Director/PDMR Shareholding

RNS Number : 3323K

Holidaybreak PLC

17 December 2008

 

Holidaybreak plc

Director/PDMR Shareholding

Holidaybreak plc ("the Company") announces that on 16 December 2008, conditional allocations of ordinary shares of 5p each in the Company were made under the terms of the Holidaybreak plc 2006 Long Term Incentive Plan ("LTIP") to the Directors of the Company as follows:

Director	EPS shares	TSR shares	Total number of shares in conditional allocation
Carl Michel	56,875	24,375	81,250
Robert Baddeley	38,500	16,500	55,000
Nicholas Cust	35,000	15,000	50,000
Martin Davies	32,813	14,062	46,875
Simon Tobin	30,625	13,125	43,750
Steven Whitfield	29741	12,746	42,487

The percentage of the allocation of LTIP awards eventually to vest is dependent on the satisfaction of performance criteria over a three-year performance period ending 30 September 2011:

70% of the shares (EPS shares) will be subject to a performance condition based on the Company's absolute EPS at the end of the three financial years*. 

30% of the shares (TSR shares) will be determined by the Company's Total Shareholder Return (TSR) performance relative to the other companies comprising the FTSE 250 (excluding investment companies)**.

The conditional allocations shown above represent the maximum potential award possible if all performance criteria are met at the end of the three-year performance period. If and to the extent that the performance criteria are met at the end of the three-year performance period, the relevant number of shares will be transferred to executives.

* The maximum allocation of EPS shares only vests if the Company's EPS exceeds 60p at the end of the three-year period. No shares vest if the EPS is less than 50p. Between 50p and 60p shares vest on a scale from 30% to 100%. 

** The maximum allocation of TSR shares only vests if the Company's TSR over the performance period is ranked in the upper quartile in the comparator group. No shares vest if the Company's TSR over the performance period is ranked below median in the comparator group. Between median and upper quartile in the comparator group, shares vest on a scale from 30% to 100%. 

In addition, Carl Michel was awarded a maximum potential award (if all performance criteria are met at the end of the three-year performance period) over 5,297 shares (Matching Shares) by way of matching awards in relation to investment made by Carl Michel under the Rules of the Plan. The maximum allocation of Matching Shares only vests if the Company's EPS is equal to or exceeds 60p at the end of the three-year period. No shares vest if EPS is below 50p. Between 50p and 60p the Matching Shares vest on a scale from 50% to 100%.

Following the above allocations the directors have notified their interests in the share capital of the Company in accordance with Disclosure Rule 3.1.2 (R) as follows: 

Director	No. of shares	No. of options	No. of shares in conditional allocations under 2006 LTIP	No. of shares in conditional matching allocations under 2006 LTIP
Carl Michel	22,000	1,623	188,872	21,381
Robert Baddeley	40,000	76,556	118,826	nil
Nicholas Cust	8,367	84,239	107,800	nil
Martin Davies	23,208	2,361	74,591	6,929
Simon Tobin	Nil	73,188	95,748	nil
Steven Whitfield	16,890	39,945	92,741	nil

 

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