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Future PLC (FUTR)

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Monday 23 January, 2012

Future PLC

Notification of Interests of PDMR's

RNS Number : 9476V
Future PLC
23 January 2012
 



Future plc

23 January, 2012

 

 

Future plc

Notification of Interests of Persons Discharging Managerial Responsibility ("PDMRs") and connected persons

 

Future plc ("the Company") announces the following dealings by PDMRs in the Company's ordinary shares of one penny each ("Shares").

 

On 20 January 2012, the Company received notification from Mark Wood, Chief Executive and Graham Harding, Finance Director, that the following Awards were granted to them by the Company on 18 January 2012:

 

 

Name

Number of Shares over
  which awards granted
   under Performance
   Share Plan ("PSP)

Total number of
  Shares under
  options and/or
  awards

Number of Shares
  already held

Mark Wood

3,500,000

3,554,545

0

Graham Harding

2,000,000

2,651,786

334,030

 

The PSP Awards will vest three years from the date of grant, at no cost to the participants, in accordance with the rules of the PSP provided that the participants remain in employment of the Group at the vesting date and subject to performance targets measured over the three financial years from 1 October 2011 to 30 September 2014 having been met. Vesting of the PSP Awards is subject to both Total Shareholder Return (TSR) and Earnings Per Share (EPS) performance.

 

The vesting of 50% of the PSP Awards will be determined by the Company's TSR performance measured against a group of competitor companies, not being less than 15 in number. If the Company's performance places it below median, none of that part of the PSP Awards will vest. If the TSR performance places it above median ranking, 25% will vest through to 100% of that part if the Company is ranked in the upper quintile (top 20%). To alleviate short-term volatility, the return index will be averaged in the TSR calculations for each company over the three months prior to the start and end of the performance period.

 

The vesting of the other 50% of the PSP Awards will be determined by the Company's EPS performance against the Retail Price Index (RPI). EPS growth targets have been determined by the Remuneration Committee for these PSP Awards as follows: in the event that the Company's EPS growth is less than RPI + 3%, none of that part of the PSP Awards will vest, vesting commences at over RPI +3% and, at RPI +8%, 100% of that part of the PSP Awards will vest, and vesting will be on a pro rata straight line basis between the two.

 

The notification of these awards is intended to satisfy the Company's obligations under Disclosure and Transparency Rule 3.1.4.

 

 

Future plc

Mark Millar, Company Secretary                                     01225 442244

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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