10391
RNS Number : 7314C
Trinity Mirror PLC
20 March 2014
 



Trinity Mirror plc

20th March 2014

 

Trinity Mirror plc (the "Company")

 

 

The independent trustee (the "Trustee") of the Trinity Mirror Employees' Benefit Trust based in Jersey (the "Trust") notified the Company that on 19th March 2014 it granted Awards under the Trinity Mirror Long Term Incentive Plan 2012 ("the LTIP") to acquire ordinary shares in the capital of the Company in the form of nil-cost options to Persons Discharging Managerial Responsibility ("PDMR") within the Company, in the amounts set out below.

 

Under the terms of the LTIP, Awards would normally vest on the third anniversary of their date of grant subject to the satisfaction of conditions relating to the performance of the Company over the three financial years to which an award relates (the Performance Period") 

 

Upon vesting, Awards are subject to a holding period of a further two years. During the holding period restrictions will apply to the sale or other disposal of the shares.

 

During the holding period , the Awards will be subject to the malus provisions of the LTIP 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.

 

The Awards will be exercisable as follows:

·           0% of an Award will be exercisable if the Company's share price is 225p or below.

·           100% of an Award will be exercisable  if the Company's share price is 350p or above; and

If the Company's share price is between 225p and 350p, the number of Shares over which the Award will be exercisable will be determined by straight-line interpolation between these two points.

Closing Average Adjusted

Share Price at end of

Performance Period

Percentage of total number of Shares under

Award over which Award can be exercised

225 pence

0%

250 pence

20%

275 pence

40%

300 pence

60%

325 pence

80%

350 pence

100%

 

Whether a target share price has been achieved will be determined by reference to the Company's volume-weighted average share price over the final quarter of the Performance Period.

In addition, for an Award to become exercisable:

·           the growth in the Company's 3 year TSR must exceed that of the FTSE All-Share Index over the Performance Period; and

·           the Remuneration Committee must be satisfied that the Company's share price performance is a genuine reflection of the underlying business performance of the Company over the Performance Period. When assessing whether they are satisfied that the Company's share price performance is a genuine reflection of the Company's business performance the Remuneration Committee will take into account factors including revenues, free cash flow, and change in net debt over the period. The Committee will be guided in its assessment by a review of performance against these metrics, based on the audited results, which it will undertake prior to vesting. The Committee will consider both a quantitative and qualitative analysis of the performance and will take account of any relevant internal and external factors to help ensure that unexpected events during the period are considered properly.

 

The total exercise price payable on any exercise of a LTIP award is £1.  Nothing is paid for the grant of the award.

 

The base price for calculating the level of award was 223.2p, the average market closing price on between 14th and 18th March 2014.

 

The following new LTIP awards were made:

 

 

PDMR

Number of Shares

 

Simon Fox

Chief Executive

322,581

Mark Hollinshead

Chief Operating Officer

197,133

Vijay Vaghela  

Group Finance Director

231,183

Paul Vickers   

Secretary and Group Legal Director

184,812

 

                                                 

Further Information:

 

Paul Vickers

Secretary

 

Trinity Mirror plc

One Canada Square

London E14 5AP        

 


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