Director/PDMR Shareholding

RNS Number : 3075N

Vodafone Group Plc

13 February 2009

 



Vodafone Group Plc ('the Company')

In accordance with Disclosure and Transparency Rule 3.1.4R(1), I have to inform you of the following changes in share interests of directors and persons discharging managerial responsibilities ('PDMRs') of the Company:

	Number of ordinary shares of US$0.113/7 in the capital of Vodafone Group Plc
	Award of performance shares (1))(2)
Morten Lundal	346.938
Ronald Schellekens	1,836,734

(1)                 Conditional awards of shares were granted on 12 February 2009 by the Company in accordance with the Vodafone Global Incentive Plan. The vesting of these awards is conditional on continued employment with the Vodafone Group and the satisfaction of a performance condition approved by the Remuneration Committee. The performance measure is based on free cash flow performance with a multiplier that is based on comparative total shareholder return (TSR) performance. The free cash flow performance is based on a three year cumulative adjusted cash flow figure. The target free cash flow level is set by reference to the Company’s three year plan and market expectations, 12.5% of the award will vest for target performance, rising further to 50% vesting for maximum performance. The multiplier is based on the TSR of Vodafone Group Plc over the three year performance period 1 April 2008 to 31 March 2011 relative to a peer group of five companies within the European Telecoms sector as well as one emerging market composite. There will be no increase in vesting until TSR performance exceeds median, at which point the multiplier will increase up to two on a linear basis for upper quintile performance. The maximum vesting is 100% for maximum free cash flow performance (50%) and maximum TSR performance (multiplier of 2). For further details of the Plan, please see page 74 of the Company’s 2008 Annual Report, available at www.vodafone.com.

(2)                 PDMRs who participate in the Vodafone Global Incentive Plan are subject to the Company's share ownership guidelines, which provide that they will acquire and maintain a minimum level of shareholding equivalent to two times salary. 

Stephen Scott
Group General Counsel & Company Secretary

 

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