Last checked at 28 Feb 2011 15:43
The Rank Group Plc
- The Rank Group Long-Term Incentive Plan 2005
The Rank Group Plc ("Rank") announces that on 25 February 2011, a total of 1,200,379 ordinary shares of 138/9pence each ("Shares") vested in favour of Persons Discharging Managerial Responsibilities ("PDMR") under the terms of The Rank Group Long-Term Incentive Plan 2005 ("2005 LTIP"). The vesting, details of which are provided below, related to the performance awards granted to the relevant individuals under the 2005 LTIP on 10 September 2008.
Name | Role | Number of ordinary138/9p shares originally awarded | Number of ordinary138/9p shares that vested on 25 February 2011 |
Directors: | |||
Ian Burke | Chief Executive | 667,047 | 667,047 |
Paddy Gallagher | Finance Director | 380,952 | 380,952 |
PDMR: | |||
Frances Bingham | Company Secretary | 152,380 | 152,380 |
In accordance with the rules of the 2005 LTIP, all of the above shares have been transferred to the relevant individuals by the trustee of Rank's Employment Benefit Trust.
Following this transfer, a total of 612,194 Shares were sold at an average price of 132.3422 pence per Share on behalf of the PDMRs on 25 February 2011. Details of these sales, and the resulting effect on the PDMRs' shareholdings, are set out below:
Name | Role | Previous shareh-olding | Shares received | Shares sold | New shareh-olding |
Directors: | |||||
Ian Burke | Chief Executive | 260,553 | 667,047 | 340,194 | 587,406 |
Paddy Gallagher | Finance Director | 160,000 | 380,952 | 194,286 | 346,666 |
PDMR: | |||||
Frances Bingham | Company Secretary | - | 152,380 | 77,714 | 74,666 |
It should be noted that, on 15 May 2007, the Company also granted performance awards to its PDMRs. The vesting of these Awards was conditional on the satisfaction of certain performance criteria by Rank over a period of four consecutive financial years. Whilst on the basis of the adjusted earnings per share measure alone, 58% of the award was due to vest, the committee considered Rank's four-year total shareholder return ("TSR") over the same period. Given Rank's TSR performance, relative to the FTSE-350, the committee was of the view that it was inappropriate for any part of the award to vest with the result that these performance awards, details of which are provided below, have now lapsed in full:
Name | Role | Number of ordinary138/9p shares originally awarded with a 4-year performance period | Number of ordinary138/9p shares that vested on 25 February 2011 |
Director: | |||
Ian Burke | Chief Executive | 134,271 | - |
-ends-
28 February 2011
website: www.rank.com
Enquiries:
The Rank Group Plc
Frances Bingham, company secretary
Tel: 01628 504 000