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9 Sep 2013 12:45
9 September 2013
Countrywide plc
Notification of Transactions of Directors
Persons Discharging Managerial Responsibility and Connected Persons
Countrywide plc announces that on 6 September 2013, the Remuneration Committee has approved the grant of nil cost options under the Countrywide Long-Term Incentive Plan to the following directors/persons discharging managerial responsibilities:
Name | Number of ordinary shares subject to the option | Exercise Price |
Grenville Turner | 129,545 | nil |
Jim Clarke | 70,909 | nil |
Nigel Stockton | 45,455 | nil |
Paul Creffield | 42,727 | nil |
Nick Dunning | 48,182 | nil |
Bob Scarff | 31,818 | nil |
Graham Bell | 23,636 | nil |
Alyn North | 23,636 | nil |
Total | 415,908 |
Performance conditions, as measured over a three year period, will determine the extent to which the options will vest. In summary, the performance conditions applicable to the options are:
Performance condition | Weighting | Performance period | Performance level | Target | Vesting level |
Earnings per Share as at 31 December 2015 | 2/3 of Option | 1 January 2013 - 31 December 2015 | Entry | 36p | 25% |
Maximum | 44p | 100% | |||
Relative Total Shareholder Return as against FTSE 250 constituents (excluding financial services companies and investment trusts) | 1/3 of Option | 19 March 2013 - 18 March 2016 | Entry | Median of Comparator Group | 25% |
Maximum | Upper quartile of Comparator Group | 100% |
*Between the performance levels stated above, vesting will be on a straight line basis.
In addition, the relative TSR element will not vest unless the Remuneration Committee, in its absolute discretion, is satisfied that the Company's TSR performance over the performance period reflects the underlying performance of the Company.
These options will vest on 6 September 2016 (which is the third anniversary of the award date) and may be exercised prior to 6 September 2023.
Enquiries: Jim Clarke
07979 477299
Countrywide plc17 Duke StreetChelmsfordEssexCM1 1HPUnited Kingdom
WEBSITE: http://www.countrywide.co.uk
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