Marshalls PLC Director/PDMR Shareholding (0814H)
March 10 2015 - 12:49PM
UK Regulatory
TIDMMSLH
RNS Number : 0814H
Marshalls PLC
10 March 2015
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITY ("PDMR") OR CONNECTED PERSONS
In accordance with DTR 3.1.4(1), Marshalls plc (the "Company")
has been advised on 10 March 2015 of the following transactions in
the ordinary shares of 25 pence each in the Company and resulting
interests of Executive Directors/ PDMR and their connected
persons:-
1. Vesting of shares under the Marshalls plc 2011 Performance
Incentive Plan (the "PIP") and the Marshalls plc 2005 Long Term
Incentive Plan (the "2005 LTIP")
Shares have been released from deferred Bonus Plan Accounts
carried over from previous years under the PIP. The vesting of the
deferred shares was conditional upon a financial threshold for
forfeiture not being breached during the financial year 2014, and
this condition was met.
Award holders have also exercised their nil-cost options in the
form of Performance Share Awards granted on 20 March 2012 under the
2005 LTIP. These awards were conditional upon the satisfaction of
performance conditions over the three financial years ending 31
December 2012, 2013 and 2014, and following publication of the
Annual Results for 2014, a proportion of these Performance Share
Awards have vested.
The Marshalls plc Employee Benefit Trust (the "EBT") has
satisfied vesting awards out of shares previously acquired in the
market by the EBT. The EBT also offered to purchase shares from
participants, in particular to enable them to satisfy tax
liabilities on the vesting of the awards. The sale and purchase of
shares between the EBT and PIP and LTIP participants were "off
market" transactions in which the value ascribed to the shares was
determined as 249 pence per ordinary share, being the mid-market
closing price of the Company's 25 pence ordinary shares on 9 March
2015.
The shares vesting under the PIP and LTIP and the resulting
interests of Executive Directors/PDMR are shown below.
Name PIP Shares 2012 LTIP Shares sold Resulting Number
vesting Shares vesting to EBT of Shares retained
Executive Directors
M Coffey 46,055 0 21,646 24,409
The effective date on which the PIP and LTIP transactions
referred to in this announcement took place was 9 March 2015.The
resulting balance of shares held by the EBT following the
transactions was 2,733,596 (representing 1.37% of issued share
capital).
2. Award of Element B Shares under the Marshalls 2014 Management
Incentive Plan (the "MIP")
Options to acquire ordinary shares of 25 pence each in the
Company in the form of Element B Awards have been awarded to
Executive Directors under the MIP.
Element B Awards are based on stretching performance conditions
measured over the previous financial year. Element B Award shares
are granted in the form of nil-cost options or conditional shares
that vest on the third anniversary of the award date; however, 50
per cent of the awards are dependent on a further financial
condition being met, and all awards are subject to continued
employment throughout the vesting period. Once vested, Element B
Award shares may not be sold for a further 2 years. No
consideration was paid for the grant of the Element B Awards.
The Element B Awards granted to Executive Directors under the
MIP were as follows:
Name Element B Award
(number of shares)
M Coffey 174,298
J J Clarke 100,221
The award value ascribed to an Element B Share under the MIP
Rules is calculated by reference to the mid-market average value
for the 30 day period ending 31 December 2014 (228 pence).The
effective date of grant of Element B Awards referred to in this
announcement was 10 March 2015.
Enquiries: C E Baxandall, Group Company Secretary, Marshalls
plc, tel: 01422 314777
This information is provided by RNS
The company news service from the London Stock Exchange
END
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