21st Apr 2009 12:37
On 16 April 2009, the following conditional awards over ordinary shares in the Company were made under the Aggreko Performance Share Plan 2004 (the "PSP") and the Aggreko Co-Investment Plan 2004 ("the CIP") to Executive Directors of the Company:
PSP Awards
The following Directors were granted Awards under the PSP
|
Name of Director |
Number of Shares held under Basic Award |
Maximum number of Shares that may vest subject to satisfaction in full of Super Performance Condition |
|
Rupert Soames |
95,057 |
190,114 |
|
Angus Cockburn |
39,924 |
79,848 |
|
George Walker |
40,923 |
81,846 |
|
Kash Pandya |
38,593 |
77,186 |
|
Bill Caplan |
35,932 |
71,864 |
No consideration was paid for the grant of PSP Awards.
The vesting of a basic PSP Award is subject to continued employment of the Director and the satisfaction of performance conditions set by the Remuneration Committee of the Company. PSP awards will normally vest on the third anniversary of grant, in proportion to the fulfilment of the performance conditions. The performance conditions are based on real compound annual growth (CAGR) in aggregate Diluted Earnings per Share (D-EPS) and average Return on Capital Employed (ROCE), over the performance period. For the Basic PSP awards, 75% of the award is subject to a D-EPS target of between 3% and 10% CAGR, and 25% is subject to a ROCE target of between 23% and 25%. In addition, if the CAGR in D-EPS is equal to or exceeds 13%, the Awards are increased under the Super-LTIP. The Super-LTIP increases the Basic Awards by a factor of 1.3 up to 2 times if compound annual growth in D-EPS is between 13% and 20%.
CIP Matching Awards
The following Directors were also granted Matching Awards under the CIP
|
Name of Director |
Number of shares held under Basic Matching Award |
Total number of shares held under a Performance Matching Award |
Maximum number of shares that may vest subject to satisfaction of the Super Performance Condition |
|
Rupert Soames |
16,826 |
50,478 |
134,608 |
|
Angus Cockburn |
10,096 |
30,286 |
80,764 |
|
George Walker |
10,348 |
31,046 |
82,788 |
|
Kash Pandya |
9,759 |
29,277 |
78,072 |
|
Bill Caplan |
7,500 |
22,500 |
60,000 |
Matching Awards are conditional awards of free shares and are linked to the number of shares in the Company that a participant is willing to hold under the Plan ("Investment Shares"). Subject to the satisfaction of the performance conditions, Matching Awards have been granted on the basis of up to 8 matching shares for every 4 Investment Shares committed to the Plan.
The vesting of a Matching Award is subject to the continued employment of the Director, the retention of Investment Shares for the period to vesting and (in respect of the shares held under a Performance Matching Award) the satisfaction of performance conditions set by the Remuneration Committee of the Company. The performance conditions applying to the Performance Matching Awards under the CIP are the same as apply to the PSP, and are as set out in the above section on the PSP. The Awards have also been classified as Super LTIP awards and are subject to the satisfaction of the same additional EPS based performance condition as applies to the PSP.
Matching awards will normally vest on the third anniversary of grant and in proportion to the fulfilment of the performance conditions.
Below is the total number of interests held by the Executive Directors in respect of the PSP and CIP share awards and matching share awards under the LTIP 2009.
|
Name of Director |
Total interests held by Directors in respect of the PSP and CIP share awards and matching share awards under the LTIP 2009 |
|
Rupert Soames |
324,722 |
|
Angus Cockburn |
160,612 |
|
George Walker |
164,634 |
|
Kash Pandya |
155,258 |
|
Bill Caplan |
131,864 |
Including the number of ordinary shares over which performance share awards and matching share awards were granted on 16 April 2009 the Executive Directors hold options and share awards under all schemes established by the Company over the following number of ordinary shares:
|
Name of Director |
Total interests held by Directors in respect of all share schemes operated by the Company |
|
Rupert Soames |
676,244 |
|
Angus Cockburn |
337,554 |
|
George Walker |
431,591 |
|
Kash Pandya |
283,602 |
|
Bill Caplan |
131,864 |
|
Derek Shepherd |
54,280 |
Increases in Shareholdings
On 20 April 2009, Rupert Soames, Angus Cockburn, Derek Shepherd, Kash Pandya, George Walker, Bill Caplan and Russell King, directors of Aggreko, undertook the following transactions and have increased their personal shareholdings in the Company:
Rupert Soames was awarded a total of 139,183 ordinary shares under the Company's Long-Term Incentive Plan, comprising 100,407 ordinary shares under the 2006 PSP and 38,776 ordinary shares under the 2006 CIP. Subsequently, Mr. Soames sold 98,124 ordinary shares at 546.5p per share, in large part to satisfy the tax liability arising from the award. Following these transactions Mr Soames' beneficial ownership in the Company has increased by 11% to 419,675 ordinary shares (0.15% of the ordinary share capital).
Angus Cockburn was awarded a total of 76,531 ordinary shares under the Company's Long-Term Incentive Plan, comprising 53,571 ordinary shares under the 2006 PSP and 22,960 ordinary shares under the 2006 CIP. Subsequently, Mr. Cockburn sold 53,955 ordinary shares at 546.5p per share, in large part to satisfy the tax liability arising from the award. Following these transactions Mr Cockburn's beneficial ownership in the Company has increased by 15% to 174,232 ordinary shares (0.06% of the ordinary share capital).
Kash Pandya was awarded a total of 52,381 ordinary shares under the Company's Long-Term Incentive Plan, comprising 52,381 ordinary shares under the 2006 PSP. Subsequently, Mr. Pandya sold 21,476 ordinary shares at 546.5p per share, in large part to satisfy the tax liability arising from the award. Following these transactions Mr Pandya's beneficial ownership in the Company has increased by 44% to 100,534 ordinary shares (0.04% of the ordinary share capital).
Derek Shepherd was awarded a total of 81,973 ordinary shares under the Company's Long-Term Incentive Plan, comprising 57,381 ordinary shares under the 2006 PSP and 24,592 ordinary shares under the 2006 CIP. Following this Mr Shepherd's beneficial ownership in the Company has increased by 39% to 289,140 ordinary shares (0.11% of the ordinary share capital).
George Walker was awarded a total of 72,947 ordinary shares under the Company's Long-Term Incentive Plan, comprising 51,063 ordinary shares under the 2006 PSP and 21,884 ordinary shares under the 2006 CIP. Subsequently, Mr. Walker sold 51,227 ordinary shares at 546.5p per share, in large part to satisfy the tax liability arising from the award. Following these transactions Mr Walker's beneficial ownership in the Company has increased by 14% to 177,819 ordinary shares (0.07% of the ordinary share capital).
Bill Caplan, purchased 15,000 shares at a price of 543.94p per share. Mr Caplan's beneficial ownership in the Company is now 15,000 ordinary shares (0.005% of the ordinary share capital).
Russell King purchased 4,000 shares at a price of 550.12p. Mr King's beneficial ownership in the Company is now 4,000 ordinary shares (0.001% of the ordinary share capital).
Peter Kennerley
Company Secretary
0141 225 5900
21 April 2009
Related Shares:
AGK.L