9 Apr 2014 15:03
9 April 2014
Royal Mail plc
Notification of Transactions of Directors/Persons Discharging Managerial Responsibility
In accordance with Rule 3.1.2R of the Disclosure and Transparency Rules, Royal Mail plc (the Company) was notified today of certain transactions by Directors/Persons Discharging Managerial Responsibilities in shares of the Company. In compliance with Rule 3.1.4R of the Disclosure and Transparency Rules, the Company notifies the market of details of the following transactions:
Name of Director or PDMR | Number of Ordinary Shares |
Executive Directors | |
Moya Greene | 116 |
Mark Higson | 116 |
Matthew Lester | 116 |
PDMRs | |
Stephen Agar | 116 |
Catherine Doran | 116 |
Derek Foster | 116 |
Neil Harnby | 116 |
Nicholas Landon | 116 |
Jon Millidge | 116 |
Michael Newnham | 116 |
Shane O'Riordain | 116 |
Emily Pang | 116 |
Gary Simpson | 116 |
Stuart Simpson | 116 |
Susan Whalley | 116 |
These transactions took place on 9 April 2014 in London.
As Eligible Employees, each of the Executive Directors and PDMRs listed above has been awarded 116 free Ordinary Shares as part of the Employee Free Shares Offer. The Employee Free Shares Offer was put in place upon the listing of Royal Mail plc by the Secretary of State for Business Innovation and Skills as part of the employee share scheme it was required to establish under section 3 of the Postal Services Act 2011. The Executive Directors and PDMRs have been awarded the same number of free Ordinary Shares as each other full-time Eligible Employee who did not opt out of the Employee Free Shares Offer. These Ordinary Shares were awarded at nil cost and will be held in trust by the trustee of the Royal Mail Share Incentive Plan (the "Plan"). The Plan has been approved by HMRC under Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003.
Under HMRC rules at the time of allocation on 15 October 2013, the maximum amount of free Ordinary shares that could be given to an individual employee in any tax year was £3,000. The initial market value of the free Ordinary shares that eligible full-time employees were entitled to exceeded this limit. Therefore, Eligible Employees are receiving the free Ordinary shares they are entitled to in two allocations. This second award is being made in the new tax year to any Eligible Employee who did not opt out of the Employee Free Shares Offer. This is in accordance with the Plan rules and Clause 6.2 of Part VIII of the Securities Note to the Prospectus.
The Non-Executive Directors, while eligible to receive Employee Free Shares as part of the Employee Free Shares Offer, decided it would be inappropriate, as independent non-executive directors, to receive Employee Free Shares and so opted out of receiving Employee Free Shares.
Enquiries
Royal Mail plc Mish Tullar Phone: 07423 524154 Email: mish.tullar@royalmail.com Beth Longcroft Phone: 020 7449 8241 Email: beth.longcroft@royalmail.com Royal Mail press office out of hours: 0203 338 1007
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