30 Jul 2015 11:50
Flybe Group plc
Notification of transactions by Directors/PDMRs
In accordance with Disclosure and Transparency Rule 3.1.4R(1), Flybe Group plc ("Company") announces that on 29 July 2015, awards over ordinary shares of 1p each in the capital of the Company were made under the terms of Flybe Performance Share Plan ("PSP") to directors and other persons discharging managerial responsibility as follows:
Director/PDMR | Number of shares under award |
Saad Hammad Philip de Klerk Louca Farajallah Matthew Bennett | 712,374 477,653 251,396 145,418 |
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The awards represent 1p par value options which, to the extent that the awards vest, provide for shares to be delivered to the individuals for 1p consideration per share.
In normal circumstances, the awards will not vest (and the shares will not be transferred to the individuals) before the following times:
o 50% of the vesting shares become available on 28 July 2018 (the third anniversary of the award date);
o 25% of the vesting shares become available on 28 July 2019 (the fourth anniversary of the award date); and
o 25% of the vesting shares become available on 28 July 2020 (the fifth anniversary of the award date)
The percentage of the shares that ultimately do vest (and are delivered to the individuals) is dependent on the satisfaction of performance criteria measured over a three-year performance period ending on 31 March 2018 (further details of which are set out on page 68 of the Company's 2014/15 Annual Report):
(a) 50% of the shares under each award will vest subject to the satisfaction of a performance condition based on the Company's reported adjusted EPS in FY 2017/18 (subject to such adjustments as the Committee considers appropriate); and
(b) 50% of the shares under each award will vest subject to the satisfaction of a performance condition based on the Company's total shareholder return over a period of 3 years until 31 March 2018 (as compared to a comparator group comprising the FTSE SmallCap excluding Investment Trusts).
Additionally, no part of an award will vest unless the Remuneration Committee is satisfied regarding underpin performance conditions relating to safety and progress in resolving outstanding legacy issues.
30 July 2015
Enquiries:
Flybe
Kevin Bodley Company Secretary
Tel: 01392 366669