the transaction                             1 May 2020 
f)  Place of the transaction                            Outside a trading venue 
 
 

Enquiries

Analysts and Investors

   Mark Reynolds, Director Investor Relations, ConvaTec            +44 (0)7551 036 625 

ir@convatec.com

Media

   Buchanan: Charles Ryland / Chris Lane / Vicky Hayns             +44 (0)207 466 5000 

ConvaTec Group Plc's LEI code is 213800LS272L4FIDOH92

About ConvaTec

ConvaTec is a global medical products and technologies company focused on therapies for the management of chronic conditions, with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion care. ConvaTec's products provide a range of clinical and economic benefits including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. To learn more about ConvaTec, please visit www.convatecgroup.com where a copy of this announcement can also be found.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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May 05, 2020 11:18 ET (15:18 GMT)

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