10th Feb 2016 12:33
Shaftesbury PLC (the "Company")
Director/PDMR shareholding
The following transactions were undertaken on 8 February 2016 by directors of the Company in share schemes:
1. Grant of share awards under the 2016 Long-Term Incentive Plan (the "LTIP")
The following awards over ordinary shares of 25p in the Company under the 2016 LTIP were made following approval of the new rules at the annual general meeting of the Company held on 5 February 2016:
Name | Number of nil cost options awarded |
Brian Bickell | 65,413 |
Simon Quayle | 46,126 |
Tom Welton | 46,126 |
Chris Ward | 45,115 |
The awards (which have been granted as nil-cost options) will be subject to the following performance conditions measured over a period of three financial years commencing 1 October 2015.
Weighting | Threshold | Maximum | |
Total shareholder return relative to the FTSE 350 REITs Index | 50% | Equal to index | Index + 5.5% p.a. |
Net Asset Value growth | 50% | RPI + 3% p.a. | RPI + 7% p.a. |
25% of the maximum for each component vests at Threshold. Straight-line vesting between points | |||
Subject to the rules of the LTIP and these performance conditions, the awards will normally vest in late 2018 and will then be subject to an additional two year holding period.
2. Exercise of share awards under the 2006 LTIP
Of the options granted on 6 December 2012, 63.5% of the options vested. The TSR performance condition over the three years ended 30 September 2015 was partially met resulting in 27% of the 50% vesting for this element. NAV performance was met resulting in full vesting of 50% for this element.
Brian Bickell and Simon Quayle retained all the shares and Tom Welton and Chris Ward sold sufficient shares to meet income tax and national insurance liabilities and retained the balance.
The ordinary shares were sold at an average price of £8.395 per share.
Name | Number of nil cost options vesting | Number of shares sold | Number of shares retained |
Brian Bickell | 63,881 | - | 63,881 |
Simon Quayle | 45,212 | - | 45,212 |
Tom Welton | 45,212 | 21,325 | 23,887 |
Chris Ward | 39,466 | 18,615 | 20,851 |
3. Grant of awards under the deferred annual share bonus scheme
The following awards were made in respect of the annual bonus for the year ended 30 September 2015. The directors below elected to take their bonus entirely in shares. Shares were acquired at a price of £8.395 per share and are held in an employee benefit trust for the three year deferral period.
Name | Number of shares awarded |
Brian Bickell | 42,436 |
Simon Quayle | 29,928 |
Tom Welton | 29,928 |
Chris Ward | 29,258 |
4. Exercise of awards under the deferred annual share bonus scheme
Following the vesting of the awards granted on 10 December 2012, in the deferred annual share bonus scheme, all the directors sold sufficient shares to meet income tax and national insurance liabilities and retained the balance.
Name | Number of shares vesting | Number of shares sold | Number of shares retained |
Brian Bickell | 38,867 | 18,304 | 20,563 |
Simon Quayle | 27,569 | 12,983 | 14,586 |
Tom Welton | 27,569 | 12,983 | 14,586 |
Chris Ward | 16,948 | 7,982 | 8,966 |
The ordinary shares were sold at an average price of £8.395 per share.
Full details on the share schemes may be found in the Company's 2015 annual report.
The changes in Directors' shareholdings resulting from the transactions noted in paragraphs 2 and 4 above are summarised below:
Name | Number of shares before transactions | Number of shares after transactions |
Brian Bickell | 982,743 | 1,067,187 |
Simon Quayle | 922,789 | 982,587 |
Tom Welton | 738,232 | 776,705 |
Chris Ward | 27,606 | 57,423 |
Penny Thomas
Company Secretary
10 February 2016
Related Shares:
SHB.L