Betfair Group PLC Director/PDMR Shareholding (8659R)
July 01 2015 - 7:30AM
UK Regulatory
TIDMBET
RNS Number : 8659R
Betfair Group PLC
01 July 2015
Betfair Group plc
1 July 2015
Notification of awards under the Betfair Long Term Incentive
Plan (the "LTIP") and the Betfair Deferred Share Incentive Plan
(the "DSIP")
LTIP
Betfair Group plc (LSE: BET) (the "Company") announces that the
following Executive Directors were today granted awards over 0.095p
ordinary shares in the capital of the Company ("Shares") under the
LTIP (the "LTIP awards") as follows:
Director Position Number of Shares
---------------- ------------------------ ----------------
Breon Corcoran Chief Executive Officer 67,657
---------------- ------------------------ ----------------
Alexander Gersh Chief Financial Officer 34,012
---------------- ------------------------ ----------------
Mark Brooker Chief Operating Officer 29,760
---------------- ------------------------ ----------------
No consideration was paid for the grant of the awards, which are
structured as options with an exercise price of 0.095p per
share.
The LTIP awards will normally vest after three years, subject to
continued service and the achievement of performance conditions set
by the Remuneration Committee. Vested LTIP awards then normally
remain exercisable until 10 years from grant (7 years in the case
of Mark Brooker's awards, where regulatory restrictions apply).
The performance conditions relating to the LTIP awards are based
on earnings per share ("EPS") for 50% of each LTIP award, relative
total shareholder return ("TSR") for 25% of each LTIP award, and
Group Revenue for 25% of each LTIP award.
SCHEDULE OF APPLICABLE PERFORMANCE CONDITIONS
EPS Target (50% of award): New point of consumption gaming taxes
were introduced in the UK in December 2014. If these taxes had been
applicable for the whole of FY15, Betfair would have incurred
additional costs of GBP28m, significantly reducing EPS. Taking this
into account, vesting at 100% would require a 26% CAGR in EPS over
the measurement period.
EPS for FY18 Shares vesting (as % of number
relating to EPS performance condition)
---------------------- ----------------------------------------
Less than 94.4p Nil
---------------------- ----------------------------------------
94.4p 25%
---------------------- ----------------------------------------
Between 94.4p and 111p Between 25% and 100% (on a straight-line
basis)
---------------------- ----------------------------------------
111p or higher 100%
---------------------- ----------------------------------------
TSR Target (25% of award): The TSR comparator group is the FTSE
250, excluding Investment Trusts. For this part of the LTIP award
to vest, Betfair must achieve performance as follows:
Relative TSR performance Shares vesting (as % of number
relating to relative TSR performance
condition)
----------------------------------- ----------------------------------------
Below median of index Nil
----------------------------------- ----------------------------------------
At median of index 25%
----------------------------------- ----------------------------------------
Between median and upper quartile Between 25% and 100% (on a straight-line
of the index basis)
----------------------------------- ----------------------------------------
At the upper quartile of the index
or above 100%
----------------------------------- ----------------------------------------
Group Revenue Target (25% of award): For this part of the LTIP
award to vest, Betfair must achieve performance as follows:
Group Revenue for FY18 Shares vesting (as % of number
relating to Group Revenue performance
condition)
---------------------------- ----------------------------------------
Less than GBP580m Nil
---------------------------- ----------------------------------------
GBP580m 25%
---------------------------- ----------------------------------------
Between GBP580m and GBP628m Between 25% and 100% (on a straight-line
basis)
---------------------------- ----------------------------------------
GBP628m or higher 100%
---------------------------- ----------------------------------------
In addition to the three performance targets detailed above, an
underpin will also apply which will enable the Remuneration
Committee to change the vesting result based on the above
performance targets if it does not consider the Company's
underlying financial performance to reflect the proposed level of
vesting.
The Company was informed by the individuals listed above of the
above transactions on 1 July 2015.
DSIP
The Company also announces that the following Executive
Directors were today granted awards over Shares under the DSIP (the
"DSIP awards") as follows:
Director Position Number of Shares
---------------- ------------------------ ----------------
Breon Corcoran Chief Executive Officer 13,449
---------------- ------------------------ ----------------
Alexander Gersh Chief Financial Officer 10,009
---------------- ------------------------ ----------------
Mark Brooker Chief Operating Officer 8,333
---------------- ------------------------ ----------------
No consideration was paid for the grant of the DSIP awards,
which are structured as options with an exercise price of 0.095p
per Share.
The DSIP awards will normally vest 50% after one year and 50%
after two years from the date of grant, subject to continued
employment. They then normally remain exercisable until 10 years
from grant (7 years in the case of Mark Brooker's awards, where
regulatory restrictions apply).
The Company was informed by the individuals listed above of the
above transactions on 1 July 2015.
This notification is made in accordance with DTR 3.1.4(a) of the
Disclosure and Transparency Rules.
Enquiries:
Claire Baty
Deputy Company Secretary
Tel: +44 20 8834 8000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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