Director/PDMR Shareholding

RNS Number : 4813I

Scottish & Southern Energy PLC

15 June 2011

 



SCOTTISH AND SOUTHERN ENERGY PLC

TRANSACTIONS BY PDMRS

DISCLOSURE PURSUANT TO DISCLOSURE AND TRANSPARENCY RULE 3.1.4R(1)(a)

(i)         VESTING OF AWARDS UNDER THE DEFERRED BONUS SCHEME (DBS)

            2008 AWARDS

On 14 June 2011 the independent Trustee of the Scottish and Southern Energy Employee Trust notified the Company that it had on 13 June 2011 transferred the beneficial interest in a total of 21,407 Scottish and Southern ordinary shares (the "Shares"), subject to awards granted on 10 June 2008 under the DBS, to the following persons discharging managerial responsibility ("PDMRs") as follows:

PDMR	Gross Award of Shares	Accrued Dividend Shares	Total Shares	No. of Shares sold to meet income tax and National Insurance liabilities	Price at which Shares sold	Net Number of Shares transferred to Participant	Total Beneficial Interest following this Notification
Ian Marchant, Director	9,709	1,748	11,457	5,970	£13.7713	5,487	231,290
Gregor Alexander, Director	5,493	987	6,480	3,377	£13.7713	3,103	93,637
Colin Hood, Director	7,087	1,275	8,362	4,358	£13.7713	4,004	142,693
Alistair Phillips-Davies, Director	5,463	983	6,446	3,359	£13.7713	3,087	103,820
David Franklin, PDMR	3,427	611	4,038	2,105	£13.7713	1,933	N/A
Mark Mathieson, PDMR	1,677	300	1,977	1,031	£13.7713	946	N/A
Rob McDonald, PDMR	1,479	264	1,743	906	£13.7713	0	N/A
Jim McPhillimy, PDMR	1,796	321	2,117	1,104	£13.7713	1,013	N/A
Paul R Smith, PDMR	1,796	321	2,117	1,104	£13.7713	1,013	N/A
Alan Young, PDMR	1,455	260	1,715	894	£13.7713	821	N/A

Vesting of these shares was subject to continuous employment over the three year period from date of grant.

(ii)       DEFERRED BONUS SCHEME (DBS)

            GRANT OF AWARDS 14 JUNE 2011

            VESTING NO EARLIER THAN 14 JUNE 2014

On 14 June 2011 the Company granted the following awards under the DBS.  The number of shares under each award has been calculated by reference to the price of £13.42 per share, being the average of the mid market closing prices over the period 23 May to 27 May 2011 inclusive.

PDMR	NUMBER OF SHARES GRANTED UNDER AWARD
Ian Marchant, Director	9,388
Gregor Alexander, Director	5,533
Alistair Phillips-Davies, Director	5,533
David Franklin, PDMR	1,397
Mark Mathieson, PDMR	2,570
Rob McDonald, PDMR	2,235
Jim McPhillimy, PDMR	2,785
Paul R Smith, PDMR	2,417
Alan Young, PDMR	1,958

Awards granted under the DBS represent a deferral of a proportion of the cash bonus earned for the financial year ended 31 March 2011 which is converted into shares.  The shares will vest after a period of three years from date of grant subject to continued employment.

(iii)      PERFORMANCE SHARE PLAN (PSP)

            GRANT OF AWARDS 14 JUNE 2011

            VESTING NO EARLIER THAN PRELIM ANNOUNCEMENT 2014

On 14 June 2011 the Company granted the following awards under the PSP.  The number of shares stated is the maximum available to each PDMR on satisfaction in full of the performance targets applicable to the award.  The number of shares under each award has been calculated by reference to the price of £13.42 per share, being the average of the mid market closing prices over the period 23 May to 27 May 2011 inclusive.

Vesting of these awards will be conditional on the satisfaction of financial performance conditions over the three year performance period 1 April 2011 to 31 March 2014 and to continued employment.  The earliest date on which participants will normally become entitled to the shares comprised in this award is the date of announcement of results for the financial year ending 31 March 2014, or as otherwise determined by the rules of the PSP.

PDMR	NUMBER OF SHARES GRANTED UNDER AWARD
Ian Marchant, Director	93,889
Gregor Alexander, Director	55,336
Alistair Phillips-Davies, Director	55,336
David Franklin, PDMR	11,922
Mark Mathieson, PDMR	17,138
Rob McDonald, PDMR	14,903
Jim McPhillimy, PDMR	17,138
Paul R Smith, PDMR	16,117
Alan Young, PDMR	13,055

(iv)      MANAGEMENT BOARD LONG TERM INCENTIVE PLAN (LTIP)                         

            GRANT OF AWARDS 14 JUNE 2011

            VESTING NO EARLIER THAN PRELIM ANNOUNCEMENT 2016

As stated in the Annual Report 2011, published on 9 June, a new one-off five year LTIP 2011-16 has been put in place for members of the new Management Board, excluding the executive directors. 

On 14 June 2011 the Company granted the following awards under this LTIP.  The number of shares stated is the maximum available to each PDMR on satisfaction in full of the performance targets applicable to the award.  The number of shares under each award has been calculated by reference to the price of £13.42 per share, being the average of the mid market closing prices over the period 23 May to 27 May 2011 inclusive.

Vesting of these awards will be conditional on the satisfaction of financial performance conditions over the five year performance period 1 April 2011 to 31 March 2016 and to continued employment.  The earliest date on which participants will normally become entitled to the shares comprised in the award is the date of announcement of results for the financial year ending 31 March 2016, or as otherwise determined by the rules of the LTIP.

PDMR	NUMBER OF SHARES GRANTED UNDER AWARD
David Franklin, PDMR	29,806
Mark Mathieson, PDMR	42,846
Rob McDonald, PDMR	37,257
Jim McPhillimy, PDMR	42,846
Paul R Smith, PDMR	40,294
Alan Young, PDMR	32,638

 

END

 

 

RDSBGGDLGGBBGBU