REG - Topps Tiles - Director/PDMR Shareholding <Origin Href="QuoteRef">TPT.L</Origin>

Topps TilesAnnouncement

12/12/2014 11:12

RNS Number : 6322Z
Topps Tiles PLC
12 December 2014
Topps Tiles PLC
Director/PDMR Shareholding
12th December 2014
Topps Tiles plc. (the "Company")
Notification of Dealings in the Company's shares by Persons Discharging Managerial Responsibility ("PDMRs") and connected persons.
The Company announces the following dealings by PDMRs in the Company's ordinary shares totalling 944200 shares
On 12th December 2014 the Company granted awards in the form of nil cost options ("Awards") in connection with the Topps Tiles 2013 Long Term Incentive Plan ("LTIP") as follows:-
Director/PDMR
Number of Shares subject to Awards
Date of Award
Matthew Williams
359,159
12th December 2014
Rob Parker 
221,833
12th December 2014
Richard Carter
181,604
12th December 2014
Brian Linnington
181,604
12th December 2014
The number of shares under option was determined using a share price of 106.00 pence based on 3 days prior to year end 
The Awards will vest and become exercisable from the 12th December 2017 but only to the extent that certain performance conditions are met including the following adjusted EPS targets:-
Cumulative Adjusted EPS for the period 2013/2014 to 2016/2017
Percentage of the Award that will vest
23.02 pence per Share
25%
Greater than 23.02 pence per Share but less than 24.83 pence per Shares
Determined on a straight line basis between 25% and 100%
24.83 pence per Share
100%
The above targets equate to adjusted EPS growth from the 2013/2014 outturn of c 7% growth per annum for 25% vesting and c 11% per annum for 100% vesting
Notwithstanding the Cumulative Adjusted EPS calculated above the extent to which the Award will vest will be subject to the Board's assessment of the quality of earnings over the performance period. The Board may reduce the extent to which the Award would otherwise vest if the Board determines that the Cumulative Adjusted EPS is not consistent with the achievement of commensurate underlying financial performance taking into account such factors as the Board considers appropriate, including:
 market share, margin performance, net debt, overall returns to shareholders; and
 shareholder value creation. 
The Board may make such adjustments to the method of calculating Cumulative EPS or any other feature of the terms of the performance condition as it considers appropriate to take account of:
 any increase or variation of the share capital of the Company; 
 any change to accounting standards or the reporting of financial results; 
 the impact of discontinued businesses on results for any relevant financial year; 
 there being no earnings per share of the Company for any relevant financial year; 
 any other factors considered by the Board to be relevant.
No consideration is payable on the grant of these Awards. 
The above notification is intended to satisfy the Company's obligations under Disclosure and Transparency Rule 3.1.4.
Stuart Davey
Company Secretary
Topps Tiles plc.

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