Marston's PLC Director/PDMR Shareholding (1370Z)
December 12 2017 - 11:25AM
UK Regulatory
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
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