3rd Jun 2016 17:30
For immediate release
BERENDSEN PLC
(the "Company")
Notification of interests of Directors and Persons Discharging Managerial Responsibility ("PDMR")
The Company announces the following changes to the interests of Directors and PDMR in the Company's ordinary shares of 30p each ("Shares").
Grant of Award
On 3 June 2016, the Company granted the following share-based Awards (structured as nil cost options) under both its Performance Share Plan (PSP) and Deferred Bonus Plan (DBP).
Executive Directors
Name |
Role | PSP Award (number) | DBP Award (number) |
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J Drummond | Chief Executive Officer | 88,172 | 6,048 |
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K Quinn | Chief Financial Officer | 58,836 | 7,875 |
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PDMR's
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D A Lawler | Company Secretary | 36,265 | 5,638 |
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P Havéus | Managing Director, Workwear | 49,122 | 7,679 |
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C Ellegaard | Managing Director, Facility | 49,122 | 7,658 |
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C Sada | Director, Berendsen Excellence | 25,812 | - |
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G Duggan | Group HR Director | 30,729 | - |
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M Amtoft | Director of Shared Services | 25,812 | - |
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N P Hansen | Managing Director, Hospitality | 28,885 | - |
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C Martin | Managing Director, Healthcare | 30,729 | - |
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S Devani | Business Development Director | 35,236 | - |
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Awards granted under the PSP will vest on 3 March 2019 but only to the extent that certain performance conditions based on earnings per share and return on invested capital, are satisfied by the Company over a performance period that will end on 31 December 2018. No consideration is payable on the grant or vesting of an Award.
Following vesting and subject to the Company's share dealing policy, Awards can be exercised at any time during a period of seven years.
Under the DBP, a percentage of a participant's annual bonus is deferred for three years into an Award. Awards granted under the DBP will vest on 3 March 2019, but only to the extent that the participant is still employed by Berendsen at that time. Other than the application of the percentage of the annual bonus, no consideration is payable on the grant or vesting of an Award.
As a result of a prolonged prohibited period, the 2016 Awards granted under the DBP and the PSP have been delayed by three months (they are normally granted in early March). To ensure continued alignment with the Company's normal grant and vesting cycles, the Remuneration Committee has therefore set the vesting date for the 2016 DBP and PSP Awards as 3 March 2019. Whilst this shortens the vesting period by approximately three months, it has no impact on the performance period, which remains three years and ends on 31 December 2018.
To the extent that an Award vests under either the DBP or the PSP, a participant will, at that time, be entitled to receive additional Shares of an amount equivalent to the dividends that would have been paid on the Shares comprised in their Award over the vesting period.
The notification of these Awards is intended to satisfy the Company's obligations under Disclosure and Transparency Rule 3.1.4(1).
David Lawler
Company Secretary
Related Shares:
Berendsen