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25 Jun 2014 13:40
Notification of interests of Directors and Persons Discharging Managerial Responsibilities
25 June 2014
The Company announces that on 24 June 2014 the Directors and other Persons Discharging Managerial Responsibilities listed below exercised awards over ordinary shares in the Company under the Company's 2004 Long Term Incentive Plan with HM Revenue & Customs (HMRC) Approved Schedule, which had been granted on 24 June 2011.
The Awards were structured as Approved Performance Share Plan Awards and comprised three elements: (i) an HMRC Approved Option over shares with an exercise price of 97.5 pence per share; (ii) a "Linked Award" which was, principally, a funding award in the form of a nil cost option (i.e. in the form of an LTIP Award); and (iii) an LTIP Award in the form of a nil cost option over shares to the value of the remainder of the APSP Award.
Other than in the case of one Person Discharging Managerial Responsibilities, all shares acquired on the exercise of the Linked Awards were sold to the Company's employee benefit trust on 24 June 2014 at a price of £1.443 per share to fund the exercise price of the Approved Option.
Other shares were sold by the Directors to the extent necessary to fund tax and NICs arising on the exercise as noted below.
Director (D) /Person Discharging Managerial Responsibilities (PDMR) | Aggregate number of shares in respect of which Approved Option LTIP Award and Linked Award exercised | Number of shares acquired on the exercise of the Linked Award which were sold to the Company's employee benefit trust on 24 June 2014 at a price of £1.443 per share | Number of shares which were sold by the Director/PDMR on 24 June 2014, other than to the Company's employee benefit trust, at a price of £1.429 per share |
Ralph Findlay (D) | 219,988 | 9,189 | 97,345 |
Andrew Andrea (D) | 138,387 | 9,189 | 58,858 |
Peter Dalzell (D) | 31,727 | 9,189 | 8,551 |
Richard Westwood (PDMR) | 25,857 | 0 | 0 |
This announcement is made in accordance with DTR 3.1.4(1)
Enquiries: Anne-Marie Brennan, Company Secretary, Marston's PLC, +44 (0)1902 329163
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