7th Apr 2008 16:29
Centrica plc (the Company) - Directors' and other PDMRs' share interests Centrica announces the following transactions in respect of its ordinary sharecapital of 6 14/81 pence each by Executive Directors and/or other PersonsDischarging Managerial Responsibility (PDMRs). 1) Release and sale of shares from the Long Term Incentive Scheme (LTIS) On 3 April 2008, a total of 3,267,332 Centrica ordinary shares of 6 14/81 penceeach in respect of awards made under the terms of the LTIS in April 2005 weretransferred to participants, including two Executive Directors and four otherPDMRs. These awards, which were subject to performance conditions*, werereleased by the trustee of the LTIS following the completion of the three-yearperformance period. * The performance condition for the LTIS award in 2005 is linked to theCompany's total shareholder return (TSR) relative to the returns of its FTSE 100comparator group. The maximum award only vests if the Company's TSR over theperformance period achieves upper quartile ranking (25th position or above)against the other 99 companies in the LTIS comparator group. For the award madein 2005, at the conclusion of the performance period on 31 March 2008, theCompany was ranked in 45th position in the LTIS comparator group and,accordingly, 57.5% of the award was released. On release, participants are liable to pay income tax at their marginal rate andNational Insurance contributions at 1% on the value of the shares. Accordingly,the Executive Directors and other PDMRs sold shares (41%) to meet theseliabilities. The shares were sold at 305.301p on 3 April 2008. The specific details of the release and disposals relating to the ExecutiveDirectors and other PDMRs are as follows: \* T Shares released Shares Net number of shares sold transferred to participant---------------------- --------------- --------------- -----------------------------Executive Directors====================== --------------- --------------- -----------------------------Phil Bentley 95,246 39,051 56,195---------------------- --------------- --------------- -----------------------------Jake Ulrich 97,132 39,825 57,307---------------------- --------------- --------------- -----------------------------Other PDMRs====================== --------------- --------------- -----------------------------Grant Dawson 64,126 26,292 37,834---------------------- --------------- --------------- -----------------------------Deryk King 73,556 30,158 43,398---------------------- --------------- --------------- -----------------------------Anne Minto 60,542 24,823 35,719---------------------- --------------- --------------- -----------------------------Chris Weston 33,320 13,662 19,658---------------------- --------------- --------------- -----------------------------\* T 2) Long Term Incentive Scheme Allocations On 3 April 2008 conditional allocations of ordinary shares in the Company weremade by the trustee of the LTIS to the following Executive Directors and otherPDMRs: \* T TSR shares EPS shares Total number of shares in conditional allocation---------------------- -------------- -------------- --------------------------Executive Directors====================== -------------- -------------- --------------------------Phil Bentley 194,114 194,113 388,227---------------------- -------------- -------------- --------------------------Sam Laidlaw 302,579 302,579 605,158---------------------- -------------- -------------- --------------------------Nick Luff 185,185 185,185 370,370---------------------- -------------- -------------- --------------------------Other PDMRs====================== -------------- -------------- --------------------------Grant Dawson 102,307 102,306 204,613---------------------- -------------- -------------- --------------------------Deryk King 129,588 129,588 259,176---------------------- -------------- -------------- --------------------------Catherine May 72,569 72,569 145,138---------------------- -------------- -------------- --------------------------Anne Minto 96,305 96,304 192,609---------------------- -------------- -------------- --------------------------Chris Weston 120,040 120,039 240,079---------------------- -------------- -------------- --------------------------\* T The allocation price for calculating the number of shares was 302.4p, being theaverage closing share price over the five business days immediately precedingthe allocation date of 3 April 2008. The conditional allocations shown above represent the maximum potential awardpossible if all performance criteria are met at the end of the three-yearperformance period. If and to the extent that the performance criteria aresatisfied at the conclusion of the performance period, the relevant number ofshares will be transferred to executives at the trustee's discretion. The percentage of the allocation eventually to vest is dependent on thesatisfaction of performance criteria over a three-year performance periodcommencing on 3 April 2008: -- the EPS shares will be subject to a performance condition based on the Company's growth in earnings per share (EPS)* relative to the growth in the retail prices index (RPI) (All Items) over three financial years. Growth in earnings per share (EPS) will be calculated by comparing the Company's EPS figure for the financial period preceding the date of allocation with that for the financial period three years later**; and -- the TSR shares will be determined by the Company's Total Shareholder Return (TSR) performance relative to the other companies comprising the LTIS comparator group - the FTSE 100 at the start of the three-year performance period. At the end of the performance period, the TSR performance condition will be measured, the same calculation made for all the other 99 companies in the LTIS comparator group and a ranking list will be compiled***. * EPS is calculated as the Company's earnings per share, adjusted forexceptional items and certain re-measurements arising on the application of IAS32 and IAS 39. ** In respect of three quarters of the EPS shares allocated to the executivedirectors and all of the EPS shares allocated to the other PDMRs, the maximumallocation of such EPS shares only vests if the Company's growth in EPS exceedsgrowth in RPI by 30% or more. No shares vest if the growth in EPS over RPI isbelow 9%. Between 9% and 30% shares vest on a scale from 25% to 100%. In respectof the balance of one quarter of EPS shares allocated to the executivedirectors, the maximum allocation of such EPS shares only vests if the Company'sgrowth in EPS exceeds growth in RPI by 40% or more. No shares vest if the growthin EPS over RPI is below 20%. Between 20% and 40% shares will vest pro rata on ascale from 25% to 100%. **\* The maximum allocation of TSR shares only vests if the Company's TSR over theperformance period achieves upper quintile ranking (20th position or above)against the comparator group. No shares vest if the TSR ranking over theperformance period is sub-median (below 50th position) against the comparatorgroup. From 20th to 50th position, shares vest on a scale from 100% to 25%. 3) Grant of Sharesave Options Options were granted at an option price of 255.27p per share to Nick Luff andGrant Dawson under the terms of the Centrica Sharesave scheme on 3 April 2008.Each was granted an option over 6,581 shares which will be exercisable between 1June 2013 and 30 November 2013. 4) Current Share Interests Following the LTIS release, the LTIS allocation and the grant of Sharesaveoptions, the Executive Directors and other PDMRs retain an interest in the sharecapital of the Company as follows: \* TDirectors' and PDMRs' interests in shares------------------------------------------------------------------------------ Ordinary Share LTIS - DMSS - DMSS - shares Incentive conditional total number total matching of Plan upon of shares shares 6 14/81p performance invested----------- --------- ----------- -------------- -------------- --------------Executive Directors=========== --------- ----------- -------------- -------------- --------------Phil Bentley 609,721 4,860 962,927 65,507 181,727----------- --------- ----------- -------------- -------------- --------------Sam Laidlaw 252,795 893 1,496,478 88,451 272,431----------- --------- ----------- -------------- -------------- --------------NickLuff 149,888 431 646,915 50,112 169,871----------- --------- ----------- -------------- -------------- --------------Jake Ulrich 849,588 4,755 574,700 64,368 181,726----------- --------- ----------- -------------- -------------- -------------- ----------- --------- ----------- -------------- -------------- --------------Other PDMRs=========== --------- ----------- -------------- -------------- --------------Grant Dawson 279,078 4,861 476,283 32,030 89,742----------- --------- ----------- -------------- -------------- --------------Deryk King 264,483 6,346.92* 577,536 47,192 131,407----------- --------- ----------- -------------- -------------- --------------CatherineMay - 623 292,454 5,750 16,023----------- --------- ----------- -------------- -------------- --------------Anne Minto 196,702 4,209 448,938 30,681 84,870----------- --------- ----------- -------------- -------------- --------------Chris Weston 118,871 3,511 504,919 31,399 62,798----------- --------- ----------- -------------- -------------- --------------\* T *held under the North American Employee Share Purchase Plan \* TDirectors' and PDMRs' interests in options--------------------------------------------------- Executive Executive Sharesave Share Share Options Options - Options - vested but conditional not yet upon exercised performance----------- ----------- ------------- -------------Executive Directors=========== ----------- ------------- -------------Phil Bentley 2,075,980 371,799 3,244----------- ----------- ------------- -------------Sam Laidlaw - - 3,244----------- ----------- ------------- -------------NickLuff - - 6,581----------- ----------- ------------- -------------Jake Ulrich 1,831,951 371,799 3,244----------- ----------- ------------- ------------- ----------- ----------- ------------- -------------Other PDMRs=========== ----------- ------------- -------------Grant 21,917** Dawson 1,393,433 245,527----------- ----------- ------------- -------------Deryk King 974,019 287,618 ------------ ----------- ------------- -------------Catherine May - - ------------ ----------- ------------- -------------Anne Minto 1,152,791 232,199 3,928----------- ----------- ------------- -------------Chris Weston 323,063 238,512 3,928----------- ----------- ------------- -------------\* T ** includes 15,336 options exercisable between 1 June 2008 and 30 November 2008. The total number of Centrica shares in issue as at the end of 3 April 2008 is 3,684,573,519. \* TCentrica Media Relations: 0845 072 8001Centrica Investor Relations: 01753 494900\* T Copyright Business Wire 2008Related Shares:
Centrica