Director/PDMR Shareholding

RNS Number : 8654X
Tesco PLC
15 August 2018
 

PDMR SHAREHOLDING

15 August 2018

Tesco PLC (the "Company")

 

Grant of Awards under the Tesco PLC Performance Share Plan 2011 (the "PSP")

 

Gerry Mallon was appointed as Chief Executive of Tesco Bank and a member of the Company's Executive Committee with effect from 13 August 2018.

 

On 13 August 2018, Gerry was granted conditional awards over 703,267 Ordinary Shares of 5 pence each in the Company under the rules of the PSP, as listed below. The number of shares awarded have been calculated using a market price of 262.54 pence per share.

 

PDMR

No. of Shares Awarded

Vesting date

Gerry Mallon

40,229

13 September 2018*


16,640

31 March 2019*


9,105

31 March 2020*


9,105

31 March 2021*


9,105

31 March 2022*


9,105

31 March 2023*


9,105

31 March 2024*





14,633

30 June 2019*


14,633

30 June 2020*


15,100

30 June 2021*


14,418

30 June 2022*


14,418

30 June 2023*


14,418

30 June 2024*


14,418

30 June 2025*





56,590

31 March 2021**


56,590

31 March 2022**





385,655

13 August 2021***

Total

703,267


 

*        Vesting subject to continuous employment.  Vested shares will be subject to a holding period of six months from the vesting date.

 

**      Vesting subject to the achievement of the performance conditions which apply to the Royal Bank of Scotland plc long-term incentive award granted in 2017 and continuous employment.  Vested shares will be subject to a holding period of six months from the vesting date.

 

***    Vesting subject to the achievement of the Company's Earnings Per Share and Free Cash Flow performance targets over the performance period, as outlined in the Directors' Remuneration Report of the Tesco PLC Annual Report and Financial Statements 2018, and continuous employment.  Vested shares will be subject to a holding period of two years from the vesting date.

 

For any dividends paid in the period between grant and vesting, the number of shares awarded will be increased to reflect the dividends that would have accrued had they been reinvested in shares.

 

With the exception of the shares vesting on 13 August 2021, the shares have been awarded in respect of the buy-out of share awards and bonus payments that Gerry forfeited on leaving his previous employment.  The Remuneration Committee believes that these awards fairly reflect the share awards and bonus payments Gerry forfeited in terms of value and timescale of vesting.

 

The Notification of Dealing Form can be found below.  This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014. 

 

For enquiries, please contact:

 

Robert Welch, Company Secretary

Tesco PLC

Tesco House

Shire Park

Kestrel Way

Welwyn Garden City

Hertfordshire

AL7 1GA

Tel: 07793 222569

LEI Number: 2138002P5RNKC5W2JZ46

 


1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Gerry Mallon

2

Reason for the notification

a)

Position/status

Chief Executive, Tesco Bank

b)

Initial notification /Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Tesco PLC 

b)

Legal Entity Identifier

2138002P5RNKC5W2JZ46

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 

Identification code

 

Ordinary shares of 5 pence each

 

 

GB0008847096

b)

Nature of the transaction

Grant of conditional shares under the rules of the Tesco PLC Performance Share Plan 2011

c)

Currency

GBP


d)

Price(s) and volume(s)

Price(s)

£2.6254

Volume(s)

703,267

e)

Aggregated information

- Aggregated Volume

- Aggregated Price

- Aggregated Total

 

703,267

£2.6254

£1,846,357.18

f)

Date of the transaction

2018-08-13

g)

Place of the transaction

Outside a trading venue

 


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