Directors Dealings – Grant of Option to New CFO

Jay Dossetter

Following the formal appointment of Paul Miles as GVC’s Chief Financial Officer (“CFO”) and the recent release of the Company’s 2016 annual results, GVC has granted the following share option (“Option”) to the CFO:

Grant date: 30 March 2017
Exercise price: £4.22
Securities: GVC ordinary shares of €0.01 each (“Shares”)
Number of Shares: 350,000

The Company has granted the Option under the exemption to Listing Rule 9.4.1 contained in Listing Rule 9.4.2 (2).  The rules governing the Option are identical to the rules of the GVC 2016 Management Incentive Plan (“MIP”) except in respect of the latter’s eligibility provision.

The Option will vest one-third on the date of grant.  Thereafter, subject to the satisfaction of a performance condition, one ninth will vest on 2 May 2017 and then one-ninth shall vest each subsequent quarter, so that all of the Shares subject to the Option shall have vested by 2 August 2018, in line with the vesting schedule for the awards granted to senior executives under the MIP and to the Directors under the GVC 2015 Long Term Incentive Plan (“2015 LTIP”) (see the Company’s announcement of 3 February 2016). The Option will lapse, if not exercised, on 30 March 2027.

The performance condition applying to the Option is the same condition applying to the 2015 LTIP and other MIP awards, being a comparator total shareholder return (“TSR“) of the Company against the FTSE 250. Each ninth of the Shares subject to the Option’s performance condition will have its TSR condition reviewed from 2 February 2016 (i.e. the same performance condition start date as for the 2015 LTIP awards) until the relevant vesting date. To the extent the TSR condition is not met at that time then it shall be tested in the next quarter and, if necessary, at the end of the vesting period. In order to vest, the TSR of the Company must rank at median or above against the FTSE 250.


For further information:

GVC Holdings PLC
Kenneth Alexander, Chief Executive Tel: +44 (0) 1624 652 559
Paul Miles, Chief Financial Officer Nick Batram, Head of Investor Relations & Corporate Strategy   Tel: +44 (0) 20 7337 0110

Media enquiries:

Bell Pottinger
David Rydell, Anna Legge, Laura Jaques Tel: +44 (0) 20 3772 2500
1 Details of the PDMR/person closely associated
Full legal name of person / company (or other entity) who/which has undertaken the transaction: Paul Miles
Nature of holding (please delete those not applicable):  Beneficial
Name of broker used (if any): N/A
2 Reason for the notification
2a) Job title/role of PDMR: CFO
2b) Status of this notification: Initial notification
3 Details of the issuer
b) LEI: 213800GNI3K45LQR8L28
4 Details of the transaction(s)
4a) Type of instrument: Ordinary shares of €0.01 each
4b) Nature of the transaction: Grant of an option
  4c) Price per share (in pence) and volume (number) of shares: Price per share in pence Volume
422p 350,000
  4d) Totals from 4(c): -Price per share in pence Total volume
422p 350,000
4e) Date of execution of transaction: (YYYY – MM – DD)        2017-03-30
4f) Place of transaction: Outside a trading venue
5 Beneficial shareholding before the transaction (including shares held by  associated  persons): Nil
6 Beneficial shareholding after the transaction (including shares held by your associated persons): Nil