Director/PDMR Shareholding

RNS Number : 1478A

Smiths Group PLC

29 July 2008

 



Smiths Group plc

DTR 3.1.4R(1) 

Notification of Transaction of Directors, Persons Discharging Managerial Responsibility or Connected Persons

Smiths Group plc ('the Company') announces that, following the approval of the Company's Value Sharing Plan ('the Plan') at an Extraordinary General Meeting of the Company held yesterday, 28 July 2008, awards over ordinary shares of 37.5p each in the Company ('Shares') were granted under the Plan on 28 July 2008 to persons discharging managerial responsibility ('PDMRs') (including the two executive directors of the Company) as set out below. 

Full details of the Plan are set out in the Notice of EGM dated 4 July 2008. The Plan is designed to be operated on a one-off basis with participants sharing in 'surplus value' created above a hurdle. Participants will not receive any value if the hurdle is not exceeded. Under the Plan, participants are conditionally awarded a specified number of Shares for achieving predetermined levels of outperformance of the relevant hurdle, expressed as a number of Shares for every £5m of surplus value created. In addition to the Plan for participants with group-wide responsibilities, similar arrangements have been established, to reward surplus value created at divisional level, for executives with responsibility for the Company's five main divisions - Smiths Medical, Smiths Detection, John Crane, Smiths Interconnect and FlexTek.

For participants with group-wide responsibilities (including the two executive directors), surplus value will be determined separately by reference to two performance conditions - the Company's total shareholder return performance ('Surplus Shareholder Value') and profit before tax performance ('Surplus Internal Value'). Each performance condition will be measured separately over three and four year performance periods, ending 31 July 2011 and 31 July 2012 respectively. 

Details of the awards to the participants with group-wide responsibilities (including the two executive directors) are as follows:

	Number of Shares accrued by reference to each £5m of Surplus Value created above the relevant hurdle:
Director/PDMR	Surplus Shareholder Value	Surplus Internal Value
Philip Bowman (Director) - 3 year performance period - 4 year performance period	417 Shares 417 Shares	833 Shares 833 Shares
John Langston (Director) - 3 year performance period - 4 year performance period	167 Shares 167 Shares	333 Shares 333 Shares
Arnold Wagner (PDMR) - 3 year performance period - 4 year performance period	83 Shares 83 Shares	167 Shares 167 Shares

For participants with divisional responsibilities, surplus value will be determined by reference to each division's internal value (which will be determined by reference to growth in divisional headline operating profit) in excess of a hurdle ('Surplus Divisional Value') over the three and four year performance periods. 

Details of the awards to the divisional heads, all of whom are PDMRs, are as follows:

PDMR	Division	Number of Shares accrued by reference to each £5m of Surplus Divisional Value created above the relevant hurdle
Srini Seshadri - 3 year performance period - 4 year performance period	Smiths Medical	1,125 Shares 1,125 Shares
Stephen Phipson - 3 year performance period - 4 year performance period	Smiths Detection	875 Shares 875 Shares
Paul Cox - 3 year performance period - 4 year performance period	John Crane	1,000 Shares 1,000 Shares
Tedd Smith - 3 year performance period - 4 year performance period	FlexTek	3,250 Shares 3,250 Shares

The divisional head role at Smiths Interconnect is currently vacant.  

Name of contact and telephone number for queries: Neil Burdett - [phone] 

Name of duly authorised officer of issuer responsible for making notification: Neil Burdett 

Date of notification: 29 July 2008 

ENDS

Media

Anthony Cardew

[phone]

Investor Relations                 

Peter Durman                    

[phone]

 

END

 

 

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