Tesco PLC Director/PDMR Shareholding (7716X)
06 Maggio 2021 - 12:00PM
UK Regulatory
TIDMTSCO
RNS Number : 7716X
Tesco PLC
06 May 2021
PDMR SHAREHOLDING
6 May 2021
Tesco PLC (the "Company")
Grant of Awards under Listing Rule 9.4.2
Imran Nawaz was appointed as Chief Financial Officer and a
member of the Company's Board of Directors with effect from 1 May
2021.
On 4 May 2021, Imran was granted a conditional award over
2,064,815 Ordinary Shares of 6 1/3 pence each in the Company under
an arrangement to which Listing Rule 9.4.2 applies in respect of
the buy-out of share awards that Imran forfeited on leaving his
previous employment. The number of shares awarded has been
calculated using a market price of 220.89 pence per share.
The award will vest in tranches on the vesting dates shown in
the table below. The vesting of shares from Tranche 2, Tranche 4
and Tranche 5 is subject to the achievement of the performance
conditions which apply to the applicable Tate and Lyle PLC
Performance Share Plan (PSP) award and continuous employment. The
percentage of the shares which vest from each tranche will be
determined by the applicable vesting level of the Tate and Lyle PLC
PSP award. Any shares which vest will be subject to a post-vesting
holding period of two years from the end of the applicable
performance period.
The vesting of shares from Tranche 3 is subject to continuous
employment. Where dividends are paid in the period between the
grant and release of shares, the number of shares from Tranche 3
will be increased to reflect the dividends that would have accrued
had they been reinvested in shares.
PDMR Tranche No. No. of Shares Vesting Date
Awarded
Imran Nawaz Tranche 1 226,445 4 May 2021
Tranche 2 838,615 1 June 2021
Tranche 3 39,312 31 March 2022
Tranche 4 729,205 1 June 2022
Tranche 5 231,238 1 June 2023
Total 2,064,815
The Remuneration Committee believes that this award fairly
reflects the share awards Imran forfeited in terms of value and
timescale of vesting.
Imran will receive a further award as part of his buy-out in
July 2021 in respect of the 2020/21 Tate and Lyle PLC bonus he
forfeited on leaving employment. It is not possible to make this
award at the current time as the level of the Tate and Lyle PLC
bonus payout is not yet known. Full details of his total
remuneration will be provided in the 2021 Annual Report.
Release of shares under Listing Rule 9.4.2
Tranche 1 of the above award vested immediately and 226,445
shares were released to Imran on 4 May 2021. Of these, 106,430
shares have been withheld to cover Income Tax and National
Insurance Contributions due on release. The net shares have been
transferred to Imran and must be retained under the Company's
Shareholding Policy.
The share price on release was 222.05 pence per share.
The Notification of Dealing Forms can be found below. This
announcement is made in accordance with Article 19 of the Market
Abuse Regulation (EU) 596/2014 as it forms part of domestic law by
virtue of the European Union (Withdrawal) Act 2018.
For enquiries, please contact:
Robert Welch, Company Secretary
Tesco PLC
Tesco House
Shire Park
Kestrel Way
Welwyn Garden City
Hertfordshire
AL7 1GA
Tel: 07793 222569
LEI Number: 2138002P5RNKC5W2JZ46
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Imran Nawaz
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 Tesco PLC
==========================================
b) Legal Entity Identifier 2138002P5RNKC5W2JZ46
------------------------------------------
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, Ordinary shares of 6 1/3 pence each
type of instrument
Identification code GB00BLGZ9862
b) Nature of the transaction Grant of conditional shares under a Listing Rule 9.4.2 arrangement
------------------------------------------
c) Currency GBP
------------------------------------------ ---------------------------------- ---------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
GBP2.2089 2,064,815
--- ------------------------------------------ ---------------------------------- ---------------------------------
e) Aggregated information
- Aggregated Volume 2,064,815
- Aggregated Price GBP2.2089
- Aggregated Total GBP4,560,969.85
f) Date of the transaction 2021-05-04
==========================================
g) Place of the transaction Outside a trading venue
------------------------------------------ =====================================================================
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Imran Nawaz
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 Tesco PLC
============================================
b) Legal Entity Identifier 2138002P5RNKC5W2JZ46
--------------------------------------------
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, Ordinary shares of 6 1/3 pence each
type of instrument
Identification code GB00BLGZ9862
b) Nature of the transaction Release of shares granted under a Listing Rule 9.4.2 arrangement
--------------------------------------------
c) Currency GBP
-------------------------------------------- ------------------------------------ -----------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
GBP2.2205 226,445
--- -------------------------------------------- ------------------------------------ -----------------------------
e) Aggregated information
- Aggregated Volume 226,445
- Aggregated Price GBP2.2205
- Aggregated Total GBP502,821.12
f) Date of the transaction 2021-05-04
============================================
g) Place of the transaction Outside a trading venue
-------------------------------------------- ===================================================================
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