Director/PDMR Shareholding

RNS Number : 1129H

SSE PLC

14 June 2013

 



SSE PLC (SSE/the Company)

TRANSACTIONS BY PDMRS

DISCLOSURE PURSUANT TO DISCLOSURE AND TRANSPARENCY RULE 3.1.4R(1)(a)

(i)         VESTING OF AWARDS UNDER THE DEFERRED BONUS SCHEME (DBS)

On 13 June 2013 the independent Trustee of the SSE Employee Trust notified the Company that it had on 12 June 2013 transferred the beneficial interest in a total of 54,929 SSE ordinary shares (the "shares"), subject to awards granted on 2 June 2010 under the DBS, to the following persons discharging managerial responsibility ("PDMRs").  

At the same time, the independent Trustee notified the Company that it had also, on 12 June 2013 transferred the beneficial interest in a total of 14,542 shares to Ian Marchant, in respect of awards granted on 14 June 2011 and 22 June 2012.  These awards are vesting in accordance with the DBS Plan Rules and as a consequence of Ian Marchant's cessation of employment effective 30 June 2013.  Mr Marchant requested the immediate sale of these vested shares.

PDMR	Gross Award of Shares	Accrued Dividend Shares	Total Shares	No. of Shares sold at £15.0845 to meet income tax and National Insurance liabilities	Net Number of Shares transferred to Participant	Total Beneficial Interest following this Notification
Ian Marchant, Director (2010 Award) (2011 Award) (2012 Award)	11,482 9,388 3,796	2,196 1,139 219	13,678 10,527 4,015	13,334	14,886 (Total) (and subsequently sold at £15.0845 per share)	222,532
Gregor Alexander, Director	6,602	1,261	7,863	3,705	4,158	102,052
Alistair Phillips-Davies, Director	6,602	1,261	7,863	3,705	4,158	112,136
Mark Mathieson, PDMR	2,773	528	3,301	1,556	1,745	N/A
Rob McDonald, PDMR	2,364	447	2,811	1,328	1,483 (and subsequently sold at £15.0845 per share)	N/A
Jim McPhillimy, PDMR	2,919	556	3,475	1,642	1,833 (and subsequently sold at £15.0845 per share)	N/A
Martin Pibworth, PDMR	5,747	1,094	6,841	3,232	3,609 (and subsequently sold at £15.0845 per share)	N/A
Jim Smith, PDMR	2,364	447	2,811	1,325	1,486	N/A
Paul R Smith, PDMR	2,919	556	3,475	1,638	1,837	N/A
Alan Young, PDMR	2,364	447	2,811	1,328	1,483 (and subsequently sold at £15.0845 per share)	N/A

Vesting of these shares was subject to continuous employment over the three year period from date of grant (or as provided by the DBS Plan Rules).

(ii)        VESTING OF AWARDS UNDER THE PERFORMANCE SHARE PLAN (PSP)

            2010 AWARD

On 2 June 2010 the Company granted awards of shares under its PSP. The vesting of these awards was subject to the achievement of relevant performance conditions in respect of Total Shareholder Return (FTSE 100 and MSCI Europe Utilities), Earnings Per Share Growth and Dividend Per Share Growth over the three year performance period ended 31 March 2013.  These awards have vested in respect of 51.25% of the total award.  The Company announces the following transactions:

PDMR	Gross Award of Shares	Accrued Dividend Shares	Total Shares	Total Shares Due to Vest at 51.25%	No. of Shares sold at £15.0845 to meet income tax and National Insurance liabilities	Net Number of Shares transferred to Participant	Total Beneficial Interest following this Notification
Ian Marchant, Director	116,774	22,349	139,123	71,300	33,689	37,611 (and subsequently sold at £15.0845 per share)	222,532
Gregor Alexander, Director	67,145	12,850	79,995	40,997	19,317	21,680	123,732
Alistair Phillips-Davies, Director	67,145	12,850	79,995	40,997	19,317	21,680	133,816
Mark Mathieson, PDMR	19,545	3,740	23,285	11,934	5,624	6,310	N/A
Rob McDonald, PDMR	16,237	3,107	19,344	9,914	4,672	5,242	N/A
Jim McPhillimy, PDMR	20,046	3,836	23,882	12,239	5,767	6,472	N/A
Martin Pibworth, PDMR	5,130	981	6,111	3,132	1,476	1,656	N/A
Jim Smith, PDMR	16,237	3,107	19,344	9,914	4,672	5,242	N/A
Paul R Smith, PDMR	20,046	3,836	23,882	12,239	5,767	6,472	N/A
Alan Young, PDMR	16,237	3,107	19,344	9,914	4,672	5,242	N/A

Vesting of these shares was subject to continuous employment over the three year period from date of grant.

(iii)      DEFERRED BONUS SCHEME (DBS)

            GRANT OF AWARDS 13 JUNE 2013

            VESTING NO EARLIER THAN 13 JUNE 2016

On 13 June 2013 the Company granted the following awards under the DBS.  The number of shares under each award has been calculated by reference to the price of £14.96 per share, being the mid market closing price on 6 June 2013.

PDMR	NUMBER OF SHARES GRANTED UNDER AWARD
Alistair Phillips-Davies, Director	3,440
Gregor Alexander, Director	3,440
Mark Mathieson, PDMR	2,767
Rob McDonald, PDMR	2,214
Jim McPhillimy, PDMR	2,767
Will Morris, PDMR	1,612
Martin Pibworth, PDMR	2,045
Jim Smith, PDMR	2,507
Paul R Smith, PDMR	2,767
Alan Young, PDMR	1,940

Awards granted under the DBS represent a deferral of a proportion of the cash bonus earned for the financial year ended 31 March 2013 which is converted into shares.  The shares will vest after a period of three years from date of grant subject to the participant remaining in employment with the Company.

(iv)      PERFORMANCE SHARE PLAN (PSP)

            GRANT OF AWARDS 13 JUNE 2013

            VESTING NO EARLIER THAN PRELIM ANNOUNCEMENT 2016

On 13 June 2013 the Company granted the following awards under the PSP.  The number of shares stated is the maximum which will become available to each PDMR if the performance targets applicable to the award are achieved in full.  The number of shares under each award has been calculated by reference to the mid market closing price on 6 June 2013.

Vesting of these awards will only take place if the financial performance conditions over the three year performance period 1 April 2013 to 31 March 2016 are satisfied and the participant remains in employment.  The earliest date on which participants will normally become entitled to the shares comprised in this award is the date of announcement of results for the financial year ending 31 March 2016, or as otherwise determined by the rules of the PSP.

PDMR	NUMBER OF SHARES GRANTED UNDER AWARD
Alistair Phillips-Davies, Director	54,604
Gregor Alexander, Director	54,604
Mark Mathieson, PDMR	17,729
Rob McDonald, PDMR	14,183
Jim McPhillimy, PDMR	17,729
Will Morris, PDMR	18,842
Martin Pibworth, PDMR	12,032
Jim Smith, PDMR	14,183
Paul R Smith, PDMR	17,729
Alan Young, PDMR	12,425

 

END

 

 

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