RNS Number : 1860L
31 August 2012
31 August 2012
Director's share awards
Darty plc (DRTY.L) (formerly Kesa Electricals plc) (the "Company") announces that it has recently been brought to its attention that there was an error in the 2009 Annual Report relating to the vesting conditions for the one-off share award made to Thierry Falque-Pierrotin on his joining the Company in January 2009.
On joining the Company, Mr Falque-Pierrotin forfeited option and stock entitlements linked to his previous employment worth, at that point, at least €775,000. The remuneration committee, as part of his recruitment package, agreed at that time to compensate Mr Falque-Pierrotin through a one-off conditional share award, with the only condition to vesting being his continued employment with the Company for three years. The 2009 Annual Report and Accounts erroneously stated that a TSR performance condition also applied; this was not the case.
The vesting criterion of the award was met in January of this year and therefore the award automatically vested, with Mr Falque-Pierrotin receiving 772,681 shares in the Company. As at today's date, Mr Falque-Pierrotin holds 872,681 shares in the Company.
Since his appointment Mr Falque-Pierrotin has been awarded 1,663,068 shares under the Company's Long Term Incentive Plans, subject to TSR and /or other conditions. As detailed in the Company's 2012 Annual Report and Accounts, the share award made in June 2009 over 233,168 shares, lapsed in full, and of the remaining awards 651,027 shares have lapsed, thus he has a remaining interest in 778,873 shares under these plans.
Under the Company's shareholding guidelines, the remuneration committee expects the Chief Executive to build up a shareholding equal to 150% of basic salary. While the holding requirement remains unfulfilled, he will not dispose of any shares vesting under any incentive plans (except for tax liabilities).
Simon Ward +44 (0) 20 7269 1400
Simon Ward UK +44 (0) 20 7269 1400
Vinciane Beurlet France +33 (0) 1 43 18 52 00
Rollo Head +44 (0) 20 7251 3801
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