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1 Jul 2015 12:08
1st July 2015
Saga plc (the "Company")
Notification of Transactions by
Persons Discharging Managerial Responsibilities
Pursuant to the notification obligations under Disclosure and Transparency Rule 3.1.4, the Company hereby notifies the following changes in the interests of directors and persons discharging managerial responsibility ("PDMRs") in Ordinary Shares of 1 pence each in the Company ("Shares") on 30 June 2015.
Long Term Incentive Plan ("LTIP")
On 30 June 2015, the Company granted awards (in the form of nil-cost options) over Shares under the LTIP ("LTIP Award") as set out in column 3 of the table below. The number of Shares subject to the LTIP Awards has been determined by reference to the mid-market price of a Share on Monday 29 June 2015 (217 pence per Share).
In addition, the Company has granted market value options under the Company share option plan section of the LTIP ("CSOP options") over the number of Shares set out in column 4 of the table below. The exercise price of each CSOP option is 217 pence per Share, being the mid-market price of a Share on Monday 29 June 2015. The number of Shares that is capable of exercise under each LTIP Award will be reduced by such number of Shares as has a market value (at the date of exercise of the linked CSOP option) equal to the gain made on the exercise of the CSOP option. Overall, the participant's pre-tax economic gain from the LTIP Award is the same as if the CSOP option was not in place.
1. Name | 2. Status | 3. No. of Shares subject to LTIP award | 4. No. of Shares subject to CSOP Option | 5. Lapse Date |
Lance Batchelor | Director/PDMR | 611,059 | Nil | 30 June 2025 |
Jonathan Hill | Director/PDMR | 282,027 | 13,824 | 30 June 2025 |
Andrew Strong | PDMR | 161,290 | Nil | 30 June 2025 |
Roger Ramsden | PDMR | 161,290 | Nil | 30 June 2025 |
Tim Pethick | PDMR | 127,500 | Nil | 30 June 2025 |
Karen Caddick | PDMR | 117,511 | 13,824 | 30 June 2025 |
Julius Christmas | PDMR | 80,645 | Nil | 30 June 2025 |
The vesting of the LTIP Award (and the linked CSOP options) is subject to the satisfaction of a performance condition set by the Remuneration Committee of the Company. The LTIP Awards (and the linked CSOP options) will normally vest and become exercisable on the later of the third anniversary of grant and the assessment of the performance condition, subject to continued employment. Awards are exercisable for 10 years from the date of grant, unless the exercise period is shortened in accordance with the LTIP rules.
For further information on the LTIP, please refer to the annual report and accounts for the year ended 31 January 2015.
Enquiries
Saga plc
Vicki Haynes, Company Secretary Tel: 01303 771199
Enbrook Park
Sandgate
Folkestone
Kent
CT20 3SE
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