11th Feb 2015 12:43
Enterprise Inns plc (the "Company")
Director/PDMR Shareholding
11 February 2015
Exercise of LTIP awards.
The Company confirms that on 9 February 2015, each of the following executive directors exercised an option, granted on 3 January 2012 under the Enterprise Inns 2005 Long Term Incentive Plan, to acquire ordinary shares in the Company as shown in the table below.
Following the assessment of the performance condition applying to the options, the first tranche of each option (being one third of the option) was exercised by each relevant director on 9 February 2015.
On the 10 and 11 February 2015, each director sold sufficient of the ordinary shares acquired pursuant to the exercise to fund the resulting tax liability, as follows:
Name/position | Number of ordinary shares acquired on exercise of option | Number of ordinary shares sold to fund the resulting tax liability | Average price per ordinary share sold |
W S Townsend - Chief Executive Officer | 222,996 | 109,810 | 106.99p |
N R Smith - Chief Financial Officer | 203,252 | 100,530 | 106.99p |
Grant of LTIP awards.
The Company confirms that on 9 February 2015 it granted to each of the following executive directors an award (structured as a nil-cost option) under the rules of the Enterprise Inns 2015 Long Term Incentive Plan (the "LTIP"), which was approved by shareholders at the AGM on 5 February 2015. The awards, which have been granted in respect of the financial year beginning on 1 October 2014, are over the following maximum number of ordinary shares in the Company:
Name/Position | Maximum number of ordinary shares |
W S Townsend - Chief Executive Officer | 536,201 |
N R Smith - Chief Financial Officer | 437,121 |
The vesting of each award is subject to the satisfaction of performance conditions based on the Company's Total Shareholder Return (relative to the Total Shareholder Return of the companies in a comparator group consisting of companies in the FTSE 250 Index, excluding investment trusts) and average Return on Capital Employed, in each case measured over a performance period of the Company's 2014/2015, 2015/2016 and 2016/2017 financial years.
Subject to the satisfaction of the performance conditions, and to the assessment of the Remuneration Committee that the Company's underlying financial performance over the performance period supports the level of vesting, the awards will normally vest and become exercisable as to one third of the shares on each of the date on which the Remuneration Committee determines the extent to which the performance conditions are satisfied, the first anniversary of that determination and the second anniversary of that determination. The awards will then remain exercisable until the tenth anniversary of the date of grant.
Total Shares held.
The total number and percentage of Shares beneficially held by the following directors immediately following these notifications has increased and is now as follows:
| Name/Position | Total holding and % of issued shares (excluding treasury) | Name/Position | Total holding and % of issued shares (excluding treasury) | |
| W S Townsend Chief Executive Officer | 979,305 0.19% | N R Smith Chief Financial Officer | 253,207 0.05% | |
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This notification is provided in accordance with DTR 3.1.4R(1).
Name of contact and telephone number for queries:
Loretta Togher
Company Secretary
0121 733 7700
Related Shares:
EI Group