4th Aug 2009 14:08
British Sky Broadcasting Group plc
4 August 2009
LTIP vesting and Co-Investment Plan
British Sky Broadcasting Group plc ("BSkyB" or "the Company") confirms the August 2009 vesting of awards previously granted under its Long Term Incentive Plan and Management Long Term Incentive Plan. As previously announced, the awards scheduled to vest in August 2009 included awards granted to Directors of the Company in August 2006, July 2007, February 2008 and April 2008.
Following the satisfaction of certain performance conditions, including targets relating to Subscriber Growth, Earnings Per Share Growth and Free Cash Flow for the financial year ending 30 June 2009 and Total Shareholder Return for the period to 31 July 2009, 83% of the relevant awards vested.
On 3 August the Company received notification of the following transactions.
On 3 August 2009, Jeremy Darroch exercised his vested awards and subsequently disposed of 700,000 shares at 533 pence per share. He retained 26,250 shares as a personal interest in the Company and now holds a total of 86,250 shares in the Company. Also on 3 August 2009, Andrew Griffith exercised his vested awards and subsequently disposed of 332,000 shares at 533 pence per share.
Additionally, both Jeremy Darroch and Andrew Griffith have informed the Company of their intention to purchase the maximum number of BSkyB shares permitted under the Company's Co-Investment Plan - an investment equal to 50% of their annual bonus for 2008/09.
In accordance with James Murdoch's service agreement, on 3 August 2009, the Company elected to pay him a cash amount in lieu of issuing the 913,000 shares that have vested. Following the payment of 533 pence per share, James Murdoch's right to the relevant awards lapsed.
END
Note
The Company's Co-Investment LTIP scheme represents a further step to align Executive Directors' and Senior Managers' remuneration with shareholders' interests. Executives who participate in the plan will be granted a conditional award of BSkyB shares. The matching shares will vest three years later only if three-year adjusted EPS targets are met. The maximum investment eligible for matching awards will be limited to an amount equivalent to 50% of the individual's annual bonus.
Enquiries:
Analysts/Investors:
Robert Kingston Tel: 020 7705 3726
Francesca Pierce Tel: 020 7705 3337
E-mail: [email protected]
Media:
Robert Fraser Tel: 020 7705 3036
Bella Vuillermoz Tel: 020 7800 2651
E-mail: [email protected]
Related Shares:
Sky