13th Dec 2012 07:00
Betfair Group plc13 December 2012
Notification of transactions of directors, persons discharging managerial responsibility or connected persons
In accordance with paragraph 3.1 of the Disclosure and Transparency Rules, Betfair Group plc today announces that Alex Gersh, the newly appointed Chief Financial Officer, was granted 108,788 nil cost options under the Betfair Group Long Term Incentive Plan.
The award of nil-cost options over 108,788 of the Company's shares will vest on the third anniversary of date of grant, subject to performance conditions and continued employment. The nil cost-options will normally be exercisable between the third and the tenth anniversaries of the date of grant. No consideration was paid for the grant of the awards. The share price at the date of grant was 735.375p, based upon the mid-market closing price of the day prior to Alex Gersh's commencement.
Performance Conditions:The relevant performance conditions are based on relative total shareholder return ("TSR") for 50% of awards, Group earnings per share ("EPS") for 25% of awards, and Core Revenue for 25% of awards.
TSR Target (50% of award):
For awards granted in 2012, the Remuneration Committee has agreed that appropriate TSR comparators over a three year performance period are: Bwin.party digital entertainment plc, Ladbrokes plc, Playtech, Paddy Power plc, Rank Group plc, Sportingbet plc, Unibet, William Hill plc and 888 Holdings plc. In order for this part of the award to vest, Betfair must achieve performance as illustrated below:
Betfair's TSR against the TSR of members of the comparator group | % of the relevant part of the award that vests (subject to the Relative TSR performance condition) |
Upper quartile | 100% |
Between median and upper quartile | 25% - 100% (straight line basis) |
Median | 25% |
Below median | 0% |
EPS Target (25% of award):
Betfair's Group EPS for the year ended 30 April 2015 | % of the relevant part of the award that vests (subject to the Group EPS performance condition) |
60.9 pence | 100% |
Between 50.3 pence and 60.9 pence | 25% - 100% (straight line basis) |
50.3 pence | 25% |
Below 50.3 pence | 0% |
N.B. EPS of 50.3 pence and 60.9 pence in 2015 is equivalent to threshold and maximum growth rates of 7% compound p.a. and 14% compound p.a. respectively.
Core Revenue Target (25% of award):
Betfair's Core Revenue for the year ended 30 April 2015 | % of the relevant part of the award that vests (subject to the Core Revenue performance condition) |
£498.3m | 100% |
Between £405.2m and £498.3m | 25% - 100% (straight line basis) |
£405.2m | 25% |
Below £405.2m | 0% |
N.B. Core Revenue of £405.2m and £498.3m in 2015 equivalent to threshold and maximum growth rates of 5% compound p.a. and 12.5% compound p.a. respectively.
In addition to the three performance targets detailed above, an underpin will also apply which means that for any awards to vest, the Remuneration Committee must be satisfied that there has been an improvement in the Company's underlying financial performance which reflects the proposed level of vesting under each performance target. The performance targets will be reviewed by the Committee at the end of the three year performance period.
For further information contact:
Media Leonie Foster Head of Corporate Communications +44 20 8834 6084 +44 7834 535 407 | Investors/Analysts Paul Rushton Head of Investor Relations Tel: +44 20 8834 6139 |
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