Director/PDMR Shareholding

RNS Number : 7289D

Future PLC

07 December 2009

 

Future plc

Notification of Interests of Persons Discharging Managerial Responsibility ("PDMRs") and

connected  persons

Future plc ("the Company") announces the following dealings by PDMRs in the Company's ordinary shares of  lp each ("Shares").

On 4 December 2009, the Company received notification from Stevie Spring and John Bowman that the following Awards were granted to them by the Company on 27 November 2009:

Name	Number of Shares over which awards granted under Performance Share Plan ("PSP)	Total number of Shares under options and/or awards	Number of Shares already held
Stevie Spring	2,000,000	5,658,494*	585,689
John Bowman	1,230,000	3,953,905*	811,191

The PSP Awards will vest three years from the date of grant, at no cost to the participants, in accordance with the rules of the PSP provided that the participants remain in employment of the Group at the vesting date and subject to performance targets measured over the three financial years from 1 October 2009 to 30 September 2012 having been met. Vesting of the PSP Awards is subject to both Total Shareholder Return (TSR) and Earnings Per Share (EPS) performance.

The vesting of 50% of the PSP Awards will be determined by the Company's TSR performance  measured against a group of competitor companies, not being less than 15 in number. If the Company's  performance places it below median, none of that part of the PSP Awards will vest. If the TSR performance places it above median ranking, 25% will vest through to 100% of that part if the Company is ranked in the upper quintile (top 20%). To alleviate short-term volatility, the return index will be averaged in the TSR calculations for each company over the three months prior to the start and end of the performance period.

The vesting of the other 50% of the PSP Awards will be determined by the Company's EPS performance against the Retail Price Index (RPI). EPS growth targets have been determined by the Remuneration Committee for these PSP Awards as follows: in the event that the Company's EPS growth is less than RPI + 3%, none of that part of the PSP Awards will vest, vesting commences at over RPI +3% and, at RPI +8%, 100% of that part of the PSP Awards will vest, and vesting will be on a pro rata straight line basis between the two. Earnings per share are defined as the adjusted basic Earnings Per Share as published in the Company's Annual Report for the relevant years.

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

 * Note: On 1 December 2009, of the 838,235 and 705,882 shares over which PSP awards were granted to Stevie Spring and John Bowman respectively on 1 December 2006, 574,191 and 483,530 shares lapsed and the remainder vested. A further notification will be made in due course after shares have been issued (and in the event that any shares are sold to cover income tax and national insurance  contributions).

Future plc

Mark Millar, Company Secretary                                     01225 442244

 

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