26th Jun 2008 15:52
:
On 23 June 2008, the following conditional awards over ordinary shares in the Company were made under the Aggreko Performance Share Plan 2004 (the "PSP") and the Aggreko Co-Investment Plan 2004 ("the CIP") to Persons Discharging Managerial Responsibility ("PDMRs") of the Company:
PSP Awards
The following PDMRs were granted basic PSP awards under the PSP
|
Name of PDMR |
Number of Shares held under basic Award |
Maximum number of Shares that may vest subject to satisfaction in full of Super Performance Condition |
Total number of shares over which Awards are held under the PSP |
|
Rupert Soames |
77,441 |
154,882 |
154,882 |
|
Angus Cockburn |
32,997 |
65,994 |
65,994 |
|
George Walker |
26,171 |
52,342 |
52,342 |
|
Kashyap Pandya |
30,640 |
61,280 |
61,280 |
No consideration was paid for the grant of PSP Awards.
The vesting of a PSP award is subject to continued employment of the PDMR and the satisfaction of performance conditions set by the Remuneration Committee of the Company. The performance conditions are based on real compound growth in aggregate EPS and average ROCE, over the performance period. For the basic PSP awards, 75% of the base award is subject to an EPS target of between 3% and 10%, and 25% is subject to a ROCE target of between 23% and 25%. The number of shares that vest under awards that have been classified as Super LTIP awards are subject to the satisfaction of an additional EPS target of between 13% and 20%. The impact of the performance conditions on the Super LTIP awards is effectively to multiply awards by a factor of between 1.3 and 2.
PSP awards will normally vest on the later of the third anniversary of grant and the fulfilment of the performance conditions.
CIP Matching Awards
The following PDMRs were granted basic CIP Matching Awards under the CIP
|
Name of PDMR |
Number of shares held under basic Matching Award |
Total number of shares over which Matching Awards are held under the CIP |
|
Rupert Soames |
23,232 |
23,232 |
|
Angus Cockburn |
14,141 |
14,141 |
|
George Walker |
11,216 |
11,216 |
|
Kashyap Pandya |
4,990 |
4,990 |
CIP Matching Awards (Super LTIP Awards)
The following PDMRs were also granted CIP Matching Awards which were classified as Super LTIP Awards
|
Name of PDMR |
Number of shares held under basic Matching Award |
Minimum match (guaranteed match of 50% of basic award) |
Maximum number of shares that may vest subject to satisfaction in full of basic Performance Conditions |
Maximum number of shares that may vest subject to satisfaction in full of Super Performance Condition |
Total number of shares over which Matching Awards are held under the CIP Super Performance |
|
Rupert Soames |
23,232 |
11,616 |
44,464 |
44,464 |
88,928 |
|
Angus Cockburn |
14,141 |
7,070 |
28,282 |
28,282 |
56,564 |
|
George Walker |
11,216 |
5,608 |
22,432 |
22,432 |
44,864 |
|
Kashyap Pandya |
4,990 |
2,495 |
9,980 |
9,980 |
19,960 |
Matching Awards have been structured as conditional awards of free shares and are linked to the number of shares in the Company that a participant is willing to hold under the Plan ("Investment Shares"). Subject to the satisfaction of the Super Performance Condition, Matching Awards have been granted on the basis of 8 matching shares for every 4 Investment Shares committed to the Plan.
The vesting of a Matching Award is subject to the continued employment of the PDMR, the retention of Investment Shares for the period to vesting and (in respect of 50% of the shares held under a matching award) the satisfaction of performance conditions set by the Remuneration Committee of the Company. The performance conditions applying to the basic and super awards under the CIP are the same as apply to the PSP, and are as set out in the above section on the PSP. The number of shares that vest under Awards that have been classified as Super LTIP awards are subject to the satisfaction of the same additional EPS based performance condition as applies to the PSP.
Matching awards will normally vest on the later of the third anniversary of grant and the fulfilment of the performance conditions.
The Company was informed of the above transactions on 23 June 2008.
Below is the total number of options held by the PDMRs in respect of the PSP and CIP share awards and matching share awards under the LTIP 2008.
|
Name of PDMR |
Total options held by PDMRs in respect of the PSP and CIP share awards and matching share awards under the LTIP 2008 |
|
Rupert Soames |
243,810 |
|
Angus Cockburn |
122,558 |
|
George Walker |
97,206 |
|
Kashyap Pandya |
81,240 |
Including the number of ordinary shares over which performance share awards and matching share awards were granted on 23 June 20008 the PDMRs held options and share awards under all schemes established by the Company over the following number of ordinary shares:
|
Name of PDMR |
Total options held by PDMRs in respect of all share schemes operated by the Company |
|
Rupert Soames |
526,369 |
|
Angus Cockburn |
295,160 |
|
George Walker |
384,454 |
|
Kashyap Pandya |
273,161 |
Hew Campbell
Company Secretary
0141 225 5900
26 June 2008
Related Shares:
AGK.L