PROGRAMMED MAINTENANCE SERVICES LIMITED Rule 3.19A.2
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.
Introduced 30/09/01 Amended 01/01/11
Name of entity PROGRAMMED MAINTENANCE SERVICES LIMITED ABN 61 054 742 264We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
Name of Director | CHRISTOPHER GLEN SUTHERLAND |
Date of last notice | 28 JULY 2016 |
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.
Direct or indirect interest | Direct Interest |
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest. | N/A |
Date of change | 28 July 2017 |
No. of securities held prior to change | Direct:Performance Rights 2013 Award 160,000 Performance Rights Issue Date: 9 August 2013 Vesting Date: 1 July 2017 2014 Award 150,000 Performance Rights Issue Date: 31 July 2014 Vesting Date: 1 July 2018 2015 Award 170,000 Performance Rights Issue Date: 31 July 2015 Vesting Date: 1 July 2019 2016 Award 300,000 Performance Rights Issue Date: 28 July 2016 Vesting Date: 1 July 2020 Fully Paid Ordinary Shares: Christopher Sutherland 90,090 |
Indirect: Fully Paid Ordinary Shares: Sutho One Pty. Ltd. (Sutho One Superannuation Fund Account) 305,969 Sutho One Pty. Ltd. (The Sutherland Family Account) 342,100 CPU Share Plans Pty Ltd 77,853 Total 725,922 | |
Class | Performance Rights |
Number acquired | 300,000 |
Number disposed | 2013 Award 160,000 Performance Rights Issue Date: 9 August 2013 Vesting Date: 1 July 2017 |
Value/Consideration Note: If consideration is non‐cash, provide details and | Nil |
estimated valuation | |
No. of securities held after change | Direct:Performance Rights 2014 Award 150,000 Performance Rights Issue Date: 31 July 2014 Vesting Date: 1 July 2018 2015 Award 170,000 Performance Rights Issue Date: 31 July 2015 Vesting Date: 1 July 2019 2016 Award 300,000 Performance Rights Issue Date: 28 July 2016 Vesting Date: 1 July 2020 2017 Award 300,000 Performance Rights Issue Date: 28 July 2017 Vesting Date: 1 July 2021 |
Indirect: Fully Paid Ordinary Shares: Sutho One Pty. Ltd. (Sutho One Superannuation Fund Account) 396,059 Sutho One Pty. Ltd. (The Sutherland Family Account) 342,100 CPU Share Plans Pty Ltd 77,853 Total 816,012 |
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back | Acquisition The Performance Rights have been issued in accordance with Mr Sutherland's Executive Services Agreement, which includes a "Long Term Incentive Plan" (approved by shareholders at the 2017 AGM), which takes the form of an issue of Performance Rights. Each Performance Right carries a right to one fully paid ordinary share. The issue of an additional 300,000 Performance Rights under the Managing Director's Long Term Incentive Plan has been approved by Shareholders at the 2017 Annual General Meeting. The ability of Mr Sutherland to exercise the Performance Rights referred to above is subject to the rules of the Managing Director's Long Term Incentive Plan and satisfaction of the performance criteria that is based on: (a) Performance criteria 1: Total Shareholder Return (TSR) Half (1/2) of the Performance Rights, 150,000, will vest based on the Company's performance by reference to the TSR over the Performance Period when compared with the TSR for each company in a group of peer companies. The peer group of companies comprises the companies listed in the S&P/ASX 300 (ranked by market capitalisation) after excluding resource companies, banks and listed property trusts. A peer company continues to be included in the comparator group for the entire Performance Period, except where the company is delisted due to takeover or merger. New entrants into the ASX300 during the Performance Period are excluded. The Company's performance ranking within that group of peer companies at the end of the relevant Performance Period determines the number of TSR Performance Rights that will vest, as follows: | |||
Performance Criteria | TSR Performance Rights vesting | |||
TSR below 40th percentile | None vest | |||
TSR between 40th and 75th percentile (inclusive) | TSR 2017 Performance Rights that vest to be determined on a straight line escalation from the 40th percentile (0% vest) to the 75th percentile (100% vest) | |||
TSR above 75th percentile | 100% of TSR 2017 Performance Rights vest | |||
Programmed Maintenance Services Limited published this content on 28 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 July 2017 04:27:02 UTC.
Original documenthttps://www.programmed.com.au/media/66481/40-change-in-directors-interest-notice-chris-sutherland.pdf
Public permalinkhttp://www.publicnow.com/view/FC7BEA16236C5B79F1178990613BC565F6ABCEC2
