Director/PDMR Shareholding

RNS Number : 9816I

Severn Trent PLC

05 June 2014

 



NOTIFICATION OF TRANSACTIONS BY DIRECTORS, PERSONS

DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED

PERSONS

Notification made in accordance with Disclosure Rule 3.1.4R(1)(a) of the

Disclosure Rules and Transparency Rules.

On 4 June 2014, Severn Trent Plc ("the Company") granted Olivia Garfield (a director of the Company) an award ("Award") in respect of 123,667 ordinary shares of 97¹⁷/₁₉ p each in the capital of the Company ("Shares"). The Award has been granted to Olivia Garfield in connection with her recruitment by the Company. The Award is subject to the terms of an agreement between the Company and Olivia Garfield dated 4 June 2014 and in accordance with such terms:

(a)       no consideration is payable in respect of the grant of the Award or for any Shares transferred to Olivia Garfield pursuant to the Award;

(b)       41,222 Shares under the Award ("Tranche 1") are subject to a performance condition to be measured over three financial years of the Company ending on 31 March 2014 and the number of Shares that vest will be determined in accordance with such performance condition;

(c)        41,222 Shares under the Award  ("Tranche 2") are subject to a performance condition to be measured over three financial years of the Company ending on 31 March 2015 and the number of Shares that vest will be determined in accordance with such performance condition;

(d)       41,223 Shares under the Award ("Tranche 3") are subject to a performance condition to be measured over three financial years of the Company ending on 31 March 2016 and the number of Shares that vest will be determined in accordance with such performance condition;

(e)       the number of Shares that may be delivered to Olivia Garfield in respect of the vesting of any of Tranche 1, Tranche 2 or Tranche 3, may be enhanced by the delivery of a number of additional Shares or cash to reflect dividends paid by the Company on its Shares during the period from the date of grant of the Award until the Shares subject to the Tranche concerned have vested;

(f)         subject to certain exceptions, should Olivia Garfield cease to be an employee or give notice to terminate her employment, the Award will lapse;

(g)       any Shares that vest pursuant to a particular Tranche under the Award will be transferred to Olivia Garfield within 30 days of such vesting having occurred.

On 5 June 2014, 41,222 Shares vested pursuant to Tranche 1 of the Award and on 5 June 2014, the independent trustee of the Severn Trent Plc Employee Share Ownership Trust ("Trustee") notified the Company that it had transferred the beneficial interest in a total of 41,222 Shares to Olivia Garfield for nil consideration.

On 5 June 2014, the Trustee also notified the Company that it had transferred the beneficial interest in a total of 118,499 Shares for nil consideration to participants in the Long Term Incentive Plan 2005 ("LTIP"), including 50,317 Shares to Directors and Persons Discharging Managerial Responsibilities (PDMRs) of the Company as indicated below, pursuant to awards made under the LTIP in 2011.

Participant	Shares subject to LTIP Award to be  transferred to PDMR	No. of  Shares sold	No. of Shares sold to cover tax liability	Price at which Shares sold	Net No. of Shares acquired
A J Ballance	7,672	N/A	3,625	£19.6433	4,047
M J Kane	8,373	N/A	3,956	£19.6433	4,417
M J E McKeon	16,945	N/A	8,006	£19.6433	8,939
A P Smith	9,967	N/A	4,709	£19.6433	5,258
B Kennedy	7,360	N/A	3,478	£19.6433	3,882

www.severntrent.com

 

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