5th Dec 2006 16:46
Future PLC05 December 2006 5 December 2006 FUTURE PLC NOTIFICATION OF DIRECTORS' INTERESTS IN SHARES Future plc (LSE : FUTR) announces that, on 1 December 2006, it granted Awards inaccordance with the rules of its Performance Share Plan ("PSP") and its DeferredAnnual Bonus Scheme ("DABS") over 1,776,470 and 245,491 Ordinary shares in theCompany respectively. Consequently, on 4 December 2006, the Company received notification that thefollowing Directors acquired, on 1 December 2006, a beneficial interest in thefollowing Ordinary shares in the Company: - Stevie Spring (Chief Executive, Future plc) acquired a beneficial interest in 838,235 Ordinary shares in the Company under the PSP; and - John Bowman (Finance Director, Future plc) acquired a beneficial interest in 705,882 Ordinary shares in the Company under the PSP. The PSP Awards will vest three years from the date of grant, at no cost to theparticipants, in accordance with the rules of the PSP subject to performancetargets measured over the three financial years from 1 October 2006 to 30September 2009 having been met and provided that the participants remain inemployment of the Group at the vesting date. Vesting of the Awards is subject toboth Total Shareholder Return (TSR) and Earnings Per Share (EPS) performance. The vesting of 50% of the Award will be determined by the Company's TSRperformance compared to a group of similar companies, not being less than 15 innumber, such that if the Company's performance places it below median, no partof the Award will vest, 25% will vest if the Company's performance is median and100% if the Company's performance places it in the top quintile (20%) as againstthe comparator companies, and on a pro rata straight line basis between the two.Initially, this group comprises 18 companies (as listed on page 58 of the 2005Annual Report). To alleviate short-term volatility, the return index will beaveraged in the TSR calculations for each company over the three months prior tothe start and end of the performance period. The vesting of the other 50% of the Award will be determined by the Company'sEPS performance against the Retail Price Index (RPI). EPS growth targets havebeen determined by the Remuneration Committee for these Awards as follows: inthe event that the Company's EPS growth is less than RPI + 3%, none of that partof the Award will vest, vesting commences at over RPI +3% and, at RPI +8%, 100%of that part of the Award will vest, and vesting will be on a pro rata straightline basis between the two. Earnings per share is defined as before amortisationof intangible assets and exceptional items. The DABS awards are related to performance in the most recent financial year andthe relevant shares will be transferred to the eligible employees three yearsafter the date of award, subject only to the participants remaining within theemployment of the Group until the date of vesting. ENDS Enquiries: John Bowman, Finance Director 01225 442244Mark Millar, Company Secretary Future plc This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Future