19th Oct 2009 10:22
Punch Taverns plc (the "Company")
19 October 2009
NOTIFICATION OF DIRECTOR / PDMR SHAREHOLDING
Long Term Incentive Plan 2008 (the "Plan")
On 16 October 2009, in accordance with the rules of the Plan, the Remuneration Committee granted the following conditional awards, at a price of £0.90 per share (the closing share price on 15 October 2009), to the following Executive Directors and Persons Discharging Managerial Responsibilities (PDMRs) of the Company:
|
Executive Directors |
Number of LTIP Shares Granted |
|
Giles Thorley |
1,166,666 |
|
Phil Dutton |
777,777 |
|
Mike Tye |
888,888 |
|
Roger Whiteside |
888,888 |
|
PDMRs |
|
|
Karen Caddick |
333,333 |
|
Neil Griffiths |
277,777 |
|
Neil Preston |
111,111 |
The release of awards to participants under the LTIP is dependent on the Total Shareholder Return ("TSR") performance of the Company relative to two relevant comparators: a pub sector peer group and the FTSE 250 Index (excl investment trusts). The TSR performance will be measured over a three year period, starting from the beginning of the 2009/2010 financial year. Release of the award is split equally according to the TSR performance of the company against the two different comparators. 12.5% of the award will be released for achievement of the median position against the pub sector group, and 12.5% for matching the TSR of the FTSE 250 Index. The full award is released for achieving annualised TSR that exceeds the median of the pub sector group, and the FTSE 250 Index TSR, by five percentage points per annum, Straight line vesting will occur between these two points.
Date of Notification: 19 October 2009
Name of contact and telephone number for queries:
Neil Preston
Company Secretary
Punch Taverns plc
Tel: 01283 501 751
Related Shares:
Punch Taverns PLC