Director/PDMR Shareholding

RNS Number : 0391R

Kingfisher PLC

23 April 2009

 



KINGFISHER PLC

DIRECTORS' INTERESTS

Performance Share Plan 

In accordance with Disclosure and Transparency Rule 3.1.4R, Kingfisher plc ('the Company') today announces that an award under the Performance Share Plan ('PSP') has been granted to the following directors and persons discharging managerial responsibility in respect of the financial year ending 31 January 2010. In accordance with the PSP rules, the awards were granted on 21 April 2009 as nil cost options.

The awards are as follows:

Beneficiary	Shares	Performance Conditions	Vesting Period
Executive directors
Ian Cheshire	971,876	50% TSR and 50% EPS (Note 1)	3 years
Kevin O'Byrne	698,536	50% TSR and 50% EPS (Note 1)	3 years
Persons discharging managerial responsibility
Euan Sutherland	455,567	Note 2	3 years
Philippe Tible	364,581	Note 2	3 years
Peter Hogsted	332,563	Note 2	3 years

Note 1

TSR Performance Condition:

TSR at the end of the Performance Period	Percentage of the Award that Vests
Less than median plus 1 percentage point	Nil
Median plus 1 percentage point	15.625%
Between median plus 1 percentage point and upper quintile plus 1 percentage point	Straight-line vesting between 15.625% and 100%
Upper quintile plus 1 percentage point	100%

• TSR performance will be measured relative to the FTSE 100 and averaged over the one month immediately prior to the award. In order for any of an award of shares subject to the TSR performance condition to vest, the Company's TSR must be at least 1 percentage point above the median over the relevant three year period (at which level of performance 15.625% of this award will vest) and in order for all of this award to vest it must increase by at least 1 percentage point above the upper quintile.  

• The end TSR will be calculated using the closing return indices over the final one month of the performance period.

• In addition, awards will only vest to the extent that the Remuneration Committee is satisfied that the Company's TSR over the period is reflective of the underlying financial performance of the Company.

Adjusted basic EPS Performance Condition *:

Adjusted basic EPS* at the end of the Performance Period	Percentage of the Award that Vests
Less than 15.9p	Nil
15.9p	15.625%
Between 15.9p and 17.0p	Straight-line vesting between 15.625% - 50%
17.0p	50%
Between 17.0p and 19.6p	Straight-line vesting between 50% - 100%
19.6p	100%

    * Before exceptional items, financing fair value remeasurements and acquisition intangibles amortisation.

Note 2

Retail Operating Profit

The performance conditions for the vesting of shares for each of the persons discharging managerial responsibility after a three year period will be based upon reaching a Retail Operating Profit target for their division of responsibility, which has been set internally.

Kingfisher Incentive Share Scheme

In addition, the Company granted conditional awards of ordinary shares in the Company to executive directors and the PDMR's on 21 April 2009 in respect of the financial year ended 31 January 2009. These awards, made under the Kingfisher Incentive Share Scheme ('the KISS'), were granted as nil cost options. The number of shares awarded was determined by using the average closing mid-market price on 16, 17 and 20 April of £1.6463 per share.  

The awards are as follows:	KISS Award
Ian Cheshire	243,455
Kevin O'Byrne	62,208
Euan Sutherland	92,125
Philippe Tible	157,174

All of the above are subject to dividend roll-up at the appropriate time.      

Lola Emetulu

Deputy Company Secretary

23 April 2009

 

END

 

 

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