Director/PDMR Shareholding

RNS Number : 4616W
Grainger PLC
31 January 2012
 



 

 

 

31 January 2012

 

ISIN Number:   GB00B04V1276

 

 

Dear Sirs

 

Grainger plc  Director / PDMR Shareholdings

 

Grainger plc ('The Company') announces that pursuant to The Grainger 2007 Long-Term Incentive Plan ('LTIP') and following an assessment of the performance conditions by its Remuneration Committee, 16% of the awards conditionally granted on 23 December 2008 vested on 24 January 2012 and that the details in respect of the following Executive Directors are as follows:-

 

Executive Director

Share Award 23 December 2008

 


Shares Vesting 

Shares Lapsed

Andrew Cunningham

149,936

784,682




Peter Couch

82,668

432,634

 

Arrangements are in hand to transfer the shares that are vesting from the Grainger Employee Benefits Trust to the Executive Directors.

 

The company further announces the following sales of ordinary shares by the above directors of the company.

 


Date

Shares Sold

Price

Andrew Cunningham

27 January 2012

78,000

102.48p





Peter Couch

30 January 2012

43,200

98.2p

 

The total shareholdings of the above directors after these transactions is: -

 

Executive Director

Holding following notification

Percentage holding following notification

Andrew Cunningham

1,190,899

0.29%




Peter Couch

164,460

0.04%

 

 

 

 

 

Following the vesting of the  share awards referred to above the details of the total outstanding conditional share awards for the executive directors under the LTIP are as set out below: -

 

Award Date

Andrew Cunningham

Peter Couch

Nick Jopling

Mark Greenwood


Ordinary shares of 5p each (thousands)

09 Dec 09

577

-

-

-

29 Sept 10

-

-

306

240

26 Nov 10

800

365

383

285

02 Dec 11

751

342

363

268







2128

707

1052

793

 

The performance criteria for these awards are as follows:-

 

For LTIP awards granted before 30 September 2010, one third are subject to an absolute total shareholder return performance condition measured over three years from the date of grant and two thirds are subject to annual growth in NNNAV measured over three years from the date of grant.

 

NNNAV Performance Conditions (66.67%)

Percentage of the NNNAV proportion of an award which will vest

Less than or equal to average weighted average cost of capital ("WACC")

0%

Equal to average WACC + 3%

100%

Between average WACC and average WACC + 3%

Pro rata on a straight-line basis between 0% and 100%.

 

 

TSR Performance Conditions (33.33%)

Percentage of the TSR proportion of an award which will vest

TSR being less than or equal to 8% compounded per annum, equivalent to 25.97% growth in total over the TSR performance period.

0%

TSR being equal to or greater than 16% compounded per annum, equivalent to 56.09% growth in total over the TSR performance period.

100%

Between 8% compounded per annum and 16% compounded per annum.

Between 0% and 100% pro rata on a straight-line basis.

 

For LTIP awards granted after 30 September 2010 one-half are subject to an absolute total shareholder return from the date of grant and one-half are subject to annual growth in NNNAV compared to the growth in the Halifax and Nationwide House Price indexes all measured from the date of grant.



NNNAV Performance Conditions (50%)

Percentage of the NNNAV proportion of an award which will vest

Where growth in NNNAV over three year period exceeds the average of the Halifax and Nationwide indices by a factor of:


Less than 1.5

Nil

Between 1.5 & 3

Pro rata vesting

Greater than 3

100%



 

 

 

 

TSR Performance Conditions (50%)

Percentage of the TSR proportion of an award which will vest

TSR being less than or equal to 5% compounded per annum, equivalent to 15.76% growth in total over the TSR performance period.

Nil

TSR being equal to or greater than 15% compounded per annum, equivalent to 52.08% growth in total over the TSR performance period.

100%

Between 5% compounded per annum and 15% compounded per annum.

Between 0% and 100% pro rata on a straight-line basis.

 

 

For and on behalf of

Grainger plc

 

 

 

 

 

M P Windle

Company Secretary


This information is provided by RNS
The company news service from the London Stock Exchange
 
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