15th Jun 2011 16:00
SCOTTISH AND SOUTHERN ENERGY PLC
TRANSACTIONS BY PDMRS
DISCLOSURE PURSUANT TO DISCLOSURE AND TRANSPARENCY RULE 3.1.4R(1)(a)
(i) VESTING OF AWARDS UNDER THE DEFERRED BONUS SCHEME (DBS)
2008 AWARDS
On 14 June 2011 the independent Trustee of the Scottish and Southern Energy Employee Trust notified the Company that it had on 13 June 2011 transferred the beneficial interest in a total of 21,407 Scottish and Southern ordinary shares (the "Shares"), subject to awards granted on 10 June 2008 under the DBS, to the following persons discharging managerial responsibility ("PDMRs") as follows:
PDMR | Gross Award of Shares | Accrued Dividend Shares | Total Shares | No. of Shares sold to meet income tax and National Insurance liabilities | Price at which Shares sold | Net Number of Shares transferred to Participant | Total Beneficial Interest following this Notification |
Ian Marchant, Director |
9,709 |
1,748 |
11,457 |
5,970 |
£13.7713 |
5,487 |
231,290 |
Gregor Alexander, Director |
5,493 |
987 |
6,480 |
3,377 |
£13.7713 |
3,103 |
93,637 |
Colin Hood, Director |
7,087 |
1,275 |
8,362 |
4,358 |
£13.7713 |
4,004 |
142,693 |
Alistair Phillips-Davies, Director |
5,463 |
983 |
6,446 |
3,359 |
£13.7713 |
3,087 |
103,820 |
David Franklin, PDMR |
3,427 |
611 |
4,038 |
2,105 |
£13.7713 |
1,933 |
N/A |
Mark Mathieson, PDMR |
1,677 |
300 |
1,977 |
1,031 |
£13.7713 |
946 |
N/A |
Rob McDonald, PDMR |
1,479 |
264 |
1,743 |
906 |
£13.7713 |
0 |
N/A |
Jim McPhillimy, PDMR |
1,796 |
321 |
2,117 |
1,104 |
£13.7713 |
1,013 |
N/A |
Paul R Smith, PDMR |
1,796 |
321 |
2,117 |
1,104 |
£13.7713 |
1,013 |
N/A |
Alan Young, PDMR |
1,455 |
260 |
1,715 |
894 |
£13.7713 |
821 |
N/A |
Vesting of these shares was subject to continuous employment over the three year period from date of grant.
(ii) DEFERRED BONUS SCHEME (DBS)
GRANT OF AWARDS 14 JUNE 2011
VESTING NO EARLIER THAN 14 JUNE 2014
On 14 June 2011 the Company granted the following awards under the DBS. The number of shares under each award has been calculated by reference to the price of £13.42 per share, being the average of the mid market closing prices over the period 23 May to 27 May 2011 inclusive.
PDMR | NUMBER OF SHARES GRANTED UNDER AWARD |
Ian Marchant, Director | 9,388 |
Gregor Alexander, Director | 5,533 |
Alistair Phillips-Davies, Director | 5,533 |
David Franklin, PDMR | 1,397 |
Mark Mathieson, PDMR | 2,570 |
Rob McDonald, PDMR | 2,235 |
Jim McPhillimy, PDMR | 2,785 |
Paul R Smith, PDMR | 2,417 |
Alan Young, PDMR | 1,958 |
Awards granted under the DBS represent a deferral of a proportion of the cash bonus earned for the financial year ended 31 March 2011 which is converted into shares. The shares will vest after a period of three years from date of grant subject to continued employment.
(iii) PERFORMANCE SHARE PLAN (PSP)
GRANT OF AWARDS 14 JUNE 2011
VESTING NO EARLIER THAN PRELIM ANNOUNCEMENT 2014
On 14 June 2011 the Company granted the following awards under the PSP. The number of shares stated is the maximum available to each PDMR on satisfaction in full of the performance targets applicable to the award. The number of shares under each award has been calculated by reference to the price of £13.42 per share, being the average of the mid market closing prices over the period 23 May to 27 May 2011 inclusive.
Vesting of these awards will be conditional on the satisfaction of financial performance conditions over the three year performance period 1 April 2011 to 31 March 2014 and to continued employment. The earliest date on which participants will normally become entitled to the shares comprised in this award is the date of announcement of results for the financial year ending 31 March 2014, or as otherwise determined by the rules of the PSP.
PDMR | NUMBER OF SHARES GRANTED UNDER AWARD |
Ian Marchant, Director | 93,889 |
Gregor Alexander, Director | 55,336 |
Alistair Phillips-Davies, Director | 55,336 |
David Franklin, PDMR | 11,922 |
Mark Mathieson, PDMR | 17,138 |
Rob McDonald, PDMR | 14,903 |
Jim McPhillimy, PDMR | 17,138 |
Paul R Smith, PDMR | 16,117 |
Alan Young, PDMR | 13,055 |
(iv) MANAGEMENT BOARD LONG TERM INCENTIVE PLAN (LTIP)
GRANT OF AWARDS 14 JUNE 2011
VESTING NO EARLIER THAN PRELIM ANNOUNCEMENT 2016
As stated in the Annual Report 2011, published on 9 June, a new one-off five year LTIP 2011-16 has been put in place for members of the new Management Board, excluding the executive directors.
On 14 June 2011 the Company granted the following awards under this LTIP. The number of shares stated is the maximum available to each PDMR on satisfaction in full of the performance targets applicable to the award. The number of shares under each award has been calculated by reference to the price of £13.42 per share, being the average of the mid market closing prices over the period 23 May to 27 May 2011 inclusive.
Vesting of these awards will be conditional on the satisfaction of financial performance conditions over the five year performance period 1 April 2011 to 31 March 2016 and to continued employment. The earliest date on which participants will normally become entitled to the shares comprised in the award is the date of announcement of results for the financial year ending 31 March 2016, or as otherwise determined by the rules of the LTIP.
PDMR | NUMBER OF SHARES GRANTED UNDER AWARD |
David Franklin, PDMR | 29,806 |
Mark Mathieson, PDMR | 42,846 |
Rob McDonald, PDMR | 37,257 |
Jim McPhillimy, PDMR | 42,846 |
Paul R Smith, PDMR | 40,294 |
Alan Young, PDMR | 32,638 |
Related Shares:
SSE