Director/PDMR Shareholding (5966W)

TIDMPUB

RNS Number : 5966W

Punch Taverns PLC

22 November 2010

Punch Taverns plc (the "Company")

22 November 2010

NOTIFICATION OF DIRECTOR / PDMR SHAREHOLDING

Long Term Incentive Plan 2008 (the "Plan")

On 19 November 2010, in accordance with the rules of the Plan, the Remuneration Committee granted the following Options, at a price of GBP0.581 per share (the closing share price on 17 November 2010), to the following Executive Directors and Persons Discharging Managerial Responsibilities (PDMRs) of the Company:

 
                        Number of Shares 
                         subject to the 
                             Option 
 Executive Directors 
 Ian Dyson                     2,323,580 
 Mike Tye                        860,585 
 Roger Whiteside                 860,585 
 
 PDMRs 
 Karen Caddick                   475,043 
 Neil Griffiths                  395,869 
 Ed Bashforth                    258,175

The exercise price payable to exercise the Options shall be GBP1. The Options will normally be exercisable between 19 November 2013 and 18 November 2020 subject to the optionholder's continued employment and to the extent that Total Shareholder Return ("TSR") targets are met.

The TSR targets will measure the performance of the Company relative to two relevant comparators: a pub sector peer group and the FTSE 250 Index (excluding investment trusts). The TSR performance will be measured over a three year period, starting from 22 August 2010. The vesting of the Options is split equally according to the TSR performance of the Company against the two different comparators. 12.5% of the Options will vest for achievement of the median position against the pub sector group, and 12.5% for matching the TSR of the FTSE 250 Index (excluding investment trusts). The Options will vest in full if the Company's annualised TSR exceeds the median TSR of the pub sector group and the FTSE 250 Index (excluding investment trusts) TSR, by five percentage points per annum. Straight line vesting will occur between these two points.

The above notification is intended to satisfy the Company's obligations under the Disclosure and Transparency Rule 3.1.4.

Date of Notification: 22 November 2010

Ed Bashforth

Company Secretary

Punch Taverns plc

01283 501 685

This information is provided by RNS

The company news service from the London Stock Exchange

END

RDSFEFFDEFSSEFF

Punch Taverns (LSE:PUB)
Historical Stock Chart
From Jun 2024 to Jul 2024