9971
RNS Number : 8940L
Trinity Mirror PLC
10 September 2012
 

Trinity Mirror plc

10th September 2012

 

Trinity Mirror plc (the "Company")

 

 

On becoming a Director of Trinity Mirror plc today, Simon Fox has disclosed to the Company the following information in respect of his interests in shares in the Company.

 

On 30th August 2012 the independent trustee of the Trinity Mirror Employees' Benefit Trust based in Jersey granted Mr Fox two 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.

 

Under the terms of the LTIP, awards are exercisable from the third anniversary of their date of grant for a period of six months and subject to the satisfaction of conditions relating to the performance of the Company over a three year performance period.

 

The first award granted to Mr Fox was an initial award over 1,059,602 shares with a performance period covering the three financial years 2012, 2013 and 2014.

 

The second award granted was a one-off joining award over 1,589,404 shares with a performance period of 30th August 2012 to 29th August 2015.

 

The Awards will become exercisable as follows:

·           0% of an Award will be exercisable if the Company's share price is below 75p.

·           100% of an Award will be exercisable if the Company's share price exceeds 200p.

Where the Company's share price is between 75p and 200p, the number of Shares over which the Award will be exercisable will be determined by straight-line interpolation between these two points as follows:

Closing Average Adjusted

Share Price at end of

Performance Period

Percentage of total number of Shares under

Award over which Award can be exercised

<75 pence

0%

100 pence

20%

125 pence

40%

150 pence

60%

175 pence

80%

>200 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. The Committee anticipates the factors that will be considered when making this assessment will be biased towards financial performance (but may also include strategic objectives e.g. in the digital arena).

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 37.75p, the mid market price on 30th August 2012.

 

                                                 

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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