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Highlights
- Share Acquisition: Vertu Motors acquired shares at 64.607 pence per ordinary share through its employee benefit trust on 17 October 2024.
- Employee Incentive Program: The shares will support the Long Term Incentive Plan for executive directors and PDMRs, aligning their interests with the company's performance.
- Share Capital: Vertu Motors has an issued share capital of 334,263,508 ordinary shares with voting rights, with no shares held in treasury.
Vertu Motors (LSE:VTU) has announced the acquisition of its ordinary shares as part of a strategy to support its employee benefit trust. On 17 October 2024, the company was notified of the purchase by Ocorian Limited, the trustee of the trust, at a price of 64.607 pence per ordinary share.
The shares acquired by the trustee are intended to be held for the employee benefit trust, facilitating the transfer of shares to individuals when options are exercised. This move is particularly relevant for the Company's Long Term Incentive Plan (LTIP), which allows executive directors and other Persons Discharging Managerial Responsibilities (PDMRs) to participate in the scheme. As a result, they are considered to have a notional interest in the shares acquired through this transaction.
Vertu Motors' current issued share capital stands at 334,263,508 ordinary shares with voting rights. Notably, the company does not maintain any ordinary shares in treasury, emphasizing its commitment to transparency and shareholder engagement.
