Director/PDMR Shareholding

RNS Number : 8188O

Severn Trent PLC

01 June 2015

 



NOTIFICATION OF TRANSACTIONS BY DIRECTORS, PERSONS

DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED

PERSONS

Notification made in accordance with Disclosure Rule 3.1.4R(1)(a) of the

Disclosure Rules and Transparency Rules.

Share Award to James Bowling

On 29 May 2015, Severn Trent Plc ("the Company") granted James Bowling (a director of the Company) an award ("Award") in respect of 42,346 ordinary shares of 97¹⁷/₁₉ p each in the capital of the Company ("Shares"). The Award has been granted to James Bowling in connection with his recruitment by the Company. The Award is subject to the provisions of an agreement between the Company and James Bowling dated 29 May 2015, the principal terms of which are:

(a)       no consideration is payable in respect of the grant of the Award or for any Shares transferred to James Bowling pursuant to the Award;

(b)       14,115 Shares under the Award ("Tranche 1") are subject to a performance condition to be measured over three financial years of the Company ending on 31 March 2015 and the number of Shares that vest will be determined in accordance with such performance condition;

(c)        14,115 Shares under the Award ("Tranche 2") are subject to a performance condition to be measured over three financial years of the Company ending on 31 March 2016 and the number of Shares that vest will be determined in accordance with such performance condition;

(d)       14,116 Shares under the Award ("Tranche 3") are subject to a performance condition to be measured over three financial years of the Company ending on 31 March 2017 and the number of Shares that vest will be determined in accordance with such performance condition;

(e)       the number of Shares that may be delivered to James Bowling in respect of the vesting of any of Tranche 1, Tranche 2 or Tranche 3, may be enhanced by the delivery of a number of additional Shares or cash to reflect dividends paid by the Company on its Shares during the period from the date of grant of the Award until the Shares subject to the Tranche concerned have vested;

(f)         subject to certain exceptions, should James Bowling cease to be an employee, the Award (to the extent that it has not vested prior to such cessation of employment) will lapse on the date of his cessation of employment;

(g)       any Shares that vest pursuant to a particular Tranche under the Award will be transferred to James Bowling within 30 days of such vesting having occurred;

(h)        the Award may not be satisfied otherwise than with Shares purchased in the market and in no circumstances shall the Award be satisfied with newly issued Shares or Shares held by the Company in treasury.

The grant of the Award was notified to the Company by James Bowling on 29 May 2015 pursuant to Disclosure Rule 3.1.2R of the Disclosure and Transparency Rules.

www.severntrent.com

 

END

 

 

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