Tate & Lyle PLC
Tate & Lyle PLC (the “Company”) announces that in accordance with the remuneration arrangements relating to the recruitment of Imran Nawaz, Chief Financial Officer, as announced on 17 April 2018 (see note below), a grant of nil-cost options over the Company’s ordinary shares of 25 pence each in the capital of the Company (“Shares”) was made to Imran Nawaz on 9 August 2018 as follows:
No. of Shares
subject to option
|Value of award upon grant||Vesting Date|
|Award A||63,052||£800,000||After 1 August 2019|
|Award B||63,051||After 1 August 2020|
|Award C||233,502||£1.41 million||After 31 March 2021|
Awards A and B will only vest to the extent that certain performance criteria are satisfied by Mr. Nawaz. Award C is subject to the performance conditions that apply to awards made under the Tate & Lyle 2012 Performance Share Plan (“PSP”) and accordingly will only vest to the extent that these performance conditions are satisfied by the Company over a three-year performance period which runs from 1 April 2018 to 31 March 2021.
These awards are governed by an Award Deed dated 9 August 2018 and the rules of the PSP.
The notification below, which has been made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
10 August 2018
Extract from the announcement issued on 17 April 2018:
To compensate Imran for incentive awards that he will forfeit at Mondelēz International, Tate & Lyle will make him a one-off Restricted Stock Award (RSA) of £800,000 worth of shares in Tate & Lyle (delivered in two equal tranches on the first and second anniversaries of his employment with Tate & Lyle) subject to achievement of performance conditions based on individual objectives. In 2018, he will receive a PSP award at 300% of his full annual salary subject to normal PSP performance conditions. The RSA and 2018 PSP awards will be subject to forfeiture/repayment if he ceases to be employed in the first 36 months of employment due to his resignation or dismissal for cause.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
|Details of PDMR / person closely associated with them (“PCA”)|
|2.||Reason for the notification|
|a)||Position / status||PDMR – 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||Tate & Lyle PLC|
|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|
Description of the financial instrument
Ordinary shares of 25 pence each in the capital of Tate & Lyle PLC
|b)||Nature of the transaction||Grant of nil-cost options over shares for no consideration under the Tate & Lyle 2012 Performance Share Plan and Restricted Stock Award|
|c)||Price(s) and volume(s)||
|e)||Date of the transaction||2018-08-09|
|f)||Place of the transaction||Outside a trading venue|