Director/PDMR Shareholding

RNS Number : 7881A

UK Coal PLC

07 February 2011

 



UK COAL PLC ("UK Coal" or "the Company")

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility ('PDMR') and Connected Persons 

Grant of Share Awards

This notification is made in accordance with DTR 3.1.4.

On 4 February 2011, UK Coal's Executive Chairman Jonson Cox was granted a conditional award (the "Long-Term Award") to acquire 2,800,000 ordinary shares of 1p each in the Company. The Long-Term Award will normally vest on the third anniversary of the commencement of Mr Cox's employment, subject to Mr Cox's continued employment with the UK Coal group on that date and the satisfaction of specific performance conditions.

It was agreed at the time of his recruitment that in place of his participation in the short and long-term bonus arrangements that exist for the executive management team, Mr. Cox would receive bespoke awards reflecting the role of Executive Chairman.

Mr Cox was also granted on 4 February 2011 an award to acquire 1,520,000 ordinary shares which shall normally vest on an annual basis in three equal tranches (the "Annual Vesting Award") , subject to Mr Cox's continued employment with the UK Coal group and the achievement of strategic key performance indicators.  

These Awards reflect the role of Executive Chairman and the challenges presented by UK Coal's current position.  Both Awards are aligned to overall shareholder value.

Mr Cox will not participate in any of the short or long term incentive arrangements that exist for the executive management team over the next three years.

Both the Long-Term Award and the Annual Vesting Award were granted under Listing Rule 9.4.2(2) in connection with the recruitment of Mr Cox as Executive Chairman of the Company. No monetary consideration was paid for the grant of the Awards and no payment will be due when the Awards vest.

Contact:

R A Cole, Company Secretary, 01302 751 751

 

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