Director/PDMR Shareholding

RNS Number : 5177K

Future PLC

19 December 2008

 



 Future plc

Notification of Interests of Persons Discharging Managerial Responsibility
('PDMRs') and connected persons

Future plc ('the Company') announces the following dealings by PDMRs in the Company's ordinary shares of 1p each (Shares'),

On 19 December 2008 the Company granted the following Awards:

Name	Number of Shares over which awards granted under Deferred Bonus Award	Number of Shares over which awards granted under Performance Share Plan ('PSP')	Total number of Shares under options and/or awards	Number of Shares already held
Stevie Spring	548,429	1,876,923	4,481,132	439,397
John Bowman	36,562	1,513,846	3,721,228	752,309

One half of the shares granted in connection with the deferral of part of the relevant PDMR’s bonus, will vest on 1 October 2009 and the remainder will vest on 1 October 2010 subject normally to continued employment. If either of the directors leaves the Company before 1 October 2010, a number of the shares will vest on a pro rata basis from 1 October 2008 to the date of termination of their employment.  No consideration is payable on the grant or vesting of the Awards.

The PSP Awards will vest three years from the date of grant, at no cost to the participants, in accordance with the rules of the PSP provided that the participants remain in employment of the Group at the vesting date and subject to performance targets measured over the three financial years from 1 October 2008 to 30 September 2011 having been met. Vesting of the PSP Awards is subject to both Total Shareholder Return (TSR) and Earnings Per Share (EPS) performance.

The vesting of 50% of the PSP Awards will be determined by the Company’s TSR performance measured against a group of competitor companies, not being less than 15 in number. If the Company’s performance places it below median, none of that part of the PSP Awards will vest. If the TSR performance places it above median ranking, 25% will vest through to l00% of that part if the Company is ranked in the
upper quintile (top 20%). To alleviate short-term volatility, the return index will be averaged in the TSR calculations for each company over the three months prior to the start and end of the performance period.

The vesting of the other 50% of the PSP Awards will be determined by the Company’s EPS performance against the Retail Price Index (RPI). EPS growth targets have been determined by the Remuneration Committee for these PSP Awards as follows: in the event that the Company's EPS growth is less than RPI + 3%, none of that part of the PSP Awards will vest, vesting commences at over RPI + 3% and, at RPI +8%, 100% of that part of the PSP Awards will vest, and vesting will be on a pro rata straight line basis between the two. Earnings per share are defined as the adjusted basic Earnings Per Share as published in the Company’s Annual Report for the relevant years.

The notification of these awards is intended to satisfy the Company’s obligations under Disclosure and Transparency Rule 3.1.4.

Future plc
Mark Millar, Company Secretary                                                                                      01225 442244

 

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