13 July 2022
Polar Capital Holdings plc ("Polar Capital" or the "Company")
Notification of Transactions by Persons Discharging Managerial Responsibilities (PDMRs)
Long Term Incentive Plan Awards - Performance Conditions
On 10 July 2020 Gavin Rochussen, Alexander Black and Iain Evans were granted awards under the Long Term Incentive Plan ("LTIP"), as part of the Company's Equity Incentive Plan. Details of the original grant are contained in RNS No. 7115S.
The terms of the LTIP award provide for vesting on the third anniversary of grant. The vesting of the awards was subject to continued employment and performance targets. Upon vesting the shares would be released in equal tranches on the third, fourth and fifth anniversaries of grant. The third anniversary of this award was on 10 July 2023.
The performance targets have been considered by the Remuneration Committee, and it was determined that a 62% vesting of the 2020 LTIP Award should be made. Full details of the performance targets of the Award are available in the Remuneration Committee Report of the 2023 Annual Report and Accounts.
Long Term Incentive Plan Awards - No Performance Conditions
On 10 July 2020, Samir Ayub and Nicholas Farren were granted conditional awards as part of the Long Term Incentive Plan ("LTIP"), as part of the Company's Equity Incentive Plan, details of which are contained in RNS No. 7117S.
The terms of the LTIP award provide for vesting on the third anniversary of grant. The vesting of the awards was subject to continued employment. Upon vesting the shares would be released in equal tranches on the third, fourth and fifth anniversaries of grant. The third anniversary of this award was also on 10 July 2023.
On the vesting date there will be a sale of sufficient shares to cover tax liabilities and the remaining shares will be retained under the holding period. These awards have been satisfied by the release of shares from the Employee Benefit Trust to the participants, who have established nominee accounts with the EBT for the retention of the shares during the holding period.
The following table provides details of the vesting and release schedule of the awards:
| Name | Title | Vesting 2020 LTIP
| Shares sold to cover Tax & NIC | Shares released on 10 July 2023 (1st Release Date) | Shares released on 10 July 2024 (2nd Release Date) | Shares released on 10 July 2025 (3rd Release Date) |
| Gavin Rochussen | Chief Executive Officer | 131,155 | 71,598 | 19,852 | 19,852 | 19,853 |
| Samir Ayub
| Finance Director | 24,566 | 13,411 | 3,718 | 3,718 | 3,719 |
| Alexander Black
| Chief Investment Officer | 65,557 | 35,788 | 9,923 | 9,923 | 9,923 |
| Iain Evans | Global Head of Distribution | 65,557 | 35,788 | 9,923 | 9,923 | 9,923 |
| Nicholas Farren | Chief Operating Officer | 24,566 | 13,411 | 3,718 | 3,718 | 3,719 |
Details of the vesting and sale of shares for each PDMR is provided below:
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Gavin Rochussen | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Chief Executive Officer | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Acquisition of an interest in the shares of the Company on the vesting of the 2020 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | Nil | 131,155 | | |
| | | | |
| |
| d)
| Aggregated information | Single transaction as in 4 c) above | |||
| | | ||||
| e)
| Date of the transaction
| 10-07-2023 | |||
| f)
| Place of the transaction
| Outside a trading venue | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Gavin Rochussen | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Chief Executive Officer | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Sale of shares of the Company on vesting of the 2020 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | 455.5623p | 71,598 | | |
| | | | |
| |
| d)
| Aggregated information | Single transaction as in 4 c) above | |||
| | | ||||
| e)
| Date of the transaction
| 12-07-2023 | |||
| f)
| Place of the transaction
| London Stock Exchange, AIM | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Samir Ayub | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Finance Director | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Acquisition of an interest in the shares of the Company on the vesting of the 2020 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | Nil | 24,566 | | |
| | | | |
| |
| d)
| Aggregated information | Single transaction as in 4 c) above | |||
| | | ||||
| e)
| Date of the transaction
| 10-07-2023 | |||
| f)
| Place of the transaction
| Outside a trading venue | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Samir Ayub | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Finance Director | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Sale of shares of the Company on vesting of the 2020 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | 455.5623p | 13,411 | | |
| | | | |
| |
| d)
| Aggregated information | Single transaction as in 4 c) above | |||
| | | ||||
| e)
| Date of the transaction
| 12-07-2023 | |||
| f)
| Place of the transaction
| London Stock Exchange, AIM | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Alexander Black | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Chief Investment Officer | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Acquisition of an interest in the shares of the Company on the vesting of the 2020 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | Nil | 65,557 | | |
| | | ||||
| e)
| Date of the transaction
| 10-07-2023 | |||
| f)
| Place of the transaction
| Outside a trading venue | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Alexander Black | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Chief Investment Officer | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Sale of shares of the Company on vesting of the 2020 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | 455.5623p | 35,788 | | |
| | | | |
| |
| d)
| Aggregated information | Single transaction as in 4 c) above | |||
| | | ||||
| e)
| Date of the transaction
| 12-07-2023 | |||
| f)
| Place of the transaction
| London Stock Exchange, AIM | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Iain Evans | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Global Head of Distribution | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Acquisition of an interest in the shares of the Company on the vesting of the 2020 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | Nil | 65,557 | | |
| | | ||||
| e)
| Date of the transaction
| 10-07-2023 | |||
| f)
| Place of the transaction
| Outside a trading venue | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Iain Evans | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Global Head of Distribution | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Sale of shares of the Company on vesting of the 2020 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | 455.5623p | 35,788 | | |
| | | | |
| |
| d)
| Aggregated information | Single transaction as in 4 c) above | |||
| | | ||||
| e)
| Date of the transaction
| 12-07-2023 | |||
| f)
| Place of the transaction
| London Stock Exchange, AIM | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Nicholas Farren | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Chief Operating Officer | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Acquisition of an interest in the shares of the Company on the vesting of the 2020 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | Nil | 24,566 | | |
| | | ||||
| e)
| Date of the transaction
| 10-07-2023 | |||
| f)
| Place of the transaction
| Outside a trading venue | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Nicholas Farren | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Chief Operating Officer | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Polar Capital Holdings plc | |||
| b)
| LEI
| 549300OXX7YE1947B825 | |||
| 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 | Ordinary Shares of 2.5p each | |||
| | | ||||
| Identification code | GB00B1GCLT25 | ||||
| | | ||||
| b)
| Nature of the transaction
| Sale of shares of the Company on vesting of the 2020 LTIP Award | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | 455.5623p | 13,411 | | |
| | | | |
| |
| d)
| Aggregated information | Single transaction as in 4 c) above | |||
| | | ||||
| e)
| Date of the transaction
| 12-07-2023 | |||
| f)
| Place of the transaction
| London Stock Exchange, AIM | |||
Enquiries:
Polar Capital +44 (0)20 7227 2700
Gavin Rochussen (Chief Executive)
Samir Ayub (Finance Director)
Numis Securities Limited - Nomad and Joint Broker +44 (0)20 7260 1000
Giles Rolls
Charles Farquhar
Stephen Westgate
Peel Hunt LLP - Joint Broker +44 (0)20 3597 8680
Andrew Buchanan
Camarco +44 (0)20 7757 4995
Ed Gascoigne-Pees
Jennifer Renwick
Phoebe Pugh
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