SABMiller PLC Director/PDMR Shareholding (1057I)
March 23 2015 - 5:00AM
UK Regulatory
TIDMSAB
RNS Number : 1057I
SABMiller PLC
23 March 2015
Notification of transactions of directors, persons discharging
managerial responsibilities or connected persons in accordance with
DTR 3.1
The independent trustee of the SABMiller plc Employees' Benefit
Trust (the EBT) notified SABMiller plc (the Company) on 20 March
2015 that it had on 20 March 2015 exercised its discretion and
released ordinary shares in the Company to a person discharging
managerial responsibility (PDMR), as summarised in the table
below.
These shares relate to conditional awards of performance shares
made in 2010 under the SABMiller plc Executive Share Award Plan
2008. These awards are only capable of vesting if the Company's
Total Shareholder Return (TSR) exceeds the median TSR of a
comparator group over a five year performance period. No shares
vest for median performance but for every GBP10 million of
additional shareholder value created in excess of the median (being
the % outperformance of the median multiplied by SABMiller's market
capitalisation at the start of the performance period) a fixed
number of shares will vest. These awards are subject to testing
against the performance condition on the fifth anniversary of the
date of grant, but participants may request the Remuneration
Committee (the Committee) at its discretion to recommend to the
trustee of the EBT the early release of some or all of the shares
comprised in their award after three years. The PDMR named below
requested the Committee in March 2015 to consider the release of
the number of shares shown in the table below, and the Committee
after due consideration agreed so to recommend to the trustee of
the EBT.
In accordance with the terms of the awards, the number of shares
to be released was calculated by reference to the Company's TSR
performance against its comparator group for the period from 1
April 2010 to 28 February 2015. For this period, SABMiller's TSR
was 118.611%, compared with 80.866% for the median of the
comparator group. This represents an out-performance of the median
by 37.745%, meaning that an additional GBP10,473 million of
shareholder value in excess of the median was created over this
period.
One half of the shares were released to the PDMR on 20 March
2015, with sales of shares being effected on the same day as shown
in the table below. The release of the remaining shares has been
deferred and they will be released on 31 May 2015, when the award
matures in full. There is no opportunity for these deferred shares
to be retested against any future TSR out-performance, and the
deferred shares remain subject to forfeiture under certain
circumstances should the PDMR's employment terminate before 31 May
2015.
Name of Shares released Shares Shares retained Shares deferred
PDMR on sold until 31
20 March May 2015
2015
S. M. Clark 26,182 26,182 0 26,183
---------------- ------ ---------------- ----------------
Price per share for shares sold on 20 March 2015:
GBP36.662681
Date of transactions: 20 March 2015
Place of transactions: London, England
Stephen Shapiro
Group Company Secretary and Deputy General Counsel
SABMiller plc
This information is provided by RNS
The company news service from the London Stock Exchange
END
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