4th Mar 2014 17:41
4 March 2014
BRITISH POLYTHENE INDUSTRIES PLC
PDMRs' Notification of Transactions
British Polythene Industries PLC ("the Company") announces that certain of its Directors and other Persons Discharging Managerial Responsibility (together "PDMRs") have acquired ordinary shares in the Company of 25p each ("Shares") following vesting of Shares under the Company's Share Matching Plan, some of which have been sold to meet the Tax Liability arising on vesting. Details of these transactions, including the net increase in the Shares owned by these PDMRs, are set out below. Details of these PDMRs' total shareholdings in the Company are set out further below.
(1) PDMR/ Registered Shareholder | (2) Number of Shares acquired on vesting under SMP and % of share capital | (3) Number of Shares sold to meet a Tax Liability and % of share capital | (4) Net increase in PDMRs' shareholding and & of share capital
|
John Langlands | Invested: 61,044 Matching: 177,085 Dividend: 24,903 Total: 263,032 (0.98%)
| 131,516 (0.49%) | 131,516 (0.49%) |
David Harris | Invested: 28,715 Matching: 83,279 Dividend: 11,654 Total: 123,648 (0.46%)
| 61,824 (0.23%) | 61,824 (0.23%) |
David Duthie | Invested: 21,873 Matching: 63,188 Dividend: 8,878 Total: 93,849 (0.35%)
| 46,925 (0.175%) | 46,924 (0.175%) |
Michael Huyghe | Invested: 36,002 Matching: 82,827 Dividend: 12,462 Total: 131,291 (0.49%)
| 78,775 (0.29%) | 52,516 (0.20%) |
Andrew Green | Invested: 36,680 Matching: 78,815 Dividend: 11,811 Total: 127,306 (0.47%)
| 63,653 (0.235%) | 63,653 (0.235%) |
David Pendlebury | Invested: 18,269 Matching: 45,048 Dividend: 6.804 Total: 70,121 (0.26%)
| 35,061 (0.13%) | 35,060 (0.13%) |
Acquisitions
The Shares acquired (see column 1 above) all vested on 3 March 2014 under the Rules of the Share Matching Plan ("SMP"). They related to 2 allocations under the Scheme:
1. The first is the 2010 allocation in respect of Mandatorily Acquired Shares (as defined in the SMP Rules) which the PDMRs were required to invest 25% of their annual bonus in to acquire in 2010. These shares were acquired at a share price of 227 pence per share (the average share price for the 3 days before the award).
Matching Shares in respect of these Mandatorily Acquired Shares vested in accordance with the SMP Rules based on achievement against Performance Targets in the 3 year Performance Period 2010 to 2012. Dividend Shares were awarded under the SMP Rules with respect to both the vested Mandatorily Acquired Shares and Matching Shares.
All these Shares vested on 3 March 2014 following a 4 year deferral period.
2. The second is the part of the 2011 allocation which relates to Voluntarily Acquired Shares (as defined in the SMP Rules) which the PDMRs voluntarily invested further annual bonus, beyond their mandatory 25%, to acquire in 2011. The shares were acquired at a price of 252.83 pence per share (the average share price for the 3 days before the award).
Matching Shares in respect of these Voluntarily Acquired Shares vested in accordance with the SMP Rules based on achievement against Performance Targets in the 3 year Performance Period 2011 to 2013. Dividend Shares were awarded under the SMP Rules with respect to both the vested Voluntarily Acquired Shares and Matching Shares.
All these Shares vested on 3 March 2013 following a 3 year deferral period.
No payment was made by the PDMRs for the acquisition of the Matching Shares or Dividend Shares.
Sales
The Shares sold (see column 2 above ) were sold to meet the tax liabilities arising on the vesting of the Shares in Column 1 above. The sales of the shares took place in London on 3 March 2014 at a price of 657.25 pence per share and were notified to the Company today.
Total holdings
Following these transactions, the total increased holdings of these PDMRs of shares in the Company (including any shares held by their connected persons) are as follows:
PDMR and connected persons | Total Shareholding | % of share capital |
John Langlands | 343,798 | 1.28% |
David Harris | 90,857 | 0.34% |
David Duthie | 97,006 | 0.36% |
Michael Huyghe | 83,016 | 0.31% |
Andrew Green | 83,888 | 0.31% |
David Pendlebury | 71,785 | 0.27% |
Hilary Kane
Company Secretary & Legal Counsel
01475 501055
Related Shares:
BPI.L