13 Dec 2013 16:06
Enterprise Inns plc (the 'Company')
Director/PDMR Shareholding
13th December 2013
The Company confirms that on 12th December 2013 it granted to each of the following executive directors a deferred share award (structured as an option) for the year ended 30th September 2013 under the Enterprise Inns 2005 Annual Bonus Plan ('2005 Plan'), in respect of the number of ordinary shares of 2.5 pence in the Company set out below:
Name/Position | Deferred Shares
|
G E Tuppen - Chief Executive | 129,624
|
W S Townsend - Chief Operating Officer | 75.182
|
N R Smith - Chief Financial Officer | 29,719
|
These deferred share awards are in respect of the above individuals' total annual bonus award under the 2005 Plan for the financial year ended 30th September 2013 and are not subject to further performance criteria. In the normal course, 60% of any bonus awarded under the 2005 Plan is paid in cash with the remaining 40% deferred into shares, however (as was the case for the last four years) G E Tuppen and W S Townsend agreed that their entire bonus be paid in the form of a deferred share award. N R Smith elected to take 60% of his bonus in cash and 40% has therefore been deferred into shares. Under the rules of the 2005 Plan, the deferred share awards will be satisfied upon exercise by the transfer of ordinary shares to the individuals from the Company's Employee Benefit Trust. For W S Townsend and N R Smith these deferred share awards will normally be exercisable from 12th December 2016 to 12th May 2017 for a total consideration of £1 payable by each director. As G E Tuppen is retiring in 2014 his will become exercisable from the date of his retirement from the Company.
In addition, on 13th December 2013 (the 'date of grant') the Company granted the following executive directors a Performance Award and a Matching Award under the rules of the Enterprise Inns 2005 Long Term Incentive Plan (the 'LTIP') for the financial year beginning 1st October 2013 over the following maximum number of ordinary shares of 2.5 pence in the Company:
Name/Position | Performance Award | Matching Award |
W S Townsend - Chief Operating Officer | 292,424 | 146,212 |
N R Smith - Chief Financial Officer | 248,400 | 59,438 |
The Matching share awards were granted following the election by the executives of the number of Investment Shares they were committing. All of the Investment Shares are designated from those deferred shares awarded as part of their 2013 bonus under the 2005 Plan, with W S Townsend designating the maximum number permitted under the LTIP.
Performance and Matching share awards have been structured as nominal cost options and will normally vest and become exercisable over one-third of the shares held under the award on each of the third, fourth and fifth anniversary of the date of grant, subject to the satisfaction of a challenging performance condition. Performance and Matching share awards will normally remain capable of exercise during the six month period commencing on the date of vesting and be satisfied by the transfer of ordinary shares to the individuals from the Company's Employee Benefit Trust. Total consideration of £1 is payable by each director on the exercise of their Performance Award and Matching Award.
This notification is provided in accordance with DTR 3.1.4R (1).
Name of contact and telephone number for queries:
L A Togher
Company Secretary
0121 733 7700