Director/PDMR Shareholding

RNS Number : 0877G

SSE PLC

25 June 2012

 



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)

            2009 AWARDS

On 25 June 2012 the independent Trustee of the SSE Employee Trust notified the Company that it had on 22 June 2012 transferred the beneficial interest in a total of 21,533 SSE ordinary shares (the "shares"), subject to awards granted on 2 June 2009 under the DBS, to the following persons discharging managerial responsibility ("PDMRs"). In relation to the directors of the Company, the gross values of these awards were included in the table "What did the Executive Directors earn during the year ended 31 March 2012?" as set out on page 78 of the Annual Report 2012 issued to shareholders on 14 June 2012.

PDMR	Gross Award of Shares	Accrued Dividend Shares	Total Shares	No. of Shares sold to meet income tax and National Insurance liabilities	Price at which Shares sold	Net Number of Shares transferred to Participant	Total Beneficial Interest following this Notification
Ian Marchant, Director	10,730	2,076	12,806	6,673	£13.7151	6,133	238,214
Gregor Alexander, Director	6,169	1,192	7,361	3,836	£13.7151	3,525	97,513
Alistair Phillips-Davies, Director	6,169	1,192	7,361	3,836	£13.7151	3,525	107,647
David Franklin, PDMR	1,349	259	1,608	838	£13.7151	770	N/A
Mark Mathieson, PDMR	2,760	532	3,292	1,716	£13.7151	1,576	N/A
Rob McDonald, PDMR	2,353	453	2,806	1,463	£13.7151	0 (Balance of 1,343 shares sold at £13.7151 per share)	N/A
Jim McPhillimy, PDMR	2,906	560	3,466	1,807	£13.7151	1,659	N/A
Jim Smith, PDMR	2,353	453	2,806	1,463	£13.7151	1,343	N/A
Paul R Smith, PDMR	2,906	560	3,466	1,807	£13.7151	1,659	N/A
Alan Young, PDMR	2,353	453	2,806	1,463	£13.7151	1,343	N/A

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

(ii)       DEFERRED BONUS SCHEME (DBS)

            GRANT OF AWARDS 22 JUNE 2012

            VESTING NO EARLIER THAN 22 JUNE 2015

On 22 June 2012 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 £13.83 per share, being the average of the mid market closing prices over the period 15 June to 21 June 2012 inclusive.

PDMR	NUMBER OF SHARES GRANTED UNDER AWARD
Ian Marchant, Director	3,796
Gregor Alexander, Director	2,953
Alistair Phillips-Davies, Director	2,461
David Franklin, PDMR	1,455
Mark Mathieson, PDMR	2,079
Rob McDonald, PDMR	1,663
Jim McPhillimy, PDMR	2,219
Jim Smith, PDMR	1,663
Paul R Smith, PDMR	2,219
Alan Young, PDMR	1,457

Awards granted under the DBS represent a deferral of a proportion of the cash bonus earned for the financial year ended 31 March 2012 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.

(iii)      PERFORMANCE SHARE PLAN (PSP)

            GRANT OF AWARDS 22 JUNE 2012

            VESTING NO EARLIER THAN PRELIM ANNOUNCEMENT 2015

On 22 June 2012 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 price of £13.83 per share, being the average of the mid market closing prices over the period 15 June to 21 June 2012 inclusive.

Vesting of these awards will only take place if the financial performance conditions over the three year performance period 1 April 2012 to 31 March 2015 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 2015, or as otherwise determined by the rules of the PSP.

PDMR	NUMBER OF SHARES GRANTED UNDER AWARD
Ian Marchant, Director	94,360
Gregor Alexander, Director	59,065
Alistair Phillips-Davies, Director	59,065
David Franklin, PDMR	13,098
Mark Mathieson, PDMR	18,709
Rob McDonald, PDMR	14,967
Jim McPhillimy, PDMR	18,709
Jim Smith, PDMR	14,967
Paul R Smith, PDMR	18,709
Alan Young, PDMR	13,113

It is also confirmed that the PSP share awards granted on 2 June 2009 did not achieve their performance conditions and did not vest.

(iv)      MANAGEMENT BOARD LONG TERM INCENTIVE PLAN (LTIP)                         

            GRANT OF AWARD 22 JUNE 2012

            VESTING NO EARLIER THAN PRELIM ANNOUNCEMENT 2016

On 22 June 2012 the Company granted the following LTIP award to Jim Smith, PDMR.  The number of shares stated is the maximum available on satisfaction in full of the performance targets applicable to the award.  The number of shares under this award has been calculated by reference to the price of £13.83 per share, being the average of the mid market closing prices over the period 15 June to 21 June 2012 inclusive.

Vesting of this award will be conditional on the satisfaction of financial performance conditions over the four year performance period 1 April 2012 to 31 March 2016 and to continued employment.  The earliest date on which this award will vest is the date of the announcement of results for the financial year ending 31 March 2016, or as otherwise determined by the rules of the LTIP.

PDMR	NUMBER OF SHARES GRANTED UNDER AWARD
Jim Smith, PDMR	29,935

 

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