Director/PDMR Shareholding

RNS Number : 4436L
Kingfisher PLC
06 May 2010
 



KINGFISHER PLC

 

NOTIFICATION OF TRANSACTIONS BY DIRECTORS/PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY ("PDMR")

  

 

Performance Share Plan ("PSP")

 

In accordance with Disclosure and Transparency Rule 3.1.4R, Kingfisher plc ("the Company") today announces that awards under the PSP have been granted to the following Directors and PDMRs in respect of the financial year ending 31 January 2011. In accordance with the PSP rules, the awards were granted on 5 May 2010 as nil cost options.

 

The awards are as follows:

 

Beneficiary

Shares

PerformanceConditions

 

Vesting Period

Executive directors

Ian Cheshire

663,360

50% TSR and 50% EPS (Note 1)

3 years

Kevin O'Byrne

476,790

50% TSR and 50% EPS (Note 1)

3 years

Persons discharging managerial responsibility

Euan Sutherland

310,950

100% Retail Operating Profit (Note 2)

3 years

Philippe Tible

247,224

100% Retail Operating Profit (Note 2)

3 years

Peter Hogsted

226,993

100% Retail Operating Profit (Note 2)

3 years

 

Note 1: 

 

TSR Performance Condition:

TSR at the end of the

Performance Period

Percentage of this part

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 Remuneration Committee is satisfied that the Company's TSR over the period is reflective of the underlying financial performance of the Company.

Adjusted basic EPS Performance Condition *:

Adjusted basic EPS* at the end

of the Performance Period

Percentage of this part

of the Award that Vests

Less than 20p

Nil

Between 20p and 23p

Straight-line vesting between 15.625% - 100%

23p

100%

 

* Before exceptional items, financing fair value remeasurements and acquisition intangibles amortisation.

 

Note 2

 

Retail Operating Profit

 

The performance conditions for the vesting of shares for each of the PDMRs after a three year period will be based upon reaching a Retail Operating Profit target for their division of responsibility, which has been set internally.

 

 

Kingfisher Incentive Share Scheme 2003 ("KISS")

 

In addition, on 5 May 2010, the Company was notified that the following PDMR of the Company, exercised nil cost options awarded under the KISS over ordinary shares of 15 5/7 pence in the Company as indicated below.

 

Name

Title

Scheme

Date of Grant

Date of Exercise

Shares Exercised

Shares Sold

Shares Retained

Philippe Tible

CEO Kingfisher France

KISS

11/04/07

27/04/10

8,958

None

8,958

 

Following the exercise, the 8,958 shares were transferred from the Kingfisher Employee Share Ownership Trust into Mr Tible's name on 4 May 2010.

 

 

Ines Watson

Assistant Company Secretary

Tel: 020 7644 1093

 


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