Director/PDMR Shareholding
Centrica PLC
Centrica plc
Annual Long Term Incentive Scheme Allocations
Centrica announces that on 19 May 2006 following approval of the Centrica Long
Term Incentive Scheme 2006 at the Annual General Meeting held on the above date,
conditional allocations of ordinary shares in Centrica plc were made by the
trustee of the Centrica Long Term Incentive Scheme (LTIS) to the following
Executive Directors and other Persons Discharging Managerial Responsibility
(PDMRs):
Executive Directors TSR shares EPS shares Total number of shares
in conditional allocation
-----------------------------------------------------------------------------------
Phillip Bentley 139,425 139,424 278,849
-----------------------------------------------------------------------------------
Mark Clare 135,479 135,478 270,957
-----------------------------------------------------------------------------------
Jake Ulrich 139,425 139,424 278,849
-----------------------------------------------------------------------------------
PDMRs
-----------------------------------------------------------------------------------
Grant Dawson 76,727 76,727 153,454
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Deryk King 89,881 89,880 179,761
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Anne Minto 72,562 72,562 145,124
-----------------------------------------------------------------------------------
Chris Weston 74,535 74,535 149,070
-----------------------------------------------------------------------------------
As explained in the Notice of Annual General Meeting in Appendix 1 relating to
the Long Term Incentive Scheme, in order to align Executive Directors and PDMRs
awards with those made to other participants, these first awards shall be deemed
to have been made on 3 April 2006 for all purposes of the LTIS (eg the
calculation of the number of shares comprised in the awards, the EPS and TSR
performance tests and the three-year vesting period).
The percentage of the allocation eventually to vest is dependent on the
satisfaction of performance criteria over a three-year performance period
commencing on 3 April 2006:
-- half of the shares (EPS shares) will be subject to a performance condition
based Centrica's growth in EPS* relative to the growth in RPI (All Items)
over three financial years. Growth in EPS will be calculated by comparing
the Company's EPS figure for the financial period preceding the date of
allocation with that for the financial period three years later**; and
-- half of the shares will be determined by the Company's Total Shareholder
Return (TSR) performance relative to the other companies comprising the LTIS
comparator group - the FTSE 100 at the start of the three-year performance
period (the TSR shares). At the end of the performance period, the TSR
performance condition will be measured, the same calculation made for all
the other 99 companies in the LTIS comparator group and a ranking list will
be compiled***.
* EPS is calculated as the Company's earnings per share, adjusted for
exceptional items and certain re-measurements arising on the application of IAS
32 and IAS 39 (both of which are excluded on the grounds that such standards do
not represent the underlying performance of the business).
The conditional allocations shown above represent the maximum potential award
possible if all performance criteria are met at the end of the three-year
performance period. If and to the extent that the performance criteria are
satisfied at the conclusion of the performance period, the relevant number of
shares will be transferred to executives at the trustee's discretion.
** The maximum allocation of EPS shares only vests if the Company's growth in
EPS exceeds growth in RPI at our above 30%. No shares vest if the growth in EPS
over RPI is below 9%. Between 30% and 9% shares vest on a scale from 100% to
25%.
***The maximum allocation of TSR shares only vests if the Company's TSR over the
performance period is ranked in 20th position or above in the comparator group.
No shares vest if the TSR over the performance period is ranked below 50th
position in the Comparator Group. From 20th to 50th position, shares vest on a
scale from 100% to 25%.
Total share interests held under LTIS for each Executive Director following this
notification are as follows:
Executive Directors
----------------------------------
Phillip Bentley 606,064
----------------------------------
Mark Clare 597,861
----------------------------------
Jake Ulrich 613,998
----------------------------------
PDMRs
----------------------------------
Grant Dawson 374,685
----------------------------------
Deryk King 432,352
----------------------------------
Anne Minto 355,135
----------------------------------
Chris Weston 263,533
----------------------------------
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