Director/PDMR Shareholding

RNS Number : 1084L

Marks & Spencer Group PLC

26 July 2011

 



Marks and Spencer Group Plc
Notification of Transactions Of Directors/Persons Discharging Managerial Responsibility and Connected Persons

1. Performance Share Plan
It was confirmed on 26 July 2011 that on 25 July 2011 the following awards under the Marks and Spencer Group Performance Share Plan were made to PDMRs of the Company:

Directors	Allocation of Performance Shares (see Note below)
Marc Bolland	687,200
Kate Bostock	415,844
John Dixon	380,603
Laura Wade-Gery	444,037
Steven Sharp	461,657
Alan Stewart	387,651

Note: This award was granted as a nil cost option, where a participant will normally be entitled to exercise their award and receive free Shares between the third and tenth anniversary of grant, subject to the extent to which performance conditions have been satisfied and their continuing employment. The vesting of the award will depend on the Company's earnings per share (EPS), return on capital (ROCE) and Revenue performance over a fixed three-year performance period starting on the first day of the financial year in which the award was granted. The value of dividends accrued, in the form of dividend equivalents, will be paid following the third anniversary of grant based on the number of vested Shares. No consideration was paid for the grant of the award. No price is payable on the exercise of the award.

For the purposes of this award, the grant was made at a Share price of 354.7p

2. Other Awards

It was confirmed on 26 July 2011 that on 25 July 2011 Laura Wade-Gery received ordinary shares in the Company ("Shares") and an award over Shares as detailed below. The entitlement to Shares and the grant of the award were agreed as part of the recruitment of Laura Wade-Gery as Executive Director, Multi-channel E-commerce of the Company and are intended to compensate her for the share incentives she forfeited under her previous employment as a result of joining the Company.

Laura Wade-Gery received:

1.  115,014 free Shares.  She sold 59,959 of these Shares to cover her Income Tax and National Insurance liabilities associated with her receipt of the Shares. She retained 55,055 Shares. The sale of the Shares took place in London on 25 July 2011 at a price of 353.0p per Share. 

2.  An award of 323,653 Shares under the Marks and Spencer Group Restricted Share Plan. This award will vest in three tranches over three years following the date of grant, subject to continued employment until the relevant release dates. There will be no match paid against these Shares, although the value of dividends accrued, in the form of dividend equivalents will be paid at the end of the vesting periods. The award was granted in the form of a nil cost option so that Laura Wade-Gery will normally be entitled to exercise her award and receive free Shares between the relevant vesting dates and the tenth anniversary of grant subject to continuing employment. No consideration was paid for the grant of the award. No price is payable on the exercise of the award.

For the purposes of the award, the grant was made at a Share price of 354.7p.

The award over Shares by way of an agreement was made under Listing Rule 9.4.2(2).

3. Shareholdings of PDMRs

Directors	Total Holding of Ordinary Shares	Total Percentage Holding in the Company
Marc Bolland	147,430	De minimis
Kate Bostock	182,514	De minimis
John Dixon	105,604	De minimis
Laura Wade-Gery	55,055	De minimis
Steven Sharp	390,514	De minimis
Alan Stewart	10,000	De minimis

The above holdings are at 26 July 2011, being the date of this announcement, and include holdings for Connected Persons.

The above information has been disclosed under DTR 3.1.4

For Queries please contact:

Corporate PR  [phone]

 

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