Aggreko Plc — Director's Dealing 2018

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RNS Number : 2085N

Aggreko PLC

04 May 2018

4 May 2018

NOTIFICATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES

On 3 May 2018 the following conditional share awards over ordinary shares of 4 329/395 pence in Aggreko plc (the "Company") were made under the Aggreko 2015 Long Term Incentive Plan (the "LTIP") to the Chief Executive Officer, Chief Financial Officer and other Persons Discharging Managerial Responsibility ("PDMRs") of the Company and under a restricted stock agreement to the Chief Financial Officer.

No consideration was paid for the grant of the awards.

LTIP awards

The following awards were made under the LTIP:

The vesting of the awards is subject to continued employment and performance conditions based on the long-term financial performance of the Group set by the Remuneration Committee of the Company.

The performance period is the three financial years from 1 January 2018 to 31 December 2020. D-EPS will be measured over the three-year performance period.  ROCE will be measured in the final year of the performance period. The performance criteria are as follows:

•     50% of the award is based on three-year D-EPS (aggregate measurement basis), with 25% of shares awarded against this element for D-EPS growth of 5% per annum. Awards will then continue to vest above that level and will increase straight-line to a maximum for 12% per annum growth; and

•     50% of the award is based on final year ROCE in the range of 15% to 22%, with 25% of shares awarded against this element if 2020 ROCE is 15%.  Awards will increase straight-line to the maximum at 22% ROCE in 2020.

Shares will vest after three years and will be subject to a further holding period of two years, with shares (post-tax) released on the fifth anniversary from date of grant. 

Awards to Chief Financial Officer

In accordance with the terms of his recruitment, awards to Heath Drewett were made under restricted stock agreements in lieu of his share awards from WS Atkins plc that he was obliged to forfeit when he joined Aggreko:

The vesting of the non-performance award is subject to continued office only.

The vesting of the performance award is subject to continued office and performance conditions based on the long-term financial performance of the Group set by the Remuneration Committee of the Company. 

The performance period is the three financial years from 1 January 2018 to 31 December 2020. D-EPS will be measured over the three-year performance period.  ROCE will be measured in the final year of the performance period. The performance criteria for the Performance Award is as follows:

•     50% of the award is based on three-year D-EPS (aggregate measurement basis), with 25% of shares awarded against this element for D-EPS growth of 5% per annum. Awards will then continue to vest above that level and will increase straight-line to a maximum for 12% per annum growth; and

•     50% of the award is based on final year ROCE in the range of 15% to 22%, with 25% of shares awarded against this element if 2020 ROCE is 15%.  Awards will increase straight-line to the maximum at 22% ROCE in 2020.

Details of awards granted to PDMRs are set out below in compliance with Article 19 of Regulation 596/2014.

1

Details of the person discharging managerial responsibilities

a)

Name

Chris Weston (Chief Executive Officer)

Heath Drewett (Chief Financial Officer)

Stephen Beynon (Managing Director, Power Solutions)

Anna Filipopoulos (Group Human Resources Director)

Dan Ibbetson (Managing Director)

Peter Kennerley (Group Legal Director and Company Secretary)

Grant Nairn (Chief Information Officer)

Bruce Pool (President - Rental Solutions)

Volker Schulte (Group Manufacturing and Technology Director)

2

Reason for the notification

a)

Position/status

As detailed in 1a) above

b)

Initial notification /Amendment

Initial notification

3

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

a)

Name

Aggreko plc

b)

LEI

2138003R7TGCSVF27H47

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, type of instrument

Identification code

Ordinary shares of 4 329/395 pence each ('Shares')

GB00BK1PTB7

b)

Nature of the transaction

Grant of awards under the Aggreko 2015 Long Term Incentive Plan

c)

Price(s) and volume(s)

d)

Aggregated information

- Aggregated volume

- Price

1,090,406

nil

e)

Date of the transaction

3 May 2018

f)

Place of the transaction

London Stock Exchange

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, type of instrument

Identification code

Ordinary shares of 4 329/395 pence each ('Shares')

GB00BK1PTB7

b)

Nature of the transaction

Grant of awards under restricted stock agreements to

H Drewett.

c)

Price(s) and volume(s)

d)

Aggregated information

- Aggregated volume

- Price

119,081

nil

e)

Date of the transaction

3 May 2018

f)

Place of the transaction

London Stock Exchange

This information is provided by RNS

The company news service from the London Stock Exchange

END

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