16th Feb 2005 16:08
Future PLC16 February 2005 FUTURE PLC NOTIFICATION OF DIRECTOR'S INTERESTS IN SHARES Future plc (LSE : FUTR) announces that, in accordance with the rules of itsPerformance Share Plan, on 15 February 2005 it granted Awards over 774,242Ordinary shares in the Company. Consequently, on 15 February 2005, the Company received notification that: - Greg Ingham (Chief Executive) acquired, on 15 February 2005 a beneficial interest in 406,061 Ordinary shares in the Company; and - John Bowman (Finance Director) acquired, on 15 February 2005, a beneficial interest in 281,212 Ordinary shares in the Company. These Awards will vest three years from the date of grant, at no cost to theDirectors, in accordance with the rules of the Company's Performance Share Plansubject to the satisfaction by the Company of performance criteria: 50% of theAward will be subject to total shareholder return (TSR) performance and 50% ofthe Award subject to earnings per share (EPS) performance. The vesting of the TSR part of the Award will be determined by the Company'sperformance compared to a group of similar companies, not being less than 15 innumber, such that if the Company's performance places it below median, no partof the Award will vest, 25% will vest if the Company's performance is median and100% if the Company's performance places it in the top quintile (20%) as againstthe comparator companies, and on a pro rata straight line basis between the two.Initially, this group will comprise of 19 companies (as listed on page 95 in the2004 Annual Report). To alleviate short-term volatility, the return index willbe averaged in the TSR calculations for each company over the three months priorto the start and end of the performance period. The vesting of the other part of the Award will be determined by the Company'sEPS performance against the Retail Price Index (RPI). Following discussions withthe ABI and major shareholders EPS growth targets have been determined by theRemuneration Committee for these Awards as follows: in the event that theCompany's EPS growth is less than RPI + 3%, none of that part of the Award willvest, vesting commences at over RPI +3% and. at RPI +8%, 100% of that part ofthe Award will vest, and vesting will be on a pro rata straight line basisbetween the two. Earnings per share will be defined as before amortisation ofintangible assets and exceptional items. ENDS For further information, please contact: John Bowman, Finance Director Future plc 01225 442244 Mark Millar, Company Secretary Future plc 01225 442244 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Future