Director/PDMR Shareholding

RNS Number : 8661E

Kingfisher PLC

01 October 2008

 



STOCK EXCHANGE ANNOUNCEMENT

1 October 2008

DIRECTOR'S INTERESTS AND DIRECTOR DECLARATION 

Kingfisher plc ('the Company')

In accordance with the Disclosure and Transparency Rule 3.1.2R, the Company announces that Kevin O'Byrne undertook a market purchase of the Company's shares yesterday, 30 September, and has today been granted an award under the Company's Performance Share Plan ('PSP').

Market Purchase

Kevin O'Byrne purchased 112,994 shares with a market value of £149,152.08 being the net proceeds of the £250,000 he was paid as part of his recruitment agreement. Mr O'Byrne would place the purchased shares in the Group SIPP as soon as possible.

Performance Share Plan 

The Company has made a conditional recruitment award of shares on 1 October 2008 in the following amounts under the PSP.  These have been granted as nil cost options, and are made pursuant to Listing Rule 9.4.2(2).

The awards are as follows:

Beneficiary	Shares	Performance Conditions	Vesting Period
Kevin O'Byrne	656,392	Note 1	3 years
Kevin O'Byrne	656,392	Note 2	Feb. 2012*

*    Mr O'Byrne's performance conditions are the same as those agreed for Ian Cheshire and the awards have  
     the same vesting date.

Director Declaration

Further to the Director Declaration announcement for Kevin O'Byrne, on 24 July 2008, the Company announces that Kevin O'Byrne has been a director of Land Securities Group Plc, a publicly quoted company, since 1 April 2008. This announcement is made pursuant to paragraph 9.6.13 of the Listing Rules.

Note 1

TSR Performance Condition:

TSR at the end of the Performance Period	Percentage of the Award that Vests
Less than median plus 1 percentage point	Nil
Median plus 1 percentage point	15.625%
Between median plus 1 percentage point and upper quintile plus 1 percentage point	Straight-line vesting between 15.625% and 100%
Upper quintile plus 1 percentage point	100%

• TSR performance will be measured relative to the FTSE 100 and averaged over the one month immediately prior to the award. In order for any of an award of shares subject to the TSR performance condition to vest, the Company's TSR must be at least 1 percentage point above the median over the relevant three year period (at which level of performance 15.625% of this award will vest) and in order for all of this award to vest it must increase by at least 1 percentage point above the upper quintile.  
• The end TSR will be calculated using the closing return indices over the final one month of the performance period.
• In addition, awards will only vest to the extent that the Committee is satisfied that the Company's TSR over the period is reflective of the underlying financial performance of the Company.

Note 2

Adjusted basic EPS Performance Condition *:

Adjusted basic EPS** at the end of the Performance Period	Percentage of the Award that Vests
Less than 15.9p	Nil
15.9p	15.625%
Between 15.9p and 17.0p	Straight-line vesting between 15.625% - 50%
17.0p	50%
Between 17.0p and 19.6p	Straight-line vesting between 50% - 100%
19.6p	100%

**     Before exceptional items, financing fair value re-measurements and acquisition intangibles amortisation.

The above awards are subject to dividend roll-up at the appropriate time.  

Lola Emetulu

Deputy Company Secretary 

 

END

 

 

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