Last checked at 27 Mar 2012 14:51
27 March 2012
Notification of Transactions of Persons Discharging Managerial Responsibilities
Cookson Group plc
This notification is made in accordance with DTR 3.1.4R(1)(a) of the Disclosure Rules and Transparency Rules
Vesting of 2009 LTIP Awards
In accordance with the rules of the Cookson Group Long-Term Incentive Plan (the "Plan"), the allocation of Performance and Matching Shares awarded to the executive Directors of Cookson Group plc ("Cookson" or "the Company") on 25 March 2009 vested on 26 March 2012, following the application of the performance conditions specified at the time of grant. The Remuneration Committee awarded dividends in respect of the shares that vested. As a result each participant received additional shares equivalent in value to the dividends that would have accrued on the shares that vested during the three year vesting period. The shares to satisfy the vesting of these awards will be sourced from Cookson's Employee Share Ownership Trust, approximately half from newly issued shares and half from existing shares. 1,890,000 new £1 ordinary shares have been allotted to the Trust by Cookson Group plc for this purpose, The Trustees will arrange for sufficient shares to be sold to meet Messrs Butterworth, Salmon and Wanecq's associated tax and social security liabilities, and the dealing costs for selling these shares. The remaining shares will, for Messrs Butterworth and Wanecq be transferred into their own names, and for Mr Salmon, transferred into his wife's name, Deirdre Salmon. The executive Directors have undertaken that they will not dispose of their beneficial interest in these residual shares for a period of 12 months from the date of vesting.
Executive Director
| Matching Shares Vested | Performance Shares Vested | Dividend Shares | Estimated Total number of Shares to be Sold to cover dealing costs, tax and social security liabilities
| Estimated Total Shares to be retained | ||
M G Butterworth | 321,280 | 174,166 | 13,366 | 265,600 | 243,212 | ||
N R Salmon | 694,033 | 287,000 | 26,466 | 525,914 | 481,585 | ||
F C Wanecq | 980,170 | 303,486 | 34,631 | 543,134 | 775,153 |
The mid-market closing price of the Company's shares on the date of vesting was £7.045.
Following the transaction detailed above, the interests of the executive Directors in the shares of the Company are expected to be as follows:-
Shareholdings:
Executive Director | Shareholdings prior to this notification | Estimated Total Shares to be retained | Total holding following notification | Total percentage holding following notification |
M G Butterworth | 197,271 | 243,212 | 440,483 | 0.16% |
N R Salmon | 402,279 | 481,585 | 883,864 | 0.32% |
F C Wanecq | 462,162 | 775,153 | 1,237,315 | 0.44% |
A further announcement will be made regarding the sale of shares once this is complete.
Richard Malthouse
Group Secretary
Cookson Group plc
165 Fleet Street
London EC4A 2AE
Tel: +44 (0) 20 7822 0000
Fax: +44 (0) 20 7822 0100
Web: www.cooksongroup.co.uk