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18 Apr 2013 14:56
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
In accordance with DTR 3.1.4(1), Marshalls plc (the "Company") was notified on 17 April 2013 of the grant of options to acquire ordinary shares of 25 pence each in the Company, in the form of Performance Share Awards, on 17 April 2013 to certain Executive Directors and other Persons Discharging Managerial Responsibility ("PDMR"), under the Marshalls plc 2005 Long Term Incentive Plan (the "LTIP").
Performance Share Awards will not vest unless stretching performance conditions measured over a three year period are satisfied, so are contingent on achievement of these targets and would not be transferred to the participant if these targets were not met. No consideration was paid for the grant of the Performance Share Award.
A proportion of the Award has been made using a HMRC tax approved share option structure so that, in the event of vesting, under current HMRC rules the growth in value of the first £30,000 in value of an award will be taxed as a capital gain rather than income. This will not result in a higher number of shares being delivered to a participant than if the award had been made as a Performance Share Award without a HMRC tax approved share option structure. The consideration payable on exercise of the proportion of each Performance Share Award represented by HMRC Approved Options will be equal to the market value of the HMRC Approved Options on the date of grant. No consideration will be payable in respect of the proportion of the Performance Share Award represented by nil cost Performance shares.
The Performance Share Awards granted to Directors and PDMR under the LTIP on 17 April 2013 were as follows:
Executive Directors | Total number of shares represented by Performance Share Award
| Number of shares in the form of HMRC Approved Options | Balance of nil cost Performance shares |
D G Holden | 296,269 | 23,529 | 272,740 |
I D Burrell | 185,803 | 23,529 | 162,274 |
D N Sarti | 185,803 | 23,529 | 162,274 |
Other PDMR | |||
P Hallitt | 89,888 | 23,529 | 66,359 |
C Harrop | 89,888 | 23,529 | 66,359 |
K R Hull | 89,888 | 23,529 | 66,359 |
T Poole | 89,888 | 23,529 | 66,359 |
C E Baxandall | 35,955 | 23,529 | 12,426 |
The value ascribed to a Performance Share awarded on 17 April 2013 under the LTIP Rules was 127.50 pence. Awards would normally have been made in March following announcement of the Company's annual financial results, but were delayed until conclusion of negotiations leading to the sale of the Company's aggregates business to Breedon announced on 12 April 2013 (see RNS No. 2114C).
Enquiries: C E Baxandall, Group Company Secretary, Marshalls plc, 01484 438900
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