Director/PDMR Shareholding

RNS Number : 7283I

Pendragon PLC

17 March 2010

 



No: 633

Pendragon PLC ("Pendragon" or the "Company")

Awards under the Pendragon 2009 Executive Shared Ownership Plan

The Company announces that, on the 16 March 2010, upon the recommendation of the Company's Remuneration Committee, awards were made under the Executive Share Ownership Plan ("ExSOP") approved by shareholders in 2009. The shares awarded under the ExSOP are ordinary shares of 5 pence in the Company ("ExSOP Shares") and are jointly owned by the director and an employee benefit trust administered by Investec Trust (Guernsey) Limited (the "EBT").The recipients of ExSOP Share awards are:-

Director	Number of ExSOP Shares awarded  (joint interest)	Price paid for ExSOP Award
Trevor Finn	3,836,921	£930,833
Martin Casha	2,131,623	£517,130
Timothy Holden	1,510,762	£366,509
Hilary Sykes	532,906	£129,282

Each recipient will benefit from any growth in the market value of the jointly-owned ExSOP Shares awarded from the date of award until the expiry of the three-year performance period. Vesting of ExSOP shares is subject to a performance condition measured over the financial years 2010, 2011 and 2012. The target is:

2012  Cumulative Adjusted EPS	Percentage Vesting
Below 9.7p	0%
9.7p	30%
11.7p	100%
Straight line vesting between performance points. Cumulative Adjusted EPS will be calculated by adding together the adjusted EPS for each of the financial years ending 31 December 2010, 2011 and 2012.

If the performance condition is not satisfied, the ExSOP Shares will not vest.  The Remuneration Committee has established the performance condition on the basis of the current finance structure of the Group and will review the appropriateness of the performance condition if there is a refinancing of the Company during the performance period.  To the extent that the performance condition is met, ExSOP Shares will vest, at the earliest (subject to the rules of the ExSOP) shortly after the announcement of the preliminary results for the Company for year ending 31 December 2012 (likely to be in February 2013). 

Enquiries:-

FINSBURY

Rollo Head/Philip Walters, Finsbury                                                                Tel: [phone]

-ENDS-

 

END

 

 

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