20 Dec 2010 15:06
Torotrak plc
("Torotrak" or the "Company")
Director / PDMR Shareholding
Torotrak announces that on 17 December 2010 it granted share awards ("Awards") giving the executive directors of the Company the right to receive, subject to the achievement of performance conditions, a maximum of 2,167,923 ordinary shares of 10p each in the capital of the Company ("Shares") under the terms of its Long Term Performance Share Plan approved by shareholders at the Company's Annual General Meeting in July 2006. The numbers of Shares awarded were calculated using a price of 22.3 pence per Share, being the average middle market closing price for the five dealing days prior to the granting of the share awards up to and including 16 December 2010.
The Awards to Directors/PDMRs were as follows:
Director/ PDMR | Position | Maximum number of Shares subject to this Award | Resultant total Shares over which options/ awards are held (excluding current shareholding) Note 1 | Current shareholding | Current Shareholding % of ISC |
Dick Elsy
| Chief Executive | 1,003,012 | 3,728,517 | 709,002 | 0.44% |
Jeremy Deering
| Finance Director | 774,077 | 2,105,809 | 381,216 | 0.24% |
James Batchelor
| Commercial Director | 390,834 | 2,113,408 | 295,859 | 0.18% |
Total
| 2,167,923 | 7,947,734 | 1,386,077 |
Note 1 After reduction for awards over shares that have lapsed as a result of performance or other conditions
Each Award gives the recipient a right to receive up to the maximum number of Shares comprised in it following the third anniversary of the date of grant ("Vesting Date"), subject to the satisfaction of two performance conditions, each applicable to 50 per cent. of the Shares in the Award. The first condition is market related and requires the Company to achieve a measure of total shareholder return ("TSR") over a three year period commencing on 20 December 2010. The maximum number of Shares in this part of an Award will vest if Torotrak's TSR is ranked at the Vesting Date in the top quartile of its comparator group (the FTSE techMARK All- Share index). No Shares will be received in respect of this part of an Award if Torotrak's TSR is not ranked at the Vesting Date in the upper 40 per cent. of the comparator group. The second condition relates to the Company's financial performance based on a measure of cumulative net cash flow ("CNCF") over the three financial years ending on 31 March 2013. The maximum number of Shares in this part of an Award will vest if Torotrak's financial performance exceeds a CNCF target set relative to the Company's business plan. No Shares will be received in the second part of the award if Torotrak's financial performance does not achieve a minimum measure relating to the business plan.
For further information:
Dick Elsy, Chief Executive
Jeremy Deering, Finance Director
Torotrak plc
Tel: +44 1772 900938
Simon Hudson
Lulu Bridges
Tavistock Communications
Tel: +44 20 7920 3150