19th Apr 2010 17:36
On 15 April 2010, 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 |
41,459 |
82,918 |
|
Angus Cockburn |
17,413 |
34,826 |
|
George Walker |
16,182 |
32,364 |
|
Kash Pandya |
16,833 |
33,666 |
|
Bill Caplan |
15,672 |
31,344 |
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 25% and 27%. 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 |
6,655 |
19,965 |
53,240 |
|
Angus Cockburn |
3,993 |
11,979 |
31,944 |
|
George Walker |
3,710 |
11,132 |
29,684 |
|
Kash Pandya |
3,860 |
11,580 |
30,880 |
|
Bill Caplan |
2,850 |
8,550 |
22,800 |
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 2 matching shares for every Investment Share 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 2010.
|
Name of Director |
Total interests held by Directors in respect of the PSP and CIP share awards and matching share awards under the LTIP 2010 |
|
Rupert Soames |
136,158 |
|
Angus Cockburn |
66,770 |
|
George Walker |
62,048 |
|
Kash Pandya |
64,546 |
|
Bill Caplan |
54,144 |
PDMR Shareholdings
On 19 April 2010, Rupert Soames, Angus Cockburn, Kash Pandya and George Walker, Executive Directors of Aggreko, undertook the following transactions in ordinary shares in the Company:
Rupert Soames acquired 312,963 ordinary shares from his wife for nil consideration. Subsequently, Mr. Soames sold 73,294 ordinary shares at 1152p per share, in part to satisfy the tax liability arising from the vesting of ordinary shares under the 2007 PSP and 2007 CIP on 23 March 2010. Following these transactions Mr Soames' beneficial ownership in the Company has decreased to 343,632 ordinary shares (0.13% of the ordinary share capital).
Angus Cockburn sold 110,000 ordinary shares at 1152p per share, in part to satisfy the tax liability arising from the vesting of ordinary shares under the 2007 PSP and 2007 CIP on 23 March 2010. Following these transactions Mr Cockburn's beneficial ownership in the Company has decreased to 116,422 ordinary shares (0.04% of the ordinary share capital).
Kash Pandya sold 47,000 ordinary shares at 1152p per share, in part to satisfy the tax liability arising from the vesting of ordinary shares under the 2007 PSP and 2007 CIP on 23 March 2010. Following these transactions Mr Pandya's beneficial ownership in the Company has decreased to 100,642 ordinary shares (0.04% of the ordinary share capital).
George Walker acquired a total of 43,867 ordinary shares under the Company's Long Term Incentive Plan, comprising 30,707 ordinary shares under the 2007 PSP and 13,160 ordinary shares under the 2007 CIP in each case for nil consideration. Subsequently, Mr Walker sold 17,745 ordinary shares at 1161p per share and 44,935 ordinary shares at 1152p per share, in part to satisfy the tax liability arising from the award. Following these transactions Mr Walker's beneficial ownership in the Company has decreased to 159,006 ordinary shares (0.06% of the ordinary share capital).
Peter Kennerley
Company Secretary
0141 225 5900
19 April 2010
Related Shares:
AGK.L