RNS: PDMRs’ Interest in Shares

Thursday, 4 March 2021

Director/PDMR dealings

Synectics (AIM: SNX), a leader in the design, integration and support of advanced security and surveillance systems, announces that on 3 March 2021 it made an award of options (“Options”), in aggregate, over 20,000 ordinary shares of 20p each in the Company ("Ordinary Shares") to David Gavin, a Person Discharging Managerial Responsibility (“PDMRs”), under its existing Performance Share Plan ("PSP"), as detailed below:

Following the award, Mr Gavin’s total interests in Ordinary Shares comprise:

Name Number of Ordinary Shares Held Interest in Ordinary Shares in Synectics plc Share Schemes Resultant Total Interest in Ordinary Shares % of Issued Share Capital
David Gavin 0 20,000 20,000 0.11%

Under the PSP, selected employees are entitled to exercise an option to receive a certain number of Ordinary Shares at any time after a three-year vesting period, exercisable at nil cost. The number of Ordinary Shares that are awarded at the end of the three-year period is dependent on the achievement of certain performance criteria and must be exercised within ten years of the date of award.

The performance criteria will be measured according to the average of the Compound Annual Growth Rate (“CAGR”) of the Total Shareholder Return and the CAGR of Adjusted Underlying Diluted Earnings Per Share for periods of three years. If this average is 25% or more, 100% of that tranche of Options will vest. If this average is above 15% and below 25%, between 0% and 100% of the Options will vest (on a straight-line basis). The baseline for calculating the CAGR of Total Shareholder Return is £1.375 per share, and the baseline for calculating the CAGR of Adjusted Underlying Diluted Earnings Per Share is 11.87 pence per share (being the actual equivalent adjusted earnings per share of the Company in the financial year to 30 November 2019).

The limit on the number of Ordinary Shares over which options may be awarded remains unchanged.

Any entitlement under the PSP will lapse on cessation of employment prior to the end of the three-year vesting period, unless cessation of employment is by reason of redundancy, ill health or death.

Should the performance criteria be met in full or in part, it is intended that the appropriate number of Options will be satisfied firstly from any unallocated Ordinary Shares already held within the Company's employee benefit trust with the balance to be satisfied from a new issue of Ordinary Shares.

Full details of the PSP were set out in the Company's Annual Report for the year ended 30 November 2019, copies of which are available on the Company’s website.

For further information, please contact:

Synectics plc
Claire Stewart, Company Secretary
Tel: +44(0) 114 280 2828

Shore Capital
Tom Griffiths / David Coaten / Henry Willcocks
Tel: +44 (0) 207 408 4050


All the information you need to contact us


Details of Synectics Group offices


Auditor, registrar and stockbrokers