Director/PDMR Shareholding

RNS Number : 3587V

Tesco PLC

27 October 2014

 



GRANT OF AWARDS UNDER LISTING RULE 9.4.2

27 October 2014

Tesco PLC (the "Company")

DIRECTOR SHAREHOLDING

On 24 October 2014, the Directors listed below were granted nil-cost options over Tesco PLC Ordinary Shares under an arrangement to which Listing Rule 9.4.2 applies in respect of the buy-out of awards forfeited on leaving their previous employment.  The number of shares subject to the options awarded has been calculated using the average market prices over the four dealing days immediately after joining Tesco.  Dave Lewis joined Tesco on 1 September 2014 resulting in an average market price for his award of 230.3625p per share.  Alan Stewart joined on 23 September 2014 giving an average market price for his award of 191.6875p per share.

The number of shares subject to option in each case will be increased to reflect the dividends that would have accrued on the shares subject to the option had they been reinvested in shares in the period between grant and exercise. The options will vest at the date of vesting of the original awards that were forfeited as set out below.

DIRECTOR	Number of Shares subject to option	Vesting date
D Lewis	448,933	17/02/2015
	603,461	18/02/2016
	605,595	14/02/2017
	1,657,989
A Stewart	251,010	18/06/2015
	324,676	24/06/2016
	306,270	23/06/2017
	881,956

The Remuneration Committee believes that these awards fairly reflect the awards the Directors forfeited on leaving their previous employment in terms of value and timescale of vesting.

Alan Stewart will receive a further award as part of his buy-out in around June 2015 in respect of the portion of his 2014/15 M&S bonus he forfeited on leaving employment.  It is not possible to make this award at the current time as the level of the M&S bonus payout is not yet known.

This announcement is made in accordance with the requirements of DTR 3.1.4.

Enquiries:        J Lloyd

                        Company Secretary

                        Tesco PLC

                        Tel: [phone]

 

END

 

 

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