TIDMTNI
RNS Number : 9225K
Trinity Mirror PLC
13 April 2018
Trinity Mirror plc
13 April 2018
Trinity Mirror plc (the "Company")
Grant of Awards under the Trinity Mirror Long Term Incentive
Plan 2012
Long Term Incentive Plan 2012 (the "LTIP")
The independent trustee (the "Trustee") of the Trinity Mirror
Employees' Benefit Trust based in Jersey (the "Trust") notified the
Company that on 13 April 2018, it granted Awards under the LTIP to
acquire ordinary shares in the capital of the Company in the form
of nil-cost options to Persons Discharging Managerial
Responsibility ("PDMR") within the Company, in the amounts set out
below. Under the terms of the LTIP, Awards would normally vest on
the third anniversary of their date of grant subject to the
satisfaction of conditions relating to the performance of the
Company over the three financial years to which an award relates
(the Performance Period").
Upon vesting, Awards are subject to a holding period of a
further two years. During the holding period restrictions will
apply to the sale or other disposal of the shares.
During the holding period, the Awards will be subject to the
malus provisions of the LTIP rules (the "Rules") which would allow
for forfeiture of all of the shares or a reduction in the number
released in circumstances as set out in the Rules.
The Awards will be exercisable based on two performance
measures. 60% of the Shares under Award depend on the satisfaction
of an Absolute TSR Condition. 40% of the Shares under Award depend
on the satisfaction of a Net Cash Flow Condition.
Under the Absolute TSR condition:
-- An Award will be exercisable over 0% of the Absolute TSR
shares if the Company's share price is below 115p.
-- An Award will be exercisable over 20% of the Absolute TSR
shares if the Company's share price is 115p.
-- An Award will be exercisable over 100% of the Absolute TSR
shares if the Company's share price is 180p or above.
If the Company's share price is between 115p and 180p, the
number of Shares over which the Award will be exercisable will be
determined by straight-line interpolation between 20% and 100%.
Whether a target share price has been achieved will be
determined by reference to the Company's volume-weighted average
share price over the final quarter of the Performance Period. The
share price for these purposes includes dividends reinvested over
the performance period.
In addition, for an Award to become exercisable over the TSR
award shares, the Remuneration Committee ("Committee") must be
satisfied that the Company's share price performance is a genuine
reflection of the underlying business performance of the Company
over the Performance Period. When assessing whether they are
satisfied that the Company's share price performance is a genuine
reflection of the Company's business performance the Committee will
take into account factors including revenues, free cash flow,
change in net debt over the period (each based on the audited
results), as well as the Company's 3-year TSR relative to the TSR
of relevant listed indices. The Committee will consider both a
quantitative and qualitative analysis of the performance and will
take account of any relevant internal and external factors to help
ensure that unexpected events during the period are considered
properly.
Under the Net Cash Flow Condition:
-- An Award will be exercisable over 0% of the Net Cash Flow
Shares if the cumulative adjusted Net Cash Flow for the whole of
the Performance Period is below GBP300 million.
-- An Award will be exercisable over 20% of the Net Cash Flow
Shares if the cumulative adjusted Net Cash Flow for the whole of
the Performance Period is GBP300 million.
-- An Award will be exercisable over 100% of the Net Cash Flow
Shares if the cumulative adjusted Net Cash Flow for the whole of
the Performance Period reaches or exceeds GBP345 million.
If the Company's cumulative Adjusted Net Cash Flow for the whole
of the Performance Period is between GBP300 million and GBP345
million then the number of Net Cash Flow Shares will be determined
by straight-line interpolation between 20% and 100%.
Adjusted Net Cash Flow is defined as the net cash flows
generated by the business before the payment of dividends, before
pension deficit funding payments, and before any cash outflows in
relation to items that have been treated as non-recurring in the
financial statements. In assessing the Adjusted Net Cash Flow, the
Remuneration Committee may, if appropriate in exceptional
circumstances, include or exclude other payments to better reflect
underlying business performance. The Remuneration Committee may
adjust the Net Cash Flow Condition as it considers appropriate
including but not limited to where the Company or Group has bought
or sold businesses or companies to maintain the same level of
difficulty and the Remuneration Committee may adjust for unbudgeted
items which are wholly outside management control.
Following the completion of the acquisition of the publishing
assets of Northern & Shell (the "Acquisition"), the
Remuneration Committee resolved to adjust the Net Cash Flow targets
in respect of the 2016 and 2017 cycles of the LTIP as appropriate
to maintain the same level of difficulty. In assessing the Adjusted
Net Cash Flow, the Remuneration Committee has excluded pension
deficit funding payments from the 2016 Award, applying a consistent
methodology to 2016 and 2017 Awards.
In respect of the 2016 Award, under the Net Cash Flow
Condition:
-- An Award will be exercisable over 0% of the Net Cash Flow
Shares if the cumulative adjusted Net Cash Flow for the whole of
the Performance Period is at or below GBP299 million.
-- An Award will be exercisable over 100% of the Net Cash Flow
Shares if the cumulative adjusted Net Cash Flow for the whole of
the Performance Period reaches or exceeds GBP345 million.
In respect of the 2017 Award, under the Net Cash Flow
Condition:
-- An Award will be exercisable over 0% of the Net Cash Flow
Shares if the cumulative adjusted Net Cash Flow for the whole of
the Performance Period is below GBP284 million.
-- An Award will be exercisable over 20% of the Net Cash Flow
Shares if the cumulative adjusted Net Cash Flow for the whole of
the Performance Period is GBP284 million.
-- An Award will be exercisable over 100% of the Net Cash Flow
Shares if the cumulative adjusted Net Cash Flow for the whole of
the Performance Period reaches or exceeds GBP328 million.
There are no changes to the Absolute TSR Condition in relation
to the 2016 or 2017 LTIP awards.
The total exercise price payable on any exercise of a LTIP award
is GBP1. Nothing is paid for the grant of the award.
The base price for calculating the level of award was 84.1p, the
average market closing price between 10 April 2018 and 12 April
2018.
Details of the transactions are set out below.
1 Details of the person discharging managerial
responsibilities / person closely associated
---- --------------------------------------------------------------------
a) Name Simon Fox
---- ------------------------------ ------------------------------------
2 Reason for the notification
---- --------------------------------------------------------------------
a) Position/status Chief Executive
---- ------------------------------ ------------------------------------
b) Initial notification Initial Notification
/Amendment
---- ------------------------------ ------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- --------------------------------------------------------------------
a) Name Trinity Mirror plc
---- ------------------------------ ------------------------------------
b) LEI 213800GNI5XF3XOATR61
---- ------------------------------ ------------------------------------
4 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 Ordinary 10p Shares
the financial
instrument, type
of instrument
----
Identification GB0009039941
code
b) Nature of the Grant of share options under
transaction the Long Term Incentive Plan
2012.
---- ------------------------------ ------------------------------------
c) Price(s) and volume(s)
---- ---------------- ---------------
Price(s) Volume(s)
---- ---------------- ---------------
GBP0.841 890,625
---------------------------------------------------- ---------------
d) Aggregated information
----
- Aggregated volume N/A
- Price N/A
e) Date of the transaction 13 April 2018
---- ------------------------------ ------------------------------------
f) Place of the transaction Outside a trading venue
---- ------------------------------ ------------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---- --------------------------------------------------------------------
a) Name Vijay Vaghela
---- ------------------------------ ------------------------------------
2 Reason for the notification
---- --------------------------------------------------------------------
a) Position/status Group Finance Director and
Company Secretary
---- ------------------------------ ------------------------------------
b) Initial notification Initial Notification
/Amendment
---- ------------------------------ ------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- --------------------------------------------------------------------
a) Name Trinity Mirror plc
---- ------------------------------ ------------------------------------
b) LEI 213800GNI5XF3XOATR61
---- ------------------------------ ------------------------------------
4 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 Ordinary 10p Shares
the financial
instrument, type
of instrument
----
Identification GB0009039941
code
b) Nature of the Grant of share options under
transaction the Long Term Incentive Plan
2012.
---- ------------------------------ ------------------------------------
c) Price(s) and volume(s)
---- ---------------- ---------------
Price(s) Volume(s)
---- ---------------- ---------------
GBP0.841 638,781
---------------------------------------------------- ---------------
d) Aggregated information
----
- Aggregated volume N/A
- Price N/A
e) Date of the transaction 13 April 2018
---- ------------------------------ ------------------------------------
f) Place of the transaction Outside a trading venue
---- ------------------------------ ------------------------------------
Enquiries
Trinity Mirror
Simon Fox, Chief Executive 020 7293
Vijay Vaghela, Group Finance Director 3553
Brunswick
020 7404
Nick Cosgrove, Partner 5959
Will Medvei, Director
This information is provided by RNS
The company news service from the London Stock Exchange
END
DSHLLFFSSSIVLIT
(END) Dow Jones Newswires
April 13, 2018 10:30 ET (14:30 GMT)
Reach (LSE:RCH)
Historical Stock Chart
From Aug 2024 to Sep 2024
Reach (LSE:RCH)
Historical Stock Chart
From Sep 2023 to Sep 2024
