Last checked at 24 Mar 2011 17:10
Notification of interests of directors/persons discharging managerial responsibility and connected persons ("PDMRs")
24th March 2011
This notification is made pursuant to DTR 3.1.4R (1)(a).
The Company announces that on 23rd March 2011 awards over ordinary 25p shares in the Company were made to the Directors and PDMRs listed below under the Company's Long Term Incentive Plan 2004 ("LTIP"). Subject to satisfaction of performance targets, awards under the LTIP will vest in three years' time. Except as described below in relation to Kevin Dangerfield and Peter Blausten (who have capacity within the £30,000 limit described below) the awards are structured as conditional awards of free shares.
Kevin Dangerfield and Peter Blausten each received an award structured as an Approved Performance Share Plan ("APSP") award. APSP awards under the LTIP comprise three elements: (i) an HM Revenue & Customs approved option over shares to the value of the first £30,000 worth of the award with an exercise price of 292.28 pence per share; (ii) an LTIP award in the form of a conditional award of free shares to the value of the remainder of the award above this limit; and (iii) a funding award, also in the form of a conditional award of free shares, over such number of shares whose value at exercise of the approved option equals £30,000. In addition to satisfaction of the performance targets, the approved option and the associated funding award will only vest in the event that the market value of a share at vesting is greater than 292.28 pence per share. The funding award is solely used to fund the exercise price of the approved option and will be satisfied by shares from the Company's employee benefit trust. Following vesting of the funding award, these shares are retained by the trust and not delivered to the participant.
Name | Number of shares subject to award (approved option and LTIP award) | Maximum number of shares subject to funding award (not delivered to participant) |
Mark Robertshaw | 171,068 | Nil |
Kevin Dangerfield | 90,666 | 6,481 |
Andrew Hosty | 102,641 | Nil |
Peter Blausten | 47,899 | 10,264 |
Paul Boulton | 34,213 | Nil |
Spencer Evans | 25,660 | Nil |
Simon Halliday | 30,792 | Nil |
Don Klas | 82,113 | Nil |
Andrew Riley | 34,213 | Nil |
Following the grant of awards detailed above, the total number of shares in respect of which awards are held by those individuals pursuant to the Company's Long Term Incentive Plan are detailed below:
Name | Total Number of Shares held pursuant to LTIP awards |
Mark Robertshaw | 875,302 |
Kevin Dangerfield | 498,801 |
Andrew Hosty | 486,768 |
Peter Blausten | 47,899 |
Paul Boulton | 194,265 |
Spencer Evans | 58,493 |
Simon Halliday | 150,831 |
Don Klas | 466,240 |
Andrew Riley | 166,441 |
Enquiries: Tracey Bigmore, The Morgan Crucible Company plc
Tel: 01753 837000