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: [phone]

 

END

 

 

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