Johnston Press PLC Director/PDMR Shareholding (4175S)
September 23 2014 - 11:16AM
UK Regulatory
TIDMJPR
RNS Number : 4175S
Johnston Press PLC
23 September 2014
Johnston Press plc (the "Company")
DIRECTORS'/PDMR SHAREHOLDINGS
The Company announces that on 22 September 2014 the following
directors and senior executives were granted awards over ordinary
shares of 1p each in the Company under the terms of the Johnston
Press Value Creation Plan 2014 (the "VCP"). No consideration was
paid for the grant of the VCP awards.
Name Total number Beneficial Total Interest
of awards Interest* Including
Non-Beneficial*
------------- ------------- ----------- -----------------
A Highfield 158,815,770 7,642,350 32,729,250
------------- ------------- ----------- -----------------
D King 79,407,885 550,000 25,636,900
------------- ------------- ----------- -----------------
J Bills 25,557,621 388,768 25,475,668
------------- ------------- ----------- -----------------
J Moriarty 25,557,621 0 25,086,900
------------- ------------- ----------- -----------------
S Gilliver 23,001,859 0 25,086,900
------------- ------------- ----------- -----------------
P M McCall 18,529,275 387,362 25,474,262
------------- ------------- ----------- -----------------
The awards were granted at an initial option exercise price of
4.617 pence per share, being an amount equal to 118% of the average
of the middle market quotations of a share over the 30 day period
starting on the date of completion of the Company's recent
financing on 23 June 2014. In accordance with the rules of the VCP
the option price may reduce to take account of any dividends paid
by the Company from the date of grant to the date of vesting of the
award.
The VCP awards will normally vest and be exercised to the
maximum extent permitted on 23 June 2017, subject to the
satisfaction of a performance underpin and the participant
remaining an officer or employee within the Johnston Press group.
It is a condition of exercise that 50% of the shares acquired on
exercise (less any shares sold to pay the participant's tax
liability on exercise) must be held, at risk of forfeiture, until
23 June 2018, subject to the participant continuing to remain an
officer or employee within the group .
The Remuneration Committee may, in its discretion, decide
instead to satisfy awards as a share appreciation right. In this
case, 50% of the SAR shall normally vest on 23 June 2017, subject
to the satisfaction of the performance underpin, and the other 50%
shall normally vest on 23 June 2018, subject to the participant
remaining an officer or employee within the Johnston Press group at
that time.
* Beneficial Interest: This includes shares held in trust under
the Johnston Press Share Incentive Plans, which holds shares to
satisfy awards under those plans (open to all eligible employees in
the United Kingdom).
** Total Interest Including Non-Beneficial: This includes shares
held by Johnston Press plc Employee Share Trust (a Jersey Trust)
which holds shares in order to satisfy awards under the Company's
Performance Share Plan for executives.
This notification is made in accordance with DR3.1.4R(1)(a)
For further enquiries please contact the Company Secretary:
Peter McCall T: 0131 311 7500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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