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31 Jul 2014 10:37
Trinity Mirror plc
31 July 2014
Notification of Transactions of Directors/Persons Discharging
Managerial Responsibility and Connected Persons
In accordance with DTR 3.1.4.R, on 30 July 2014, Trinity Mirror plc (the "Company") was notified by the Trustees of the Trinity Mirror Deferred Award Share Plan (the "DSA Plan") and of the Trinity Mirror Long Term Incentive Plan ("the LTIP) of the following changes in two directors' interests in the Company's ordinary shares (the "Shares") arising out of the operation of the DSA Plan and the LTIP.
The awards of Shares under the DSA Plan, which represent deferred bonus relating to 2010 performance, were granted on 31 March 2011.
At the election of each recipient, shares may be released under the DSA Plan at nil cost to the recipient within a period of six months from the third anniversary of grant.
The awards of Shares under the LTIP were made on 31 March 2011. The performance period for the LTIP awards ended on 31 December 2013. Vesting of the awards was dependent on the Company's Total Shareholder Return ("TSR") performance compared to a group of 14 other media companies over a three-year performance period.
Over the performance period, the Company's TSR ranked 6th out of the 15 companies which would ordinarily have warranted 65% vesting. The Remuneration Committee of the Board of the Company considered the Company's performance over this period more broadly and decided to reduce the formulaic vesting by 20%.
At the election of each recipient, vesting shares may be released under the LTIP at nil cost to the recipient within a period of six months from the third anniversary of grant
The Company has instructed the Trustees to sell sufficient shares to satisfy each director's PAYE and National Insurance liabilities. The directors have retained the balance of shares released.
As a result of the above, the following transactions are disclosed:
Director: Vijay Vaghela
Shares released from the Trust | Shares sold at £1.99 to satisfy tax and NI liabilities | Shares retained | |
DSA Plan Shares | 262,095 | 123,432 | 138,663 |
LTIP Shares | 170,362 | 80,231 | 90,131 |
The director's shareholding is as follows:
Total beneficial holding following this notification | Total holding as a percentage of shares in issue | |
Vijay Vaghela | 474,546* | 0.184% |
*Including 21,673 shares held in the Company's Restricted Share Plan.
Director: Paul Vickers
Shares released from the Trust | Shares sold at £1.99 to satisfy tax and NI liabilities | Shares retained | |
DSA Plan Shares | 171,429 | 80,733 | 90,696 |
LTIP Shares | 148,571 | 69,969 | 78,602 |
The director's shareholding is as follows:
Total beneficial holding following this notification | Total holding as a percentage of shares in issue | |
Paul Vickers | 353,426* | 0.137% |
*Including 18,901 shares held in the Company's Restricted Share Plan.
As at 31 July 2014, the Company's issued share capital stands at 257,690,520 ordinary shares of 10p each.
Paul Vickers
Company Secretary
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