TIDMMARS

RNS Number : 1370Z

Marston's PLC

12 December 2017

Notification of interests of directors

12 December 2017

The Company announces that on 11 December 2017, the Directors and Person Discharging Managerial Responsibilities (PDMR) listed below were granted awards over ordinary shares in the Company under the Company's 2014 Long Term Incentive Plan (the "Plan"). The awards were granted on 11 December 2017 calculated using the market price at the close of trading on the London Stock Exchange on 11 December 2017 of 121.0 pence per ordinary share.

Awards under the Plan are structured as Approved Performance Share Plan Awards ("APSP Awards") and comprise three elements: (i) an HMRC Tax Qualifying Option over shares with a total value at the date of grant of GBP30,000 with an exercise price of 121.0 pence per share; (ii) a "Linked Award" which is, principally, a funding award in the form of a nil cost option (i.e. in the form of an LTIP Award) over such number of shares whose total value at exercise equals GBP30,000; and (iii) an LTIP Award in the form of a nil cost option over shares to the value of the remainder of the APSP Award above the GBP30,000 limit.

The awards will vest subject to the satisfaction of performance metrics which are based on a combination of Cash Return On Cash Capital Employed (CROCCE), Free Cash Flow (FCF) and Relative Total Shareholder Return assessed over the Company's 2017/18, 2018/19 and 2019/20 financial years. To the extent an award vests, it will be released (so that the participant is entitled to acquire the shares) following the end of a further two year holding period.

In addition to satisfaction of these performance conditions, the Tax Qualifying Option will only become exercisable if the market value of a share at exercise is greater than 121.0 pence per share. If the market value at exercise is less than 121.0 pence per share, the Tax Qualifying Option will lapse and the maximum number of shares subject to the Linked Award will become available to the participant to exercise as an unapproved LTIP option.

 
 Name                Designation    Number of shares    Maximum number 
                                     subject to          of Shares subject 
                                     APSP Award          to Linked Award 
                                     (Tax Qualifying 
                                     Option and 
                                     LTIP Award) 
------------------  -------------  -----------------  -------------------- 
 Andrew Andrea       Director       382,500             24,793 
------------------  -------------  -----------------  -------------------- 
 Ralph Findlay       Director       571,115             24,793 
------------------  -------------  -----------------  -------------------- 
 Richard Westwood    PDMR           224,739             0 
------------------  -------------  -----------------  -------------------- 
 

The relevant notifications set out below are provided in accordance with the requirements of Article 19 of the EU Market Abuse Regulation.

Enquiries: Anne-Marie Brennan, Group Secretary, Marston's PLC, +44 (0) 1902 329163

 
 1.    Details of PDMR / PCA (person closely associated) 
----  ----------------------------------------------------------------- 
 (a)   Name                    Andrew Andrea 
----  ----------------------  ----------------------------------------- 
 (b)   Position/status         Director and PDMR (Chief Financial 
                                and Corporate Development Officer) 
----  ----------------------  ----------------------------------------- 
 (c)   Initial notification/   Initial notification 
        amendment 
----  ----------------------  ----------------------------------------- 
 2.    Details of the issuer 
----  ----------------------------------------------------------------- 
 (a)   Name                    Marston's PLC 
----  ----------------------  ----------------------------------------- 
 3.    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             Ordinary shares of 7.375p each 
        of the financial 
        instrument              ISIN GB00B1JQDM80 
----  ----------------------  ----------------------------------------- 
 (b)   Nature of the           Grant of award under the Long 
        transaction             Term Incentive Plan in the form 
                                of nil-cost options and a Tax 
                                Qualifying Option at an exercise 
                                price of GBP1.21 per share. 
----  ----------------------  ----------------------------------------- 
 (c)   Price(s) and              Price(s)            Volume(s) 
        volume(s)                ------------------  ------------------ 
                                  Nil-cost options:   Nil-cost options: 
                                   N/A                 382,500 
                                 ------------------  ------------------ 
                                  Tax Qualifying      Tax Qualifying 
                                   Option: N/A         Option: 24,793 
                                 ------------------  ------------------ 
----  ----------------------  ----------------------------------------- 
 (d)   Aggregated              n/a single transaction 
        information 
                                n/a single transaction 
        Aggregated 
        volume price 
----  ----------------------  ----------------------------------------- 
 (e)   Date of the             2017-12-11 
        transaction 
----  ----------------------  ----------------------------------------- 
 (f)   Place of the            Outside a trading venue 
        transaction 
----  ----------------------  ----------------------------------------- 
 
 
 1.    Details of PDMR / PCA (person closely associated) 
----  --------------------------------------------------------------------- 
 (a)   Name                        Ralph Findlay 
----  --------------------------  ----------------------------------------- 
 (b)   Position/status             Director and PDMR (CEO) 
----  --------------------------  ----------------------------------------- 
 (c)   Initial notification/       Initial notification 
        amendment 
----  --------------------------  ----------------------------------------- 
 2.    Details of the issuer 
----  --------------------------------------------------------------------- 
 (a)   Name                        Marston's PLC 
----  --------------------------  ----------------------------------------- 
 3.    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          Ordinary shares of 7.375p each 
        financial instrument 
                                    ISIN GB00B1JQDM80 
----  --------------------------  ----------------------------------------- 
 (b)   Nature of the transaction   Grant of award under the Long 
                                    Term Incentive Plan in the form 
                                    of nil-cost options and a Tax 
                                    Qualifying Option at an exercise 
                                    price of GBP1.21 per share. 
----  --------------------------  ----------------------------------------- 
 (c)   Price(s) and volume(s)        Price(s)            Volume(s) 
                                     ------------------  ------------------ 
                                      Nil-cost options:   Nil-cost options: 
                                       N/A                 571,115 
                                     ------------------  ------------------ 
                                      Tax Qualifying      Tax Qualifying 
                                       Option: N/A         Option: 24,793 
                                     ------------------  ------------------ 
----  --------------------------  ----------------------------------------- 
 (d)   Aggregated information      n/a single transaction 
 
        Aggregated volume           n/a single transaction 
        price 
----  --------------------------  ----------------------------------------- 
 (e)   Date of the transaction     2017-12-11 
----  --------------------------  ----------------------------------------- 
 (f)   Place of the transaction    Outside a trading venue 
----  --------------------------  ----------------------------------------- 
 
 
 1.    Details of PDMR / PCA (person closely associated) 
----  ----------------------------------------------------------------- 
 (a)   Name                    Richard Westwood 
----  ----------------------  ----------------------------------------- 
 (b)   Position/status         PDMR (MD, Marston's Beer Company) 
----  ----------------------  ----------------------------------------- 
 (c)   Initial notification/   Initial notification 
        amendment 
----  ----------------------  ----------------------------------------- 
 2.    Details of the issuer 
----  ----------------------------------------------------------------- 
 (a)   Name                    Marston's PLC 
----  ----------------------  ----------------------------------------- 
 3.    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             Ordinary shares of 7.375p each 
        of the financial 
        instrument              ISIN GB00B1JQDM80 
----  ----------------------  ----------------------------------------- 
 (b)   Nature of the           Grant of award under the Long 
        transaction             Term Incentive Plan in the form 
                                of nil-cost options. 
----  ----------------------  ----------------------------------------- 
 (c)   Price(s) and              Price(s)            Volume(s) 
        volume(s)                ------------------  ------------------ 
                                  Nil-cost options:   Nil-cost options: 
                                   N/A                 224,739 
                                 ------------------  ------------------ 
----  ----------------------  ----------------------------------------- 
 (d)   Aggregated              n/a single transaction 
        information 
                                n/a single transaction 
        Aggregated 
        volume price 
----  ----------------------  ----------------------------------------- 
 (e)   Date of the             2017-12-11 
        transaction 
----  ----------------------  ----------------------------------------- 
 (f)   Place of the            Outside a trading venue 
        transaction 
----  ----------------------  ----------------------------------------- 
 

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 12, 2017 11:25 ET (16:25 GMT)

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