Marshalls PLC Director/PDMR Shareholding (7535X)
September 01 2015 - 11:30AM
UK Regulatory
TIDMMSLH
RNS Number : 7535X
Marshalls PLC
01 September 2015
Marshalls plc: Retirement of Director - disclosure of
remuneration payments vesting on retirement
This announcement is made in accordance with Section 430(2B) of
the Companies Act 2006.
Further to the announcement dated 1 October 2014 of Ian
Burrell's retirement from the Board, this announcement confirms the
details of remuneration in the form of incentive awards vesting on
his retirement which have now been exercised and/or transferred to
him following the publication of the Group's half-year results.
These details will also be displayed on the Company's website.
Ian Burrell's entitlement to outstanding performance-related
incentive awards under the Company's Management Incentive Plan
("MIP") and 2005 Long Term Incentive Plan ("LTIP") has been
calculated on a pro-rata basis in accordance with the Company's
stated policy for good leavers. The amounts vesting under the
Company's incentive plans were as follows:-
MIP
-- 98,941 shares have vested, comprising the balance of 80,130
MIP 2014 Element A deferred shares and 17,644 MIP 2014 Element B
shares, and the 2014 dividend payment of 4 pence converted into
1,167 shares.
LTIP
-- 244,991 shares under the LTIP have vested, comprising a
proportion of 2013 and 2014 Performance Share Awards pro-rated to
the date of leaving which vested in accordance with the "good
leaver" policy on the leaving date. The remaining balance of
Performance Shares awarded in 2013 and 2014 (104,109 shares) has
lapsed. No further awards are outstanding under the LTIP.
The expected vesting of these awards was disclosed in the
Company's Remuneration Report for the 2014 financial year and is in
accordance with the Company's Remuneration Policy for "good
leavers". Subject to disposing of sufficient shares to pay
applicable tax and NIC, the 2014 MIP Element B Award shares must be
retained until March 2020.
Ian Burrell may receive a further MIP Element A Award for the
period up to 30 June 2015, and this will be determined following
announcement of the Group's results for the 2015 financial year and
fully disclosed in the Company's 2015 Remuneration Report.
The Marshalls plc Employee Benefit Trust (the "EBT"), in
accordance with its policy to retain flexibility for the
satisfaction of future share awards, has purchased 334,470 of Ian
Burrell's shares on exercise in order to enable him to meet tax
liabilities and in accordance with his instructions. This sale and
purchase of shares was by means of an "off market" transaction in
which the value ascribed to the shares was determined as 335.0
pence per ordinary share, being the mid-market closing price of
Marshalls' 25 pence ordinary shares on 28 August 2015.
The resulting balance of shares held by the EBT following the
transaction was 3,051,384 (representing 1.53% of issued share
capital). The effective date on which the sale and purchase took
place was 28 August 2015.
Enquiries:
Andrew Allner Chairman Marshalls plc 01422 314777
Cathy Baxandall Company Secretary Marshalls plc 01422 314777
1 September 2015
This information is provided by RNS
The company news service from the London Stock Exchange
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