Director/PDMR Shareholding

RNS Number : 6655K

Marston's PLC

26 June 2014

 

Notification of interests of directors

26 June 2014

The Company announces that on 25 June 2014, the Directors and Person Discharging Managerial Responsibilities (PDMR) listed below were granted awards over ordinary shares in the Company under the Company's 2014 Long Term Incentive Plan with HM Revenue & Customs (HMRC) Approved Schedules (the "Plan").  The awards were granted on 25 June 2014 calculated using the market price at the close of trading on the London Stock Exchange on 24 June 2014 of 143.7 pence per ordinary share.

Awards under the Plan are structured as Approved Performance Share Plan Awards ("APSP Awards") and comprise three elements: (i) an HMRC Approved Option over shares with a total value at the date of grant of £30,000 with an exercise price of 143.7 pence per share; (ii) a "Linked Award" which is, principally, a funding award in the form of a nil cost option (i.e. in the form of an LTIP Award) over such number of shares whose total value at exercise equals £30,000; and (iii) an LTIP Award in the form of a nil cost option over shares to the value of the remainder of the APSP Award above the £30,000 limit. 

Subject to the satisfaction of the performance metrics which are based on a combination of Cash Return On Cash Capital Employed (CROCCE), Free Cash Flow (FCF) and Relative Total Shareholder Return; the APSP Awards will vest and become exercisable in three years.

In addition to satisfaction of these performance conditions, the Approved Option will only become exercisable if the market value of a share at exercise is greater than 143.7 pence per share.  If the market value at exercise is less than 143.7 pence per share, the Approved Option will lapse and the maximum number of shares subject to the Linked Award will become available to the participant to exercise as an unapproved LTIP option.

Name	Designation	Number of shares subject to APSP Award (Approved Option and LTIP Award)	Maximum number of shares subject to Linked Award
Andrew Andrea	Director	275,748	20,876
Peter Dalzell	Director	245,302	20,876
Ralph Findlay	Director	441,892	20,876
Richard Westwood	PDMR	178,322	20,876

The notification of these transactions is made pursuant to DTR 3.1.4R (1)(a) and is also deemed to be disclosure made in accordance with Section 793 of the Companies Act 2006 where appropriate.

Enquiries: Anne-Marie Brennan, Company Secretary, Marston's PLC, [phone]

 

END

 

 

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