22nd Dec 2011 15:57
Betfair Group PLC
22 December 2011
GRANT OF AWARDS
Betfair Group PLC ("the Company") announces that awards have been granted under the Long Term Incentive Plan ("LTIP"), effective from 1st July 2011.
The following awards have been made to:
Director/PDMR | Position | Number of Ordinary Shares of 0.1p each over which options granted at fair market value | Number of Ordinary shares of 0.1p each over which options granted at nil cost |
David Yu | CEO | 67,500 | 67,500 |
Stephen Morana | CFO/Interim CEO | 58,500 | 58,500 |
Martin Cruddace | Chief Legal and Regulatory Officer | 34,500 | 48,539 |
Tony McAlister | Chief Technology Officer | 34,500 | 49,327 |
Tony Williams | Group HR Director | 34,500 | 44,406 |
Niall Wass | Chief Commercial Officer | 40,500 | 40,500 |
Under the LTIP, awards may be awarded at fair market value and at nil cost. The awards made to David Yu, Stephen Morana and Niall Wass are determined on a number of options and to Martin Cruddace, Tony McAlister and Tony Williams as a fixed multiple of salary. Options will vest no earlier than the third anniversary of grant, and be subject to the achievement of performance conditions set over a three year period. The share price at the date of grant was £7.62. The three year performance period started on 1st May 2011.
On 2 November 2011, Tony Williams was granted 1,585 options to purchase shares under the Betfair Group Sharesave Plan at an option price of £5.6773.
With effect from 2 December 2011, Tony McAlister and Tony Williams ceased to be classified as persons discharging managerial responsibilities (PDMRs).
On 21 December 2011, Martin Cruddace was additionally awarded 30,000 shares under a Restricted Share Plan at nil cost. The shares will vest in two equal tranches on 21 December 2012 and 21 December 2013. The share price at the date of grant was £8.005.
David Yu will step down as CEO and Stephen Morana will become Interim CEO on 31 December 2011. Niall Wass will step down as Chief Commercial Officer on 31 December 2011, and with effect from 31 December 2011, David Yu and Niall Wass will cease being PDMRs.
Stephen Morana will be awarded shares to a value of £200,000 on 1 January 2012 based upon the mid-market closing price the previous trading day. This is a one-off award under the 2011 LTIP (and becomes due on 1 May 2014) in recognition of his additional responsibilities as Interim CEO and has the same performance conditions as noted above.
In addition, Stephen Morana and Martin Cruddace will on 3 January 2012 exercise a right to modify 275,000 and 45,000 vested options (at a strike price of £10) respectively into 91,666 and 15,000 nil priced options respectively, such options vesting on 1 December 2012.
Enquiries:
Martin Cruddace
Company Secretary
Related Shares:
BET.L