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Reach plc announced on 5 December 2024 that on 4 December 2024, 536,435 ordinary shares were released to its Chief Executive Officer, Jim Mullen, under a 2019 Long-Term Incentive Plan award following a two-year holding period. Additionally, 103,055 dividend equivalent shares were released to Mr. Mullen, of which 48,534 shares were sold at £0.892 per share on 4 December 2024 to cover tax liabilities and sales costs.
| Date | 5 Dec 2024 |
| Time | 11:00:00 |
| Category | Director/PDMR dealings |
| ID | 9895O |
5 December 2024
Reach plc (the "Company")
Notification of Transactions by a Person Discharging Managerial Responsibilities ("PDMR")
Release of 2019 Award under the Reach Long-Term Incentive Plan 2012 ("LTIP") following two-year holding period
The Company announces that on 4 December 2024, 536,435 ordinary shares of 10 pence each in the Company ("shares") were released to Jim Mullen, in accordance with the terms of an award granted to him under the LTIP on 4 December 2019 which he exercised on 14 December 2022. From 4 December 2022 to 4 December 2024 the award was subject to a two-year post-vesting holding period.
A further 103,055 dividend equivalent shares (representing the value of dividends declared during the two-year post-vesting holding period) were also released and on 4 December 2024, 48,534 shares were sold to cover tax liabilities and sales costs in respect to the release of the dividend equivalent shares, with Mr. Mullen retaining the balance of those shares.
The notifications below, which have been made in accordance with the requirements of the Market Abuse Regulation, provides further detail.
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1
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Details of the person discharging managerial responsibilities / person closely associated
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a)
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Name
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Jim Mullen |
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2
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Reason for the notification
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a)
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Position/status
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Chief Executive Officer |
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b)
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Initial notification /Amendment |
Initial Notification |
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3
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Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
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Name
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Reach plc |
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b)
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LEI
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213800GNI5XF3XOATR61 |
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4
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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
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a)
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Description of the financial instrument, type of instrument |
Ordinary 10p Shares |
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Identification code |
GB0009039941 |
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b)
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Nature of the transaction
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Release of vested LTIP shares following a two-year post-vesting holding period |
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c)
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Price(s) and volume(s) |
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d)
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Aggregated information |
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- Aggregated volume |
536,435 |
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- Price |
Nil |
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e)
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Date of the transaction
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2024-12-04 |
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f)
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Place of the transaction
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Outside a trading venue |
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4
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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
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a)
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Description of the financial instrument, type of instrument |
Ordinary 10p Shares |
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Identification code |
GB0009039941 |
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b)
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Nature of the transaction
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Release of additional dividend equivalent shares |
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c) |
Price(s) and volume(s)
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d)
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Aggregated information |
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- Aggregated volume |
103,055 |
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- Price |
Nil |
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e)
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Date of the transaction
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2024-12-04 |
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f)
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Place of the transaction |
Outside a trading venue |
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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
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a)
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Description of the financial instrument, type of instrument |
Ordinary 10p Shares |
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b)
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Nature of the transaction
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Sale of shares to cover applicable withholding tax and other deductions arising on release of the dividend equivalent shares |
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c)
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Price(s) and volume(s) |
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d)
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Aggregated information
- Aggregate volume
- Price |
48,534 £0.892
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e)
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Date of the transaction
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2024-12-04 |
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f)
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Place of the transaction |
XLON |
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Reach |
020 7293 3000 |
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Laura Harris, Group Company Secretary |
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Teneo |
020 7353 4200 |
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David Allchurch/Giles Kernick |
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LEI: 213800GNI5XF3XOATR61
Classification: 2.2 Information disclosed under article 19 of the Market Abuse Regulation. |
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