Director/PDMR Shareholding

RNS Number : 4856F

Close Brothers Group PLC

09 October 2008

 



Close Brothers Group plc 

Close Brothers Group plc ("the Company") notifies the following changes in the interests in the ordinary shares ("Shares") of the executive directors and persons discharging managerial responsibilities ("PDMR") arising out of the operation of its Long Term Incentive Plan 2004 ("LTIP").

On 7 October 2008, options to acquire Shares at nil cost ("Awards") were granted under the LTIP to the following executive directors and PDMR's, as set out below. The numbers of Shares stated are the maximum available to each director or PDMR on satisfaction, in full, of the performance targets described below.

Executive director                            Ordinary shares under Awards

S.R. Hodges                                              131,414

J.A.G. Howell                                            128,732

PDMR

M. Andrew                                                94,761

S.W. Aulsebrook                                          56,320

J.S. Palfreyman                                          57,750

Vesting of these Awards will be conditional on the achievement of two distinct performance targets. Vesting of two thirds of the Shares under an Award will be based on the Company's Adjusted Earnings Per Share ("EPS") growth exceeding a range of targets above the rate of growth of the Retail Prices Index ("RPI"). Vesting of the remaining one third of the Shares under an Award will be based on a condition measuring the Company's Total Shareholder Return ("TSR") performance relative to a comparator group of the constituents of the FTSE-350 General Financial Index and FTSE-350 Banks Index at the date of grant.  

The earliest date on which the executive director or PDMR could normally become entitled to call for the Shares comprised in the Awards is 7 October 2011, which is the third anniversary of the date on which these Awards were granted.

It is intended that treasury shares will be used to satisfy these Awards.

The Company's Remuneration Committee reserves the right to make a payment in cash or in Shares to participants on the vesting of their Awards equivalent to the amount of dividends they would have been entitled to receive during the performance period in respect of those Shares that vest.

The beneficial interests in the ordinary share capital of the Company of the executive directors and PDMR involved in the LTIP Award above are:

                  Shareholding       Option holding      Deferred share       LTIP awards

                  prior to           prior to            awards prior to      prior to 

                  LTIP Award         LTIP Award          LTIP Award           LTIP Award

Executive director

S.R. Hodges       693,469 (0.48%)       412,148              278,045            144,055   

J.A.G. Howell        -                     -                  19,626            113,207    

PDMR 

M. Andrew            -                     -                  66,645             45,110

S.W. Aulsebrook    95,746 (0.07%)        67,684               46,442             43,895

J.S. Palfreyman     4,913 (0.01%)         9,085                 -                  -

                  Shareholding       Option holding      Deferred share       LTIP awards

                  after              after               award after          after

                  LTIP Award         LTIP Award          LTIP Award           LTIP Award

Executive director

S.R. Hodges       693,469 (0.48%)       412,148              278,045            275,469       

J.A.G. Howell        -                     -                  19,626            241,939   

PDMR  

M. Andrew            -                     -                  66,645            139,871

S.W. Aulsebrook    95,746 (0.07%)        67,684               46,442            100,215

J.S. Palfreyman     4,913 (0.01%)         9,085                 -                57,750

The Company's closing mid-market share price on the date of the grant of these LTIP Awards was 547.5p.

 

END

 

 

RDSILFSLIELAIIT