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18 Sep 2014 15:42
SIG plc
18 September 2014
Ordinary Shares of 10p each
SIG plc (the "Company") announces that on 18 September 2014 it granted awards in the UK over ordinary shares in the Company in connection with the SIG plc 2014 Long Term Incentive Plan ("LTIP").
Pursuant to DR 3.1.4 and following notifications received on 18 September 2014 in fulfilment of the obligations imposed by DR 3.1.2 we hereby announce that the following awards have been granted to PDMRs.
Director/PDMR | Plan | Current Award | Exercise Price (pence) | Existing Award | Total number of shares over which awards now held |
Mr S R Mitchell Group Chief Executive | LTIP | 466,628 | NIL | 363,036 | 829,664 |
Tax-advantaged Section1 | NIL | NIL | 19,801 | 19,801 | |
Mr D G Robertson Group Finance Director | LTIP | 280,817 | NIL | 513,336 | 794,153 |
Tax-advantaged Section1 | NIL | NIL | 19,801 | 19,801 | |
Ms L Kennedy Group HR Director | LTIP | 144,230 | NIL | NIL | 144,230 |
Tax-advantaged Section1 | 16,968 | 176.8 | NIL | 16,968 | |
Mr R Barclay Managing Director - UK and Ireland | LTIP | 173,076 | NIL | 344,382 | 517,458 |
Tax-advantaged Section1 | NIL | NIL | 19,801 | 19,801 |
The awards take the form of nil cost options, being an option under the LTIP, with a nil exercise price (an LTIP award), together (in the case of those individuals indicated above) with a market price option under the tax-advantaged section at an exercise price of 176.8p per share, in each case to acquire shares in the future, subject to the performance conditions being achieved.
Subject to the rules of the LTIP including the Tax-advantaged Section and the satisfaction of the performance conditions below, the earliest vesting date of the award is normally 17 September 2017.
The performance condition relates to the three year average ROCE of the Group and the three year cumulative underlying EPS of the Group as set out in the Directors' Remuneration Report for the year ended 31 December 2013.
In addition, a "phantom award" was granted in respect of 164,834 ordinary shares to Mr D Kilby (Managing Director - Mainland Europe). This phantom award is granted on terms equivalent to the LTIP and subject to the same performance conditions, but is a right to receive a cash sum calculated by reference to the value of the relevant number of shares on vesting, and gives no right to the shares themselves.
1Share options were granted under the SIG plc 2014 Long Term Incentive Plan Tax-advantaged Section ("Tax-advantaged Section") on similar terms to the LTIP Awards. The Tax-Advantaged Section has been established as a tax-favoured Company Share Option Plan in accordance with Schedule 4 to the Income Tax (Earnings and Pensions) Act 2003. At the time of exercise, to the extent that there is a gain on the options granted under the Tax-advantaged Section, Tax-advantaged Awards will be forfeited to the same value.
R C Monro
Company Secretary 0114 285 6355
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