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23 Sep 2014 16:16
Johnston Press plc (the "Company")
DIRECTORS'/PDMR SHAREHOLDINGS
The Company announces that on 22 September 2014 the following directors and senior executives were granted awards over ordinary shares of 1p each in the Company under the terms of the Johnston Press Value Creation Plan 2014 (the "VCP"). No consideration was paid for the grant of the VCP awards.
Name | Total number of awards | Beneficial Interest* | Total Interest Including Non-Beneficial* |
A Highfield | 158,815,770 | 7,642,350 | 32,729,250 |
D King | 79,407,885 | 550,000 | 25,636,900 |
J Bills | 25,557,621 | 388,768 | 25,475,668 |
J Moriarty | 25,557,621 | 0 | 25,086,900 |
S Gilliver | 23,001,859 | 0 | 25,086,900 |
P M McCall | 18,529,275 | 387,362 | 25,474,262 |
The awards were granted at an initial option exercise price of 4.617 pence per share, being an amount equal to 118% of the average of the middle market quotations of a share over the 30 day period starting on the date of completion of the Company's recent financing on 23 June 2014. In accordance with the rules of the VCP the option price may reduce to take account of any dividends paid by the Company from the date of grant to the date of vesting of the award.
The VCP awards will normally vest and be exercised to the maximum extent permitted on 23 June 2017, subject to the satisfaction of a performance underpin and the participant remaining an officer or employee within the Johnston Press group. It is a condition of exercise that 50% of the shares acquired on exercise (less any shares sold to pay the participant's tax liability on exercise) must be held, at risk of forfeiture, until 23 June 2018, subject to the participant continuing to remain an officer or employee within the group .
The Remuneration Committee may, in its discretion, decide instead to satisfy awards as a share appreciation right. In this case, 50% of the SAR shall normally vest on 23 June 2017, subject to the satisfaction of the performance underpin, and the other 50% shall normally vest on 23 June 2018, subject to the participant remaining an officer or employee within the Johnston Press group at that time.
* Beneficial Interest: This includes shares held in trust under the Johnston Press Share Incentive Plans, which holds shares to satisfy awards under those plans (open to all eligible employees in the United Kingdom).
** Total Interest Including Non-Beneficial: This includes shares held by Johnston Press plc Employee Share Trust (a Jersey Trust) which holds shares in order to satisfy awards under the Company's Performance Share Plan for executives.
This notification is made in accordance with DR3.1.4R(1)(a)
For further enquiries please contact the Company Secretary:
Peter McCall T: 0131 311 7500
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