Sign In
30 Nov 2011 15:36
Punch Taverns plc (the "Company")
30 November 2011
NOTIFICATION OF DIRECTOR / PDMR SHAREHOLDING
Long Term Incentive Plan 2008 (the "Plan")
On 30 November 2011, in accordance with the rules of the Plan, the Remuneration Committee granted the following Options, at a price of 12.08 pence per share to the following Executive Directors and Persons Discharging Managerial Responsibilities(PDMRs) of the Company:
Number of Shares subject to the Option | |
Executive Directors | |
Roger Whiteside | 1,779,801 |
Steve Dando | 1,138,245 |
PDMRs | |
Neil Griffiths | 465,645 |
Ed Bashforth | 341,473 |
The exercise price payable to exercise the Options shall be £1. The Options will normally be exercisable between 30 November 2014 and 29 November 2021 subject to the optionholder's continued employment and to the extent that Total Shareholder Return ("TSR") targets are met.
The TSR targets will measure the performance of the Company relative to two relevant comparators: a pub sector peer group and the FTSE 250 Index (excluding investment trusts). The TSR performance will be measured over a three year period, starting from 21 August 2011. The vesting of the Options is split equally according to the TSR performance of the Company against the two different comparators. 12.5% of the Options will vest for achievement of the median position against the pub sector group, and 12.5% for matching the TSR of the FTSE 250 Index (excluding investment trusts). The Options will vest in full if the Company's annualised TSR exceeds the median TSR of the pub sector group and the FTSE 250 Index (excluding investment trusts) TSR, by five percentage points per annum. Straight line vesting will occur between these two points.
This notification is provided in accordance with DTR 3.1.4.
Date of Notification: 30 November 2011
Ed Bashforth
Company Secretary
Punch Taverns plc
01283 502215
Follow the stocks
