1st Feb 2006 17:15
Punch Taverns PLC01 February 2006 Punch Taverns plc (the "Company")1 February 2006 NOTIFICATION OF DIRECTOR / PDMR SHAREHOLDING On 31 January 2006 in accordance with the rules of the Punch Taverns plc LongTerm Incentive Plan (LTIP), the Remuneration Committee has granted the followingconditional award to the Person Discharging Managerial Responsibilities: Number of LTIP Shares Awarded Andrew Knight 17,706 In accordance with the rules of the Plan, LTIP awards were granted on 31 January2006 at a price of 866 pence per share (the closing share price on the awarddate). The release of awards to participants under the LTIP is dependent upon the TotalShareholder Return performance of the Company relative to its comparator group(FTSE 350 Hotel & Leisure Sector) measured over a three year period from thedate of award. 25% of the award will be released for achievement of the medianposition, 100% will be released for achievement of a position in the upperquartile of the comparator group. Straight line vesting will occur between thesetwo points. In addition, a grant of options over ordinary shares under the Company'sDiscretionary Share Plan was made on 31 January 2006 at an exercise price of865.75 pence per share as follows: Number of Shares under Option Andrew Knight 8,856 Grants to participants under the Discretionary Share Plan are dependent upongrowth in Earnings Per Share measured over a three year period. 40% of optionswill vest for average EPS growth of RPI+8% p.a. over the performance period withfull vesting occurring for EPS growth of RPI+10% p.a. (straight line betweenpoints). Name of contact and telephone number for queries: Neil PrestonCompany SecretaryPunch Taverns plcTel: 01283 501751 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Punch Taverns PLC