17 Jul 2013 16:44
Director's interests in the shares of BTG plc ("BTG" or "the Company")
The following transactions have taken place in relation to the executive directors under the Company's share plans.
Louise MakinShares have vested under the Company's Performance Share Plan and Deferred Share Bonus Plan (see table below) of which a total of 215,728 shares released were sold at an average price of 392.6083p per share raising £845,271.46 after dealing costs. The proceeds will be used to settle her income tax and national insurance liabilities arising from the share issues and the balance for personal projects.
Following this transaction her total holding has increased by 83,690 to 470,919 shares, being 0.130% of the issued share capital.
Rolf SoderstromShares have vested under the Company's Performance Share Plan, Deferred Share Bonus Plan and Executive Share Option Plan (see table below) of which a total of 135,757 shares released were sold at an average price of 392.6083p per share raising £531,899.62 after dealing costs. The proceeds will be used to meet the exercise price of the executive options, settle his income tax and national insurance liabilities arising from the share issues and the balance for personal projects.
Following this transaction, his total holding has increased by 69,255 to 184,252 shares, being 0.051 % of the issued share capital.
In each case, the Company was notified of the intention, subject to board approval, to sell the above shares on 12 July 2013, the sales were approved on 15 July, 2013 and the sales took place between 16 and 17 July, 2013.
Plan | Date of Grant of Award | Total no. of Shares held under Award at grant | Total Number of Shares held under Award that Vested on 16 July 2013 | Total number of Shares held under Award that lapsed on 16 July 2013 | |
Louise Makin | PSP | 13 July 2010 | 218,751 | 201,032 | 17,719 |
DSBP | 28 May 2010 | 98,386 | 98,386 | n/a | |
Rolf Soderstrom | PSP | 13 July 2010 | 142,188 | 130,670 | 11,518 |
DSBP | 28 May 2010 | 60,954 | 60,954 | n/a | |
ESOP | 31 July 2009 | 16,736 | 13,388 | 3,348 |
No consideration was paid by the Louise Makin or Rolf Soderstrom on the vesting of the awards under the PSP or the DSBP. Rolf paid an exercise price of £1.7925 for the options exercised under the Executive Share Option Plan.
On 17July 2013, the following directors were granted conditional awards ("Awards") under the BTG Performance Share Plan 2006 (the "Plan") as summarised in the table below.
Total number of Shares over which Awards granted | |
Louise Makin | 417,614 |
Rolf Soderstrom | 273,728 |
The awards represent up to 300% of salary calculated at 395.1p (being the mid-market price on 16 July, 2013). The number of shares that will vest will depend on the extent to which the performance conditions are achieved.
No consideration was paid for the grant of the Conditional Awards. One half of the total award represents a "core award" and the remainder a "multiplier award". The core award is anticipated to vest in July 2016, subject to the TSR and EPS performance conditions being met. Each Director may elect to "roll over" 50% or 100% of any amount that may vest under a core award at year 3, in order to receive the benefit of the "multiplier award", under the terms of which the director has the opportunity of increasing (or decreasing) the total number of shares the subject of the core award by up to 100% (or to zero), subject to the satisfaction of a TSR based performance condition measured over 5 financial years. Multiplier awards are anticipated to vest in July 2018.
Enquiries:
Andy Burrows, Director of Investor Relations
+44 (0)20 7575 1741; Mobile: +44 (0)7990 530605