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27 May 2015 16:40
Johnston Press plc (the "Company")
DIRECTORS'/PDMR SHAREHOLDINGS
The Company announces that on 26 May 2015 the following directors and senior executives were granted awards over ordinary shares of 1p each in the Company under the terms of the undernoted share schemes.
Johnston Press Performance Share Plan 2006 (the "PSP").
The following grants of nil-cost options over ordinary shares of 1p each in the Company were made under the terms of the PSP.
Name | Total number of awards |
A Highfield | 277,598 |
D King | 177,533 |
P M McCall | 57,327 |
S Gilliver | 71,465 |
J Bills | 79,018 |
J Moriarty | 79,406 |
L Sinclair | 57,327 |
No consideration was paid for the grant of the PSP awards. Subject to the achievement of the performance criteria, the PSP awards will normally vest on 26 May 2018 and may, to the extent vested, be exercised during the 12 month period ending 25 May 2019. No consideration is payable on the exercise of the PSP awards.
Two performance conditions, one relating to total shareholder return ("TSR") and the other to earnings per share ("EPS") will apply to the PSP awards with each having equal weighting. The TSR performance condition will be measured against an appropriate comparator group. 25% of this part of the award vests at median, with 100% vesting for upper quartile performance with straight-line vesting in between. For this part of the award, no vesting can occur unless the Committee is satisfied that the underlying financial performance of the Company has achieved an appropriate level of improvement. The EPS performance condition requires the Company's EPS for the financial year ending on or about 31 December 2017 to be equal to or greater than 27.5 pence for any of that part of the award to vest. At that level, 25% of that part of the award will vest, with 100% vesting for EPS of 29.5 pence or more with straight line vesting in between.
Johnston Press Deferred Share Bonus Plan (the "DSBP")
1. Awards in Respect of 2013
The following grants of nil-cost options over ordinary shares of 1p each in the Company were made under the terms of the DSBP to give effect to the deferral of a proportion of bonus for the period ending 28 December 2013 (the "2013 Financial Year"), the cash element of which was paid on 15 July 2014. The Committee was prohibited from making the awards under the DSBP at that time due to a prolonged prohibited period.
The awards granted under the DSBP relate to the deferred element of the bonus for the 2013 Financial Year, as reported in the Company's Annual Report for that year. The awards have been granted based on the Company's share price of 194.5 pence per share on 15 July 2014, being the date on which the cash element of the bonus was paid. This price was used to calculate the number of shares over which DSBP awards were granted as permitted under the rules of the DSBP. No further consideration was paid for the grant of the DSBP awards.
Name | Total number of awards |
A Highfield | 20,565 |
D King | 8,569 |
P M McCall | 1,542 |
S Gilliver | 1,301 |
L Sinclair | 1,048 |
Subject to the rules of the DSBP, the awards will normally vest on 15 July 2017 subject only to continued service in the group and may be exercised during the 2 year period ending 14 July 2019. No consideration is payable on the exercise of the DSBP awards.
2. Awards in Respect of 2014
The following grants of nil-cost options over ordinary shares of 1p each in the Company were made under the terms of the DSBP to give effect to the deferral of a proportion of bonus for the period ending 3 January 2014 (the "2014 Financial Year"), the cash element of which was paid on 1 April 2015.
The awards granted under the DSBP relate to the deferred element of the bonus for the 2014 Financial Year, as reported in the Company's Annual Report for that year. The awards have been granted based on the Company's share price of 142.75 pence per share on 1 April 2015, being the date on which the cash element of bonus was paid. This price was used to calculate the number of shares over which DSBP awards were granted as permitted under the rules of the DSBP. No further consideration was paid for the grant of the DSBP awards.
Name | Total number of awards |
A Highfield | 169,345 |
D King | 93,891 |
P M McCall | 4,022 |
S Gilliver | 6,865 |
J Bills | 5,114 |
J Moriarty | 4,623 |
L Sinclair | 5,028 |
Subject to the rules of the DSBP, the awards will normally vest on 1 April 2018 subject only to continued service in the group and may be exercised during the 2 year period ending 31 March 2020. No consideration is payable on the exercise of the DSBP awards.
This notification is made in accordance with DR3.1.4R(1)(a)
For further enquiries please contact the Company Secretary:
Peter McCall T: 0131 225 3361
27 May 2015
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