Director/PDMR Shareholding

RNS Number : 1919A
Cookson Group PLC
27 March 2012
 

27 March 2012

 

Notification of Transactions of Persons Discharging Managerial Responsibilities

Cookson Group plc

 

This notification is made in accordance with DTR 3.1.4R(1)(a) of the Disclosure Rules and Transparency Rules

 

Vesting of 2009 LTIP Awards

 

In accordance with the rules of the Cookson Group Long-Term Incentive Plan (the "Plan"), the allocation of Performance and Matching Shares awarded to the executive Directors of Cookson Group plc ("Cookson" or "the Company") on 25 March 2009 vested on 26 March 2012, following the application of the performance conditions specified at the time of grant. The Remuneration Committee awarded dividends in respect of the shares that vested.  As a result each participant received additional shares equivalent in value to the dividends that would have accrued on the shares that vested during the three year vesting period. The shares to satisfy the vesting of these awards will be sourced from Cookson's Employee Share Ownership Trust, approximately half from newly issued shares and half from existing shares. 1,890,000 new £1 ordinary shares have been allotted to the Trust by Cookson Group plc for this purpose, The Trustees will arrange for sufficient shares to be sold to meet Messrs Butterworth, Salmon and Wanecq's associated tax and social security liabilities, and the dealing costs for selling these shares. The remaining shares will, for Messrs Butterworth and Wanecq be transferred into their own names, and for Mr Salmon, transferred into his wife's name, Deirdre Salmon.  The executive Directors have undertaken that they will not dispose of their beneficial interest in these residual shares for a period of 12 months from the date of vesting.

 

Executive Director

 

Matching Shares Vested


Performance Shares Vested


Dividend Shares

Estimated Total number of Shares to be Sold to cover dealing costs, tax and social security liabilities

 

Estimated Total Shares to be retained

M G Butterworth

321,280


174,166


13,366

265,600

243,212

N R Salmon

694,033


287,000


26,466

525,914

481,585

F C Wanecq

980,170


303,486


34,631

543,134

775,153

 

The mid-market closing price of the Company's shares on the date of vesting was £7.045.

 

 Following the transaction detailed above, the interests of the executive Directors in the shares of the Company are expected to be as follows:-

 

Shareholdings:

 

Executive Director

Shareholdings prior to this notification

Estimated Total Shares to be retained

Total holding following notification

Total percentage holding following notification

M G Butterworth

197,271

243,212

440,483

0.16%

N R Salmon

402,279

481,585

883,864

0.32%

F C Wanecq

462,162

775,153

1,237,315

0.44%

 

A further announcement will be made regarding the sale of shares once this is complete.

  

Richard Malthouse                    

Group Secretary

 

Cookson Group plc

165 Fleet Street

London EC4A 2AE

Tel: +44 (0) 20 7822 0000

Fax: +44 (0) 20 7822 0100

Web: www.cooksongroup.co.uk

 

 

 

 

 


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