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Reed Elsevier PLC (REL)

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Friday 06 May, 2011

Reed Elsevier PLC

Director/PDMR Shareholding

RNS Number : 1439G
Reed Elsevier PLC
06 May 2011
 



 

 

ISSUED ON BEHALF OF REED ELSEVIER PLC AND REED ELSEVIER NV

 

 6 May 2011

 

 

Director/PDMR Shareholdings

 

Reed Elsevier announces the following transactions in the securities of Reed Elsevier by its directors/PDMRs:

 

(a) Award of conditional matching shares granted on 5 May 2011 under the

Reed Elsevier Group plc Bonus Investment Plan 2010 ("BIP 2010")

 

Director

No. of Reed Elsevier PLC 

matching ordinary shares awarded

No. of Reed Elsevier NV 

matching ordinary shares/ADRs* awarded

Vesting

Erik Engstrom

61,176*

2014

Mark Armour

56,876

37,687

2014

 

PDMR

No. of Reed Elsevier PLC matching ordinary shares/ADRs* awarded

No. of Reed Elsevier NV 

matching ordinary

shares  awarded

Vesting

Ian Fraser

8,947

43,477

2014

Henry Udow

41,722

2014

Henry Udow

10,193*

2014

Stephen Cowden

34,079

2014

 

*Denotes award over ADRs. Each Reed Elsevier PLC ADR represents 4 Reed Elsevier PLC ordinary shares and each Reed Elsevier NV ADR represents 2 Reed Elsevier NV ordinary shares.

 

Vesting of awards under BIP 2010 is subject to achievement of adjusted earnings per share ("Adjusted EPS") and return on invested capital ("ROIC") post-grant performance targets over the 2011-2013 performance period, full details of which are disclosed in the Reed Elsevier 2010 Directors' Remuneration Report.

 

(b) Award of market price options granted on 5 May 2011 under the

     Reed Elsevier Group plc Executive Share Option Scheme ("ESOS")

 

Director

No. of Reed Elsevier PLC options over ordinary shares granted with an exercise price of 539p per share

No. of Reed Elsevier NV options over ordinary shares granted with an exercise price of €8.969 per share

Exercisable

between

Erik Engstrom

139,146

92,953

2014 - 2021

Mark Armour

85,358

57,021

2014 - 2021

 

PDMR

No. of Reed Elsevier PLC options over ordinary shares granted with an exercise price of 539p per share

No. of Reed Elsevier NV options over ordinary shares granted with an exercise price of €8.969 per share

Exercisable between

Ian Fraser

41,444

27,685

2014 - 2021

Henry Udow

25,831

17,255

2014 - 2021

 

The exercise prices for the options noted above were determined using the closing prices of Reed Elsevier PLC ordinary shares and Reed Elsevier NV ordinary shares on the grant date.

 

The award of options under ESOS is subject to an Adjusted EPS pre-grant performance condition, which determines the size of the annual grant pool available for grants to all participants. In addition, vesting of options awarded to Directors is subject to a post-grant performance hurdle of Adjusted EPS growth. Full details of the pre-grant and post-grant performance conditions are disclosed in the Reed Elsevier 2010 Directors' Remuneration Report.

 

  

(c) Award of conditional shares granted on 5 May 2011 under the

     Reed Elsevier Group plc ESOS

 

PDMR

No. of Reed Elsevier PLC conditional ordinary shares awarded

No. of Reed Elsevier NV conditional ordinary shares awarded

Vesting

Henry Udow

5,166

3,451

2014

 

Employees, including PDMRs other than Directors, may elect to receive all or half of any award they would otherwise be eligible for under ESOS in the form of conditional shares at the ratio of 1 conditional share for 5 market value options. The share award above is pursuant to an election to receive half of the 2011 ESOS award in the form of conditional shares.

 

This award vests under the same terms as the awards of market value options granted to non-Directors under ESOS.

 

The number of conditional shares granted was determined using the closing prices of Reed Elsevier PLC and Reed Elsevier NV ordinary shares on the grant date.

 

(d) Award of performance shares granted on 5 May 2011 under the

     Reed Elsevier Group plc Long Term Incentive Plan 2010 ("LTIP 2010")

 

PDMR

No. of Reed Elsevier PLC performance ordinary shares awarded

No. of Reed Elsevier NV performance ordinary shares awarded

Vesting

Ian Fraser

58,022

38,760

2014

Henry Udow

55,658

37,181

2014

 

Vesting of these awards is subject to achievement of Adjusted EPS, ROIC and Total Shareholder Return targets over the 2011-2013 performance period. The performance conditions (including the weighting of the individual conditions) of LTIP 2010 are aligned with those applicable to the relevant performance periods under the Reed Elsevier Growth Plan ("REGP") as disclosed in the Reed Elsevier 2010 Directors' Remuneration Report.

 

The number of performance shares granted was determined by reference to the closing prices of Reed Elsevier PLC and Reed Elsevier NV ordinary shares on the grant date.

 

Any shares required to satisfy awards referred to in (a), (c) and (d) above will be provided by the Reed Elsevier Employee Benefit Trust.

 

(e) Dealings in securities by PDMRs

 

PDMR

Date of sale

Securities sold

Price received per security

Ian Fraser

5 May 2011

40,000 Reed Elsevier PLC ordinary shares

535.5p

 

Note: The Reed Elsevier 2010 Directors' Remuneration Report is available to view or download at Reed Elsevier's website www.reedelsevier.com.

 

- ENDS -

 

 

 

Enquiries

 

Patrick Kerr (Media)                                          
+44 20 7166 5646                                             

 
Sybella Stanley (Investors)

+44 20 7166 5630

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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