22nd Nov 2005 17:03
Marks & Spencer Group PLC22 November 2005 Issued: Tuesday 22 November 2005 Marks and Spencer Group plc ("Marks & Spencer" or the "Company") Notification of Transactions of Directors/Persons Discharging Managerial Responsibility ("PDMRS") and Connected Persons Performance Share Plan It was confirmed on 21 November 2005 that on that day the following award underthe Marks and Spencer Group Performance Share Plan (the "Performance Share Plan") was made to the following Person Discharging Managerial Responsibility ("PDMR") of the Company: Name of PDMR Allocation of Performance Shares (see Note below) Glen Tinton 93,326 Note: Under the Performance Share Plan, awards are granted as a conditionalallocation, where a participant will receive free Ordinary Shares in the Companyon the vesting of an award subject to continuing employment. The vesting of anaward will depend on the Company's adjusted earnings per share ("EPS")performance over a fixed three-year performance period starting on the first dayof the financial year in which the awards were granted. The adjusted EPS growth will be determined by comparing the Company's adjustedEPS for the financial year prior to the grant of awards with its adjusted EPSfor the third financial year thereafter. Adjusted EPS will be calculated on thesame basis as stated in the Company's annual report and accounts (note 9, page39) except in the case of the 2004/05 figure which has been calculated on a "pro-forma" basis. The pro-forma EPS figure for 2004/05 is 23.5p against the standard adjusted EPSof 21.9p. These figures are calculated under UK GAAP. However, as subsequentperiods will be reported under IFRS, the pro-forma EPS figure needs to berestated onto an IFRS basis to ensure comparability. The pro-forma adjusted EPSfigure for 2004/05 has been restated to 22.2p. The extent to which awards will vest will depend on the extent to which theCompany's average annual adjusted EPS growth exceeds inflation ("RPI") over thethree-year performance period on the following basis: Average Annual EPS Growth in excess of inflation Percentage of award vesting(RPI) over the three year performance periodBelow 8% 0%8% 20%15% or more 100%Between 8% and 15% Pro rata on a straight line basis No consideration was paid for the grant of the award. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Marks & Spencer