1st Oct 2007 15:43
Torotrak PLC01 October 2007 Torotrak plc ("Torotrak" or the "Company") Director/ PDMR Shareholding Torotrak announces that on 28 September 2007 it granted share awards ("Awards")giving the executive directors and other employees of the Company, the right toreceive, subject to the achievement of performance conditions, a maximum of2,517,361 ordinary shares of 10p each in the capital of the Company ("Shares")under the terms of its Long Term Performance Share Plan (the "Plan"), approvedby shareholders in July 2006. The Awards were granted on the basis of a price of 31.15p per Share, being the average closing price for the five business daysended 24th September 2007. Shares awarded to Directors/PDMRs were as follows: Director/PDMR Maximum no. of Resultant total Current interest Shares subject to Shares over which in Shares this Award options/ awards are held Dick Elsy 803,272 2,113,747 517,441 Jeremy Deering 625,926 1,206,607 232,547 James Batchelor 473,444 1,225,880 189,564 Each Award gives the recipient a right to receive up to the maximum number ofShares comprised in it following the third anniversary of the date of grant,subject to the satisfaction of two performance conditions, each applicable to 50 per cent of the Shares in the Award. The first condition is market related and requires the Company to achieve ameasure of Total Shareholder Return ("TSR"). The maximum number of Shares inthis part of the award would vest if Torotrak's TSR was ranked in the topquartile of its comparator group. No Shares would be received in this part ofthe award if Torotrak's TSR was not in the upper 40 per cent of its comparatorgroup (the FTSE techMARK All- Share index) over a three year period. The second condition relates to Company financial performance based on a measure of cumulative operating cash flow over a three year period. The maximum number of Shares in this part of the award would vest if Torotrak's financial performance exceeded a target set relative to the Company's financial objectives as recently discussed in the Prospectus issued to shareholders on 19 July 2007. No Shares would be received in the second part of the award if Torotrak's financial performance does not achieve a target set relative to those objectives. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Torotrak PLC