REG - Marston's Plc - Director/PDMR Shareholding <Origin Href="QuoteRef">MARS.L</Origin>

Marston'sAnnouncement

12/12/2017 16:26

RNS Number : 1370Z
Marston's PLC
12 December 2017
Notification of interests of directors
12 December 2017
The Company announces that on 11 December 2017, the Directors and Person Discharging Managerial Responsibilities (PDMR) listed below were granted awards over ordinary shares in the Company under the Company's 2014 Long Term Incentive Plan (the "Plan"). The awards were granted on 11December2017 calculated using the market price at the close of trading on the London Stock Exchange on 11December2017 of 121.0 pence per ordinary share.
Awards under the Plan are structured as Approved Performance Share Plan Awards ("APSP Awards") and comprise three elements: (i) an HMRC Tax Qualifying Option over shares with a total value at the date of grant of 30,000 with an exercise price of 121.0 pence per share; (ii) a "Linked Award" which is, principally, a funding award in the form of a nil cost option (i.e. in the form of an LTIP Award) over such number of shares whose total value at exercise equals 30,000; and (iii) an LTIP Award in the form of a nil cost option over shares to the value of the remainder of the APSP Award above the 30,000 limit.
The awards will vest subject to the satisfaction of performance metrics which are based on a combination of Cash Return On Cash Capital Employed (CROCCE), Free Cash Flow (FCF) and Relative Total Shareholder Return assessed over the Company's 2017/18, 2018/19 and 2019/20 financial years. To the extent an award vests, it will be released (so that the participant is entitled to acquire the shares) following the end of a further two year holding period.
In addition to satisfaction of these performance conditions, the Tax Qualifying Option will only become exercisable if the market value of a share at exercise is greater than 121.0 pence per share. If the market value at exercise is less than 121.0 pence per share, the Tax Qualifying Option will lapse and the maximum number of shares subject to the Linked Award will become available to the participant to exercise as an unapproved LTIP option. 
Name
Designation
Number of shares subject to APSP Award (Tax Qualifying Option and LTIP Award)
Maximum number of Shares subject to Linked Award
Andrew Andrea
Director
382,500
24,793
Ralph Findlay
Director
571,115
24,793
Richard Westwood
PDMR
224,739
0
The relevant notifications set out below are provided in accordance with the requirements of Article 19 of the EU Market Abuse Regulation.
Enquiries: Anne-Marie Brennan, Group Secretary, Marston's PLC, +44 (0) 1902 329163


1.
Details of PDMR / PCA (person closely associated)
(a)
Name
Andrew Andrea
(b)
Position/status
Director and PDMR (Chief Financial and Corporate Development Officer)
(c)
Initial notification/ amendment
Initial notification
2.
Details of the issuer
(a)
Name
Marston's PLC
3.
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
Ordinary shares of 7.375p each
ISIN GB00B1JQDM80
(b)
Nature of the transaction
Grant of award under the Long Term Incentive Plan in the form of nil-cost options and a Tax Qualifying Option at an exercise price of 1.21 per share.
(c)
Price(s) and volume(s)
Price(s)
Volume(s)
Nil-cost options: N/A
Nil-cost options: 382,500
Tax Qualifying Option: N/A
Tax Qualifying Option: 24,793
(d)
Aggregated information
Aggregated volume price
n/a single transaction
n/a single transaction
(e)
Date of the transaction
2017-12-11
(f)
Place of the transaction
Outside a trading venue
1.
Details of PDMR / PCA (person closely associated)
(a)
Name
Ralph Findlay
(b)
Position/status
Director and PDMR (CEO)
(c)
Initial notification/ amendment
Initial notification
2.
Details of the issuer
(a)
Name
Marston's PLC
3.
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
Ordinary shares of 7.375p each
ISIN GB00B1JQDM80
(b)
Nature of the transaction
Grant of award under the Long Term Incentive Plan in the form of nil-cost options and a Tax Qualifying Option at an exercise price of 1.21 per share.
(c)
Price(s) and volume(s)
Price(s)
Volume(s)
Nil-cost options: N/A
Nil-cost options: 571,115
Tax Qualifying Option: N/A
Tax Qualifying Option: 24,793
(d)
Aggregated information
Aggregated volume price
n/a single transaction
n/a single transaction
(e)
Date of the transaction
2017-12-11
(f)
Place of the transaction
Outside a trading venue
1.
Details of PDMR / PCA (person closely associated)
(a)
Name
Richard Westwood
(b)
Position/status
PDMR (MD, Marston's Beer Company)
(c)
Initial notification/ amendment
Initial notification
2.
Details of the issuer
(a)
Name
Marston's PLC
3.
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
Ordinary shares of 7.375p each
ISIN GB00B1JQDM80
(b)
Nature of the transaction
Grant of award under the Long Term Incentive Plan in the form of nil-cost options.
(c)
Price(s) and volume(s)
Price(s)
Volume(s)
Nil-cost options: N/A
Nil-cost options: 224,739
(d)
Aggregated information
Aggregated volume price
n/a single transaction
n/a single transaction
(e)
Date of the transaction
2017-12-11
(f)
Place of the transaction
Outside a trading venue
ENDS

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