17th Nov 2005 15:32
Punch Taverns PLC17 November 2005 Punch Taverns plc ("the Company")Notification of Interests of Directors On 16 November 2005 in accordance with the rules of the Punch Taverns plc LongTerm Incentive Plan (LTIP), the Remuneration Committee has granted the followingconditional awards to the Executive Directors and Persons Discharging ManagerialResponsibilities:- Number of LTIP Shares AwardedAdrian Fawcett 28,031Neil Griffiths 6,115 Deborah Kemp 7,185Robert McDonald 31,291Francis Patton 6,953Jonathan Paveley 24,772Neil Preston 7,455 Andrew Thompson 7,416Giles Thorley 71,273Bill Walker 7,460 In accordance with the rules of the Plan, LTIP awards were granted on 16November 2005 at a price of 767 pence per share (the closing share price on theaward date). The release of awards to participants under the LTIP is dependent upon the TotalShareholder Return performance of the Company relative to its comparator group(FTSE 350 Hotel & Leisure Sector) measured over a three year period from thedate of award. 25% of the award will be released for achievement of the medianposition, 100% will be released for achievement of a position in the upperquartile of the comparator group. Straight line vesting will occur betweenthese two points. In addition, grants of options over ordinary shares under the Company'sDiscretionary Share Plan were made on 16 November 2005 at an exercise price of767 pence per share as follows: Number of Shares under OptionAdrian Fawcett 14,016Neil Griffiths 3,057 Deborah Kemp 3,592Robert McDonald 15,645Francis Patton 3,476Jonathan Paveley 12,386Neil Preston 3,727 Andrew Thompson 3,708Giles Thorley 35,637Bill Walker 3,730 Grants to participants under the Discretionary Share Plan are dependent upongrowth in Earnings Per Share measured over a three year period. 40% of optionswill vest for average EPS growth of RPI+8% p.a. over the performance period withfull vesting occurring for EPS growth of RPI+10% p.a. (straight line betweenpoints). Neil PrestonCompany SecretaryPunch Taverns plc01283 501751 17 November 2005 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Punch Taverns PLC