Last checked at 15 Aug 2018 11:00
PDMR SHAREHOLDING
15 August 2018
Tesco PLC (the "Company")
Grant of Awards under the Tesco PLC Performance Share Plan 2011 (the "PSP")
Gerry Mallon was appointed as Chief Executive of Tesco Bank and a member of the Company's Executive Committee with effect from 13 August 2018.
On 13 August 2018, Gerry was granted conditional awards over 703,267 Ordinary Shares of 5 pence each in the Company under the rules of the PSP, as listed below. The number of shares awarded have been calculated using a market price of 262.54 pence per share.
PDMR | No. of Shares Awarded | Vesting date |
Gerry Mallon | 40,229 | 13 September 2018* |
16,640 | 31 March 2019* | |
9,105 | 31 March 2020* | |
9,105 | 31 March 2021* | |
9,105 | 31 March 2022* | |
9,105 | 31 March 2023* | |
9,105 | 31 March 2024* | |
14,633 | 30 June 2019* | |
14,633 | 30 June 2020* | |
15,100 | 30 June 2021* | |
14,418 | 30 June 2022* | |
14,418 | 30 June 2023* | |
14,418 | 30 June 2024* | |
14,418 | 30 June 2025* | |
56,590 | 31 March 2021** | |
56,590 | 31 March 2022** | |
385,655 | 13 August 2021*** | |
Total | 703,267 |
* Vesting subject to continuous employment. Vested shares will be subject to a holding period of six months from the vesting date.
** Vesting subject to the achievement of the performance conditions which apply to the Royal Bank of Scotland plc long-term incentive award granted in 2017 and continuous employment. Vested shares will be subject to a holding period of six months from the vesting date.
*** Vesting subject to the achievement of the Company's Earnings Per Share and Free Cash Flow performance targets over the performance period, as outlined in the Directors' Remuneration Report of the Tesco PLC Annual Report and Financial Statements 2018, and continuous employment. Vested shares will be subject to a holding period of two years from the vesting date.
For any dividends paid in the period between grant and vesting, the number of shares awarded will be increased to reflect the dividends that would have accrued had they been reinvested in shares.
With the exception of the shares vesting on 13 August 2021, the shares have been awarded in respect of the buy-out of share awards and bonus payments that Gerry forfeited on leaving his previous employment. The Remuneration Committee believes that these awards fairly reflect the share awards and bonus payments Gerry forfeited in terms of value and timescale of vesting.
The Notification of Dealing Form can be found below. This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.
For enquiries, please contact:
Robert Welch, Company Secretary
Tesco PLC
Tesco House
Shire Park
Kestrel Way
Welwyn Garden City
Hertfordshire
AL7 1GA
Tel: 07793 222569
LEI Number: 2138002P5RNKC5W2JZ46
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Gerry Mallon | |
2 | Reason for the notification | ||
a) | Position/status | Chief Executive, Tesco Bank | |
b) | Initial notification /Amendment | Initial Notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Tesco PLC | |
b) | Legal Entity Identifier | 2138002P5RNKC5W2JZ46 | |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 5 pence each
GB0008847096 | |
b) | Nature of the transaction | Grant of conditional shares under the rules of the Tesco PLC Performance Share Plan 2011 | |
c) | Currency | GBP | |
d) | Price(s) and volume(s) | Price(s) £2.6254 | Volume(s) 703,267 |
e) | Aggregated information - Aggregated Volume - Aggregated Price - Aggregated Total |
703,267 £2.6254 £1,846,357.18 | |
f) | Date of the transaction | 2018-08-13 | |
g) | Place of the transaction | Outside a trading venue | |