Last checked at 17 Mar 2017 17:30
Trinity Mirror plc
17 March 2017
Trinity Mirror plc (the "Company")
Grant of Awards under the Restricted Share Plan ("RSP")
The independent trustee (the "Trustee") of the Trinity Mirror Employees' Benefit Trust based in Jersey (the "Trust") notified the Company that on 17 March 2017 it granted Restricted Share Awards under the RSP to Persons Discharging Managerial Responsibility ("PDMR") within the Company, in the amounts set out below.
Under the terms of the Trinity Mirror executive directors' annual bonus scheme, 50% of any bonus is payable in cash and the remaining 50% is paid through the award of Restricted Shares. This award of the Restricted Shares follows the determination by the Remuneration Committee of the Board of the Company that, under the performance conditions of the 2016 scheme, a bonus at 34.6% of maximum (equivalent to 25.95% of base salary) was payable. An award of Restricted Shares equivalent to 12.975% of base salary (being 50% of the annual bonus) was therefore recommended to the Trustees.
The executive director is the beneficial owner of the Restricted Shares but the shares are held in trust by the Trustee who remains the legal owner until the shares are released at the end of a three year holding period (the "Restricted Period").
During the Restricted Period, the executive director may not sell or otherwise dispose of the Restricted Shares, cannot vote the restricted shares and will not receive any dividends on the Restricted Shares.
During the Restricted Period, the Restricted Shares will be subject to the malus provisions of the RSP rules (the "Rules") which would allow for forfeiture of all of the shares or a reduction in the number released in circumstances as set out in the Rules. An additional award of Restricted Shares equal in value to any dividends paid during the Restricted Period may be made on the release of the Award.
The base price for calculating the level of Award was 111.75p, the average market closing price between 14 and 16 March 2017.
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Simon Fox | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Executive | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Trinity Mirror plc | |||
b)
| LEI
| 213800GNI5XF3XOATR61 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary 10p Shares | |||
Identification code | GB0009039941 | ||||
b)
| Nature of the transaction
| Grant of shares under the Restricted Share Plan. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
111.75p | 60,103 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | N/A | ||||
- Price | N/A | ||||
e)
| Date of the transaction
| 17 March 2017 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Vijay Vaghela
| |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Group Finance Director and Company Secretary | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Trinity Mirror plc | |||
b)
| LEI
| 213800GNI5XF3XOATR61 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary 10p Shares | |||
Identification code | GB0009039941 | ||||
b)
| Nature of the transaction
| Grant of shares under the Restricted Share Plan. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
111.75p | 51,689 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | N/A | ||||
- Price | N/A | ||||
e)
| Date of the transaction
| 17 March 2017 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
Enquiries
Trinity Mirror | ||
Simon Fox, Chief Executive Vijay Vaghela, Group Finance Director and Company Secretary | 020 7293 3553 | |
Brunswick | ||
Mike Smith, Partner | 020 7404 5959 | |
Will Medvei, Director | ||