30th Jun 2009 15:14
KESA ELECTRICALS PLC
Directors/PDMR interests in connection with the
Group's Deferred Annual Bonus and Performance Share Plan
Kesa Electricals plc announces that in accordance with the rules of the Long Term Incentive Plan, the following awards to Directors and PDMRs under the 2005 and 2006 Performance Share Plans have lapsed, as the Total Shareholder Return performance conditions were not satisfied.
2005 Performance Share Plan
|
Date Granted |
Number of shares lapsed |
|
|
Simon Herrick |
23/03/2005 |
40,134 |
|
PDMRs |
23/03/2005 |
84,348 |
2006 Performance Share Plan
|
Date Granted |
Number of shares lapsed |
|
|
Simon Herrick |
24/05/2006 |
35,117 |
|
PDMRs |
24/05/2006 |
167,011 |
The 2006 Deferred Annual Bonus was a conditional award of Company shares deferred for 3 years and the following awards to Directors and PDMRs vested as the participants were still employed by the Company on 22 March 2009.
Deferred Annual Bonus
|
Date Granted |
Exercise Price per share |
Award over number of shares |
Award Value |
|
|
Simon Herrick |
22/03/2006 |
109.5p |
2,826 |
£3,080 |
|
PDMRs |
22/03/2006 |
109.5p |
31,252 |
£34,065 |
Following the announcement of the Groups preliminary results for the year-ended 30 April 2009, Kesa Electricals plc announces the following rights were granted to Directors and PDMRs:
|
Deferred Annual Bonus |
|
|
Award over number of shares |
|
|
Thierry Falque-Pierrotin |
38,861 |
|
Simon Herrick |
17,148 |
|
PDMRs |
230,328 |
The Deferred Annual Bonus is a conditional award of Company shares and the award will only vest if the participant is still employed on 24 June 2013. There is no entitlement to an award of Matching Shares.
|
Performance Share Plan Award |
|
|
Award over number of shares |
|
|
Thierry Falque-Pierrotin |
233,168 |
|
Simon Herrick |
106,607 |
|
PDMRs |
571,894 |
The Performance Share Plan Award is a conditional award which will only vest in 2013, provided that the performance conditions have been satisfied.
The number of shares that vest will depend on Kesa's total shareholder return ("TSR") performance compared to the TSR performance of the General Retailers Index in the FTSE 350 measured over 3 years.
If Kesa's TSR performance is at the median of the FTSE 350 General Retailers Index, then 25 per cent of the Marching Shares will vest. For 100% of the Matching Shares to vest, Kesa's TSR performance must be in the top quartile of the companies in the FTSE 350 General Retailers Index, and there is a sliding scale between this and the median.
Following these grants, the Directors hold conditional awards over a total of 542,645 shares and PDMR's hold conditional awards over a total of 1,454,873 shares.
Ends
For further information:
Analysts
Simon Ward +44 (0) 20 7269 1400
Media
Annabel Donaldson +44 (0) 20 7269 1400
Related Shares:
DRTY.L