2nd Aug 2012 07:00
Betfair Group plc
2 August 2012
GRANT OF AWARDS
Betfair Group plc (LSE:BET) announces that awards have been granted under the Betfair Long Term Incentive Plan ("LTIP") to the following PDMRs on 1 August 2012:
Director/PDMR | Position | Number of Ordinary shares of 0.1p each over which options granted |
Stephen Morana | Chief Financial Officer | 109,956 |
Martin Cruddace | Chief Legal & Regulatory Officer & Company Secretary | 69,056 |
Andrew Botha | Acting Chief Commercial Officer | 52,483 |
The share price at the date of grant was 768.125p.
The performance conditions relating to the main Betfair Group Long Term Incentive Plan awards and which have been subject to an extensive shareholder consultation exercise during July are based on relative total shareholder return ("TSR") for 50% of awards, Group earnings per share ("EPS") for 25% of awards, and Core Revenue for 25% of awards.
SCHEDULE OF APPLICABLE PERFORMANCE CONDITIONS
TSR Target (50% of award):
For the 2012 awards, the Remuneration Committee has agreed that appropriate TSR comparators over a three year performance period are: Bwin.party digital entertainment plc, Ladbrokes plc, Playtech, Paddy Power plc, Rank Group plc, Sportingbet plc, Unibet, William Hill plc and 888 Holdings plc. In order for this part of the award to vest, Betfair must achieve performance as illustrated below:
Betfair's TSR against the TSR of members of the comparator group | % of the relevant part of the award that vests (subject to the Relative TSR performance condition) |
Upper quartile | 100% |
Between median and upper quartile | 25% - 100% (straight line basis) |
Median | 25% |
Below median | 0% |
EPS Target (25% of award):
Betfair's Group EPSfor the year ended 30 April 2015 | % of the relevant part of the award that vests (subject to the Group EPS performance condition) |
60.9 pence | 100% |
Between 50.3 pence and 60.9 pence | 25% - 100% (straight line basis) |
50.3 pence | 25% |
Below 50.3 pence | 0% |
N.B. EPS of 50.3 pence and 60.9 pence in 2015 is equivalent to threshold and maximum growth rates of 7% compound p.a. and 14% compound p.a. respectively.
Core Revenue Target (25% of award):
Betfair's Core Revenuefor the year ended 30 April 2015 | % of the relevant part of the award that vests (subject to the Core Revenue performance condition) |
£498.3m | 100% |
Between £405.2m and £498.3m | 25% - 100% (straight line basis) |
£405.2m | 25% |
Below £405.2m | 0% |
N.B. Core Revenue of £405.2m and £498.3m in 2015 equivalent to threshold and maximum growth rates of 5% compound p.a. and 12.5% compound p.a. respectively.
In addition to the three performance targets detailed above, an underpin will also apply which means that for any awards to vest, the Remuneration Committee must be satisfied that there has been an improvement in the Company's underlying financial performance which reflects the proposed level of vesting under each performance target. These performance targets will be reviewed by the Committee at the end of the three year performance period.
The Company was informed of the above transactions on 1 August 2012.
For further information contact:
Media Jonathan Oates Director of Communications +44 20 8834 6240 +44 7921 063609 | Investors/Analysts Paul Rushton Head of Investor Relations Tel: +44 20 8834 6139 |
Powerscourt Victoria Palmer-Moore Tel: +44 20 7250 1446
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About Betfair: (www.betfair.com)
Betfair is one of the world's largest international online sports betting providers and pioneered the betting exchange in 2000.
Driven by cutting-edge technology, Betfair enables customers to bet at odds sought by themselves or offered by other customers. The company now processes over seven million transactions a day from its four million registered customers around the world. In addition to sports betting, Betfair offers a portfolio of innovative products including casino, exchange games and poker.
Betfair has twice been named the UK's 'Company of the Year' by the Confederation of British Industry and has won two prestigious Queen's Awards for Enterprise, being recognised for Innovation in 2003 and most recently for International Trade in 2008. Betfair currently employs over 2,000 people worldwide. The company holds betting licences in Gibraltar, Germany, the US, Tasmania, Italy, Denmark and Malta.
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