Director/PDMR Shareholding

RNS Number : 5648Y
Future PLC
24 December 2010
 



Future plc

24 December 2010

 

 

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 one penny each ("Shares").

 

On 23 December 2010, the Company received notification from Stevie Spring and John Bowman that the following Awards were granted to them by the Company on 21 December 2010:

 

 Name

  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

  1,666,667

  5,602,138

  1,398,162

 John Bowman

  1,025,000

  3,968,846

  881,523

 

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 2010 to 30 September 2013 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 100% 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.

 

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

 

 

Mark Millar, Company Secretary          01225 442244

Future plc


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Future (FUTR)
UK 100