Johnston Press PLC Director/PDMR Shareholding (4175O)
May 27 2015 - 11:40AM
UK Regulatory
TIDMJPR
RNS Number : 4175O
Johnston Press PLC
27 May 2015
Johnston Press plc (the "Company")
DIRECTORS'/PDMR SHAREHOLDINGS
The Company announces that on 26 May 2015 the following
directors and senior executives were granted awards over ordinary
shares of 1p each in the Company under the terms of the undernoted
share schemes.
Johnston Press Performance Share Plan 2006 (the "PSP").
The following grants of nil-cost options over ordinary shares of
1p each in the Company were made under the terms of the PSP.
Name Total number
of awards
------------- -------------
A Highfield 277,598
------------- -------------
D King 177,533
------------- -------------
P M McCall 57,327
------------- -------------
S Gilliver 71,465
------------- -------------
J Bills 79,018
------------- -------------
J Moriarty 79,406
------------- -------------
L Sinclair 57,327
------------- -------------
No consideration was paid for the grant of the PSP awards.
Subject to the achievement of the performance criteria, the PSP
awards will normally vest on 26 May 2018 and may, to the extent
vested, be exercised during the 12 month period ending 25 May 2019.
No consideration is payable on the exercise of the PSP awards.
Two performance conditions, one relating to total shareholder
return ("TSR") and the other to earnings per share ("EPS") will
apply to the PSP awards with each having equal weighting. The TSR
performance condition will be measured against an appropriate
comparator group. 25% of this part of the award vests at median,
with 100% vesting for upper quartile performance with straight-line
vesting in between. For this part of the award, no vesting can
occur unless the Committee is satisfied that the underlying
financial performance of the Company has achieved an appropriate
level of improvement. The EPS performance condition requires the
Company's EPS for the financial year ending on or about 31 December
2017 to be equal to or greater than 27.5 pence for any of that part
of the award to vest. At that level, 25% of that part of the award
will vest, with 100% vesting for EPS of 29.5 pence or more with
straight line vesting in between.
Johnston Press Deferred Share Bonus Plan (the "DSBP")
1. Awards in Respect of 2013
The following grants of nil-cost options over ordinary shares of
1p each in the Company were made under the terms of the DSBP to
give effect to the deferral of a proportion of bonus for the period
ending 28 December 2013 (the "2013 Financial Year"), the cash
element of which was paid on 15 July 2014. The Committee was
prohibited from making the awards under the DSBP at that time due
to a prolonged prohibited period.
The awards granted under the DSBP relate to the deferred element
of the bonus for the 2013 Financial Year, as reported in the
Company's Annual Report for that year. The awards have been granted
based on the Company's share price of 194.5 pence per share on 15
July 2014, being the date on which the cash element of the bonus
was paid. This price was used to calculate the number of shares
over which DSBP awards were granted as permitted under the rules of
the DSBP. No further consideration was paid for the grant of the
DSBP awards.
Name Total number
of awards
------------- -------------
A Highfield 20,565
------------- -------------
D King 8,569
------------- -------------
P M McCall 1,542
------------- -------------
S Gilliver 1,301
------------- -------------
L Sinclair 1,048
------------- -------------
Subject to the rules of the DSBP, the awards will normally vest
on 15 July 2017 subject only to continued service in the group and
may be exercised during the 2 year period ending 14 July 2019. No
consideration is payable on the exercise of the DSBP awards.
2. Awards in Respect of 2014
The following grants of nil-cost options over ordinary shares of
1p each in the Company were made under the terms of the DSBP to
give effect to the deferral of a proportion of bonus for the period
ending 3 January 2014 (the "2014 Financial Year"), the cash element
of which was paid on 1 April 2015.
The awards granted under the DSBP relate to the deferred element
of the bonus for the 2014 Financial Year, as reported in the
Company's Annual Report for that year. The awards have been granted
based on the Company's share price of 142.75 pence per share on 1
April 2015, being the date on which the cash element of bonus was
paid. This price was used to calculate the number of shares over
which DSBP awards were granted as permitted under the rules of the
DSBP. No further consideration was paid for the grant of the DSBP
awards.
Name Total number
of awards
------------- -------------
A Highfield 169,345
------------- -------------
D King 93,891
------------- -------------
P M McCall 4,022
------------- -------------
S Gilliver 6,865
------------- -------------
J Bills 5,114
------------- -------------
J Moriarty 4,623
------------- -------------
L Sinclair 5,028
------------- -------------
Subject to the rules of the DSBP, the awards will normally vest
on 1 April 2018 subject only to continued service in the group and
may be exercised during the 2 year period ending 31 March 2020. No
consideration is payable on the exercise of the DSBP awards.
This notification is made in accordance with DR3.1.4R(1)(a)
For further enquiries please contact the Company Secretary:
Peter McCall T: 0131 225 3361
27 May 2015
This information is provided by RNS
The company news service from the London Stock Exchange
END
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