Royal Mail PLC Notification of Transactions of Directors/PDMRs (1230W)
20 Dezember 2013 - 2:08PM
UK Regulatory
TIDMRMG
RNS Number : 1230W
Royal Mail PLC
20 December 2013
20 December 2013
Royal Mail plc
Notification of Transactions of Directors/Persons Discharging
Managerial Responsibility
In accordance with Rule 3.1.2R of the Disclosure and
Transparency Rules, Royal Mail plc (the Company) was notified on 19
December 2013 of certain transactions by Directors/Persons
Discharging Managerial Responsibilities in shares or rights to
shares of the Company. In compliance with Rule 3.1.4R of the
Disclosure and Transparency Rules, the Company notifies the market
of details of the following transactions:
Long Term Incentive Plan - conversion of conditional rights to
receive cash to conditional rights to receive ordinary shares
It was previously disclosed in the Company's Annual Report and
Prospectus that conditional LTIP Awards for FYE 2014 would convert
on Admission to awards over ordinary shares. On 19 December 2013,
conditional LTIP awards for FYE 2014 (representing on-target
performance) were converted into conditional rights to acquire
ordinary shares of GBP0.01 each in the Company. The conversion has
been made at the Volume Weighted Average Price of the ordinary
shares of the Company traded between the eighth and fourteenth days
following Royal Mail's Admission to trading on the London Stock
Exchange on 15 October 2013. This price is 529.14p.
The conditional awards have been granted for nil consideration
and no payment has been made for the conversion. They do not give
rise to any immediate entitlement to shares. They are at risk of
forfeiture in whole or in part before vesting, which occurs once
performance conditions have been assessed at the end of the
performance period. The future value of the conditional awards will
be determined by the extent to which the awards vest and the
Company's share price.
The LTIP grants, size and targets for Executive Directors for
FYE 2014 were approved by the Secretary of State, prior to the
Company's Admission to trading on the London Stock Exchange.
For the Company's Executive Directors, the LTIP opportunity for
target performance is 70 per cent of salary. The maximum LTIP
opportunity for achieving stretch target is 98 per cent of salary.
The table below sets out the number of shares in the conditional
award based on on-target performance at the end of the performance
period and the maximum number of shares that could vest in FYE
2016, if all the relevant stretching performance criteria are
met.
For the LTIP awards for FYE 2014, the target LTIP opportunity is
subject to an increased level of performance that is 10 per cent
higher than the previous target. Performance is based on the third
year of a three-year performance period, with the targets for each
measure derived from the Company business plan. The primary
performance condition for outstanding awards is based on operating
profit. Awards are then downward-only adjusted based on a return on
total assets target.
Number of shares % of ordinary Maximum number % of ordinary
to be awarded share class of shares to share class
in April 2016 for on-target be awarded in for stretching
for on-target performance April 2016 for performance
performance stretching performance
--------------------- ----------------- --------------- ------------------------ ----------------
Executive Directors
--------------------- ----------------- --------------- ------------------------ ----------------
Matthew Lester 56,620 0.0057% 79,268 0.0079%
--------------------- ----------------- --------------- ------------------------ ----------------
Mark Higson 56,673 0.0057% 79,342 0.0079%
--------------------- ----------------- --------------- ------------------------ ----------------
Moya Greene 65,880 0.0066% 92,232 0.0092%
--------------------- ----------------- --------------- ------------------------ ----------------
PDMRs
--------------------- ----------------- --------------- ------------------------ ----------------
Catherine Doran 37,702 0.0038% 52,782 0.0053%
--------------------- ----------------- --------------- ------------------------ ----------------
Derek Foster 17,194 0.0017% 24,071 0.0024%
--------------------- ----------------- --------------- ------------------------ ----------------
Emily Pang 30,426 0.0030% 42,596 0.0043%
--------------------- ----------------- --------------- ------------------------ ----------------
Gary Simpson 25,796 0.0026% 36,114 0.0036%
--------------------- ----------------- --------------- ------------------------ ----------------
John (Stephen)
Agar 29,765 0.0030% 41,671 0.0042%
--------------------- ----------------- --------------- ------------------------ ----------------
John Duncan 42,332 0.0042% 59,264 0.0059%
--------------------- ----------------- --------------- ------------------------ ----------------
Jon Millidge 29,765 0.0030% 41,671 0.0024%
--------------------- ----------------- --------------- ------------------------ ----------------
Mike Newnham 35,718 0.0036% 50,005 0.0050%
--------------------- ----------------- --------------- ------------------------ ----------------
Neil Harnby 39,687 0.0040% 55,561 0.0056%
--------------------- ----------------- --------------- ------------------------ ----------------
Nick Landon 23,018 0.0023% 32,225 0.0032%
--------------------- ----------------- --------------- ------------------------ ----------------
Shane O'Riordain 46,301 0.0046% 64,821 0.0065%
--------------------- ----------------- --------------- ------------------------ ----------------
Sue Whalley 31,253 0.0031% 43,754 0.0044%
--------------------- ----------------- --------------- ------------------------ ----------------
Place of transaction - London, UK
Enquiries: Royal Mail plc
Media relations:
Beth Longcroft
Phone: 020 7449 8241
Email: beth.longcroft@royalmail.com
Royal Mail press office out of hours: 0203 338 1007
Investor relations:
Catherine Nash
Phone: 020 7449 8183
Email: investorrelations@royalmail.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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