Marshalls PLC Director/PDMR Shareholding (7394Z)
March 16 2017 - 12:43PM
UK Regulatory
TIDMMSLH
RNS Number : 7394Z
Marshalls PLC
16 March 2017
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 15 March 2017 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 2005 Long Term
Incentive Plan (the "2005 LTIP")
Award holders have exercised their nil-cost options in the form
of Performance Share Awards granted on 1 April 2014 under the 2005
LTIP. These awards were conditional upon the satisfaction of
performance conditions over the three financial years ending 31
December 2014, 2015 and 2016, and following publication of the
Annual Results for 2016, all 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 LTIP participants were "off market"
transactions in which the value ascribed to the shares was
determined as 346.9 pence per ordinary share, being the mid-market
closing price of the Company's 25 pence ordinary shares on 15 March
2017.
The shares vesting under the LTIP and the resulting interests of
Executive Directors/PDMR are shown below.
Name 2014 LTIP Resulting
Shares vesting Shares sold Number of
to EBT Shares retained
Executive Directors
M Coffey 222,124 104,399 117,725
J J Clarke 100,588 47,277 53,311
The effective date on which the LTIP transactions referred to in
this announcement took place was 15 March 2017. The resulting
balance of shares held by the EBT following the transactions
was1,783,093 (representing 0.89% of issued share capital).
A further 15,088 LTIP 2014 award shares are held by Jack Clarke.
These were granted in the form of CSOP options and may not be
exercised until 2 October 2017.
2. Award of Element B Shares under the Marshalls 2016 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 in respect of performance during
2016.
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 142,237
J J Clarke 93,304
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 2016 (287.6 pence).The
effective date of grant of Element B Awards referred to in this
announcement was 15 March 2017 so the vesting period will expire on
15 March 2020.
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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