11721
RNS Number : 8658Z
Trinity Mirror PLC
17 March 2017
 

Trinity Mirror plc

17 March 2017

 

Trinity Mirror plc (the "Company")

 

Grant of Awards under the Restricted Share Plan ("RSP")

 

The independent trustee (the "Trustee") of the Trinity Mirror Employees' Benefit Trust based in Jersey (the "Trust") notified the Company that on 17 March 2017 it granted Restricted Share Awards under the RSP to Persons Discharging Managerial Responsibility ("PDMR") within the Company, in the amounts set out below. 

 

Under the terms of the Trinity Mirror executive directors' annual bonus scheme, 50% of any bonus is payable in cash and the remaining 50% is paid through the award of Restricted Shares. This award of the Restricted Shares follows the determination by the Remuneration Committee of the Board of the Company that, under the performance conditions of the 2016 scheme, a bonus at 34.6% of maximum (equivalent to 25.95% of base salary) was payable. An award of Restricted Shares equivalent to 12.975% of base salary (being 50% of the annual bonus) was therefore recommended to the Trustees.

 

The executive director is the beneficial owner of the Restricted Shares but the shares are held in trust by the Trustee who remains the legal owner until the shares are released at the end of a three year holding period (the "Restricted Period").

 

During the Restricted Period, the executive director may not sell or otherwise dispose of the Restricted Shares, cannot vote the restricted shares and will not receive any dividends on the Restricted Shares.

 

During the Restricted Period, the Restricted Shares will be subject to the malus provisions of the RSP rules (the "Rules") which would allow for forfeiture of all of the shares or a reduction in the number released in circumstances as set out in the Rules. An additional award of Restricted Shares equal in value to any dividends paid during the Restricted Period may be made on the release of the Award.

 

The base price for calculating the level of Award was 111.75p, the average market closing price between 14 and 16 March 2017.

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

Simon Fox

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Chief Executive

b)

 

Initial notification /Amendment

 

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Trinity Mirror plc

b)

 

LEI

 

 

213800GNI5XF3XOATR61

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

 

a)

 

Description of the financial instrument, type of instrument

Ordinary 10p Shares



Identification code

GB0009039941



b)

 

Nature of the transaction

 

 

Grant of shares under the Restricted Share Plan.

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




111.75p

60,103







d)

 

Aggregated information




- Aggregated volume

N/A



- Price

N/A



e)

 

Date of the transaction

 

 

17 March 2017

f)

 

Place of the transaction

 

 

Outside a trading venue

 

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

Vijay Vaghela

 

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Group Finance Director and Company Secretary

b)

 

Initial notification /Amendment

 

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Trinity Mirror plc

b)

 

LEI

 

 

213800GNI5XF3XOATR61

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

 

a)

 

Description of the financial instrument, type of instrument

Ordinary 10p Shares



Identification code

GB0009039941



b)

 

Nature of the transaction

 

 

Grant of shares under the Restricted Share Plan.

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




111.75p

51,689







d)

 

Aggregated information




- Aggregated volume

N/A



- Price

N/A



e)

 

Date of the transaction

 

 

17 March 2017

f)

 

Place of the transaction

 

 

Outside a trading venue

 

 

 

 

Enquiries

Trinity Mirror


Simon Fox, Chief Executive

Vijay Vaghela, Group Finance Director and Company Secretary

020 7293 3553

 

Brunswick


Mike Smith, Partner

020 7404 5959

Will Medvei, Director


 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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