12.03.2024 17:00:56

Convatec Group PLC: Director/ PDMR Shareholding

Convatec Group PLC (CTEC)
Convatec Group PLC: Director/ PDMR Shareholding

12-March-2024 / 16:00 GMT/BST

12 March 2024

Convatec Group Plc
(“Convatec” or “the Company”)

Director/ PDMR Shareholding 

The Company has been notified of the following transactions in relation to Persons Discharging Managerial Responsibility (“PDMR”) in respect of ordinary shares of 10 pence each in the Company (“Shares”).

  1. Grant of Awards under the Company’s Long Term Incentive Plan (“LTIP”)

 

On the 11 March 2024, awards were granted to Karim Bitar, Chief Executive Officer and Jonny Mason, Chief Financial Officer under the LTIP in the form of Performance Share Units (“PSUs”). These awards are due to vest on the third anniversary of grant, conditional on the following performance conditions: adjusted PBT growth, organic revenue growth, and TSR over the three financial years to 31 December 2026; and subject to a two-year post vesting holding period. Further details of the LTIP and performance conditions will be available in the Company’s 2023 Annual Report.

 

Karim Bitar:  1,025,891

 

Jonny Mason:  464,221

The three-day average share price, closing on 8 March 2024 of £2.76 was used in determining the awards.

  1. Grant of Awards under the Company’s Deferred Bonus Plan (“DBP”)

On the same date, awards were also granted to Karim Bitar and Jonny Mason, under the DBP in the form of restricted stock units (“RSUs”), which are due to vest on the third anniversary of grant and are not subject to performance conditions:

Karim Bitar:  226,266

Jonny Mason:  122,863

The three-day average share price, closing on 8 March 2024 of £2.76 was used in determining the awards.

  1. Vesting of Awards under the Company’s LTIP

Also on 11 March 2024, share awards granted to Karim Bitar in 2021 under the LTIP vested:

Shares vested

Shares sold to satisfy income tax & NI liabilities

Share price

Total shares acquired

 

592,209

 

279,106

 

2.805

 

313,103
  1. Vesting of Awards under the Company’s DBP

On the same day, awards granted to Karim Bitar in 2021 under the DBP, vested:

Shares vested

Shares sold to satisfy income tax & NI liabilities

Share Price

Total Shares acquired

301,460

142,077

2.805

159,383

 

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

   Chief Executive Officer and PDMR

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 financial instrument, type of instrument

Identification code

Ordinary share of 10p each in ConvaTec Group Plc

 

GB00BD3VFW73

b)

Nature of the transaction
  1. Grant of RSUs under the DBP, subject to a time-based vesting period of three years.

 

  1. Grant of PSUs under the LTIP subject to performance conditions.

 

c)

Price(s) and volume(s)

Price(s)

  1. n/a
  2. n/a

Volume(s)

  1. 226,266
  2. 1,025,891

d)

Aggregated information

- Aggregated volume 

- Price

 

1,252,157

N/A

e)

Date of the transaction

2024-03-11

f)

Place of the transaction

Outside a trading venue

 

 

 

 

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Jonny Mason

2

Reason for the notification

a)

Position/Status

   Chief Financial Officer and PDMR

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 financial instrument, type of instrument

Identification code

Ordinary share of 10p each in Convatec Group Plc

 

GB00BD3VFW73

b)

Nature of the transaction
  1. Grant of RSUs under the DBP, subject to a time-based vesting period of three years and continued employment.

 

  1. Grant of PSUs under the LTIP subject to performance conditions.

 

c)

Price(s) and volume(s)

Price(s)

  1. n/a
  2. n/a

Volume(s)

  1. 122,863
  2. 464,221

d)

Aggregated information

- Aggregated volume 

- Price

 

587,084

N/A

e)

Date of the transaction

2024-03-11

f)

Place of the transaction

Outside a trading venue

 

 

 

 

 

 

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Karim Bitar

2

Reason for the notification

a)

Position/Status

   Chief Executive Officer and PDMR

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 financial instrument, type of instrument

Identification code

Ordinary share of 10p each in Convatec Group Plc

 

GB00BD3VFW73

b)

Nature of the transaction
  1. Vesting of Share award under the DBP.

 

  1. Vesting of Share award under the LTIP.

 

c)

Price(s) and volume(s)

Price(s)

  1. n/a
  2. n/a

 

Volume(s)

  1. 301,460
  2. 592,209

 

d)

Aggregated information

- Aggregated volume 

- Price

 

893,669

N/A

e)

Date of the transaction

2024-03-11

f)

Place of the transaction

Outside a trading venue

 

 

 

 

 

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Karim Bitar

2

Reason for the notification

a)

Position/Status

   Chief Executive Officer and PDMR

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 financial instrument, type of instrument

Identification code

Ordinary share of 10p each in Convatec Group Plc

 

GB00BD3VFW73

b)

Nature of the transaction
  1. Immediate sale of shares awarded under the DBP to cover tax and national insurance liabilities.
  2. Immediate sale of shares awarded under the LTIP to cover tax and national insurance liabilities.

c)

Price(s) and volume(s)

Price(s)

  1. 2.805
  2. 2.805

Volume(s)

  1. 142,077
  2. 279,106

d)

Aggregated information

- Aggregated volume 

- Price

 

421,183

2.805

e)

Date of the transaction

2024-03-11

f)

Place of the transaction

London Stock Exchange

 

 

 

 

 

 

 

Enquiries

Ria Banerjee, Group Deputy Company Secretary                                             
+44(0)7425655845
cosec@convatec.com 

Convatec Group Plc’s LEI code is 213800LS272L4FIDOH92

About Convatec

 

Pioneering trusted medical solutions to improve the lives we touch: Convatec is a global medical products and technologies company, focused on solutions for the management of chronic conditions, with leading positions in advanced wound care, ostomy care, continence care and infusion care. With around 10,000 colleagues, we provide our products and services in almost 100 countries, united by a promise to be forever caring. Our solutions provide a range of benefits, from infection prevention and protection of at-risk skin, to improved patient outcomes and reduced care costs. Group revenues in 2023 were over $2 billion. The company is a constituent of the FTSE 100 Index (LSE: CTEC). To learn more about Convatec, please visit www.convatecgroup.com


Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
ISIN: GB00BD3VFW73
Category Code: DSH
TIDM: CTEC
LEI Code: 213800LS272L4FIDOH92
Sequence No.: 309248
EQS News ID: 1857091

 
End of Announcement EQS News Service

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