9th Oct 2008 12:47
Close Brothers Group plc
Close Brothers Group plc ("the Company") notifies the following changes in the interests in the ordinary shares ("Shares") of the executive directors and persons discharging managerial responsibilities ("PDMR") arising out of the operation of its Long Term Incentive Plan 2004 ("LTIP").
On 7 October 2008, options to acquire Shares at nil cost ("Awards") were granted under the LTIP to the following executive directors and PDMR's, as set out below. The numbers of Shares stated are the maximum available to each director or PDMR on satisfaction, in full, of the performance targets described below.
Executive director Ordinary shares under Awards
S.R. Hodges 131,414
J.A.G. Howell 128,732
PDMR
M. Andrew 94,761
S.W. Aulsebrook 56,320
J.S. Palfreyman 57,750
Vesting of these Awards will be conditional on the achievement of two distinct performance targets. Vesting of two thirds of the Shares under an Award will be based on the Company's Adjusted Earnings Per Share ("EPS") growth exceeding a range of targets above the rate of growth of the Retail Prices Index ("RPI"). Vesting of the remaining one third of the Shares under an Award will be based on a condition measuring the Company's Total Shareholder Return ("TSR") performance relative to a comparator group of the constituents of the FTSE-350 General Financial Index and FTSE-350 Banks Index at the date of grant.
The earliest date on which the executive director or PDMR could normally become entitled to call for the Shares comprised in the Awards is 7 October 2011, which is the third anniversary of the date on which these Awards were granted.
It is intended that treasury shares will be used to satisfy these Awards.
The Company's Remuneration Committee reserves the right to make a payment in cash or in Shares to participants on the vesting of their Awards equivalent to the amount of dividends they would have been entitled to receive during the performance period in respect of those Shares that vest.
The beneficial interests in the ordinary share capital of the Company of the executive directors and PDMR involved in the LTIP Award above are:
Shareholding Option holding Deferred share LTIP awards
prior to prior to awards prior to prior to
LTIP Award LTIP Award LTIP Award LTIP Award
Executive director
S.R. Hodges 693,469 (0.48%) 412,148 278,045 144,055
J.A.G. Howell - - 19,626 113,207
PDMR
M. Andrew - - 66,645 45,110
S.W. Aulsebrook 95,746 (0.07%) 67,684 46,442 43,895
J.S. Palfreyman 4,913 (0.01%) 9,085 - -
Shareholding Option holding Deferred share LTIP awards
after after award after after
LTIP Award LTIP Award LTIP Award LTIP Award
Executive director
S.R. Hodges 693,469 (0.48%) 412,148 278,045 275,469
J.A.G. Howell - - 19,626 241,939
PDMR
M. Andrew - - 66,645 139,871
S.W. Aulsebrook 95,746 (0.07%) 67,684 46,442 100,215
J.S. Palfreyman 4,913 (0.01%) 9,085 - 57,750
The Company's closing mid-market share price on the date of the grant of these LTIP Awards was 547.5p.
Related Shares:
Close Bros