Last checked at 1 Dec 2010 12:55
DUNELM GROUP plc
NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY AND CONNECTED PERSONS
1 December 2010
1. LTIP awards to Executive Directors
Conditional awards under the Company's Long-Term Incentive Plan (LTIP) have been granted today over ordinary shares in Dunelm Group plc, in the form of a nil cost option, to the following executive directors: Will Adderley, Chief Executive, David Stead, Finance Director and Nick Wharton, who took up his executive position as Chief Executive Designate today.
The maximum award under the LTIP is 120% of basic salary for each executive director. The award made to Nick Wharton will be based on his basic salary over the seven month period commencing on 1 December 2010. The award made to Will Adderley is based on his current salary to the end of January 2011, and on his new lower salary from February 2011, when he will assume his new role as Executive Deputy Chairman.
The awards will vest, subject to continued employment and to the performance conditions being met, following publication of the Company's results for the year to 29 June 2013.
Using a closing mid price on 30 November 2010 of £5.03, awards have been granted
as follows:
Basic salary
| 120% of basic salary | Share price | Number of shares in award | Total number of LTIP options held after this award | |
Will Adderley
| £304,375
(£332,500 pro rata July 2010 to January 2011 Inclusive)
(£265,000 pro rata February to June 2011 inclusive)
| £365,250 | £5.03 | 72,614 | 456,022 |
Nick Wharton
| £233,333
(pro rata December 2010 to June 2011 inclusive)
| £280,000 | £5.03 | 55,666 | 55,666 *See further below |
David Stead
| £255,000 | £306,000 | £5.03 | 60,835 | 324,428 |
In addition to the LTIP options noted above, Will Adderley and David Stead each
have 7,710 options under the Company's Save as You Earn Option Scheme.
2. One-off award to Nick Wharton
As noted in the Company's Annual Report and Accounts, and as approved by shareholders at the Annual General Meeting on 16 November 2010, a one-off award over ordinary shares in Dunelm Group plc has been made today to Nick Wharton, Chief Executive Designate. The award takes the form of 198,807 nil cost options under the LTIP with a market value of £1,000,000 based on the closing mid market share price on 30 November 2010 of £5.03, and will vest on 30 November 2015, subject to Mr Wharton continuing to be employed by the Company at that date. No other performance conditions apply to this award.
Following the grant of the awards set out in this announcement, Mr Wharton holds a total of 254,473 nil cost options under the LTIP.
For further information:
David Stead
0116 2644400