RNS Number : 3441P
SABMiller PLC
30 September 2011
 



Update on 2 June 2011 Share Award Plan announcement (RNS Number 7469H)

 

 

Notification of Transactions of Directors and Persons Discharging Managerial Responsibility or connected persons in accordance with DTR3.1

 

On 2 June 2011, SABMiller plc announced that certain Directors and Persons Discharging Managerial Responsibility ("PDMRs") had been awarded a number of nil cost conditional awards on 1 June 2011 under the SABMiller plc Executive Share Award Plan 2008 (the "Plan").

 

However, although the Remuneration Committee had resolved to recommend to the Trustees of the Company's employees' benefit trust that these awards be made, the Company decided, in light of the uncertainty about the potential impact of new, retrospectively applicable and not then fully implemented UK taxation legislation on "disguised remuneration", to await the issue of further guidance from Her Majesty's Revenue and Customs ("HMRC") before making any recommendation to the Trustees, and accordingly these awards were not in fact then made by the Trustees.

 

Subsequently, following the publication of updated guidance by HMRC, these awards were made by the Company on 29 September 2011, and accordingly on 30 September 2011 the following Directors and PDMRs notified the Company in compliance with DTR 3.1 that they had been awarded, on 29 September 2011, nil cost conditional awards under the Plan in respect of the numbers of shares in the Company as set out below.  These awards were made on the basis approved by the Remuneration Committee earlier in the year, including as to quantum and the respective performance conditions.  

 

Director/PDMR

Performance Share Award

(EPS-based

performance

condition

Note 1)

Value Share Award

(TSR-based

performance

condition

Note 2)

E A G Mackay*

125,000

220

N J Adami

65,000

115

M Bowman

40,000

70

A J Clark

65,000

115

S M Clark

27,500

50

J Davidson

27,500

50

N T Fell

32,500

60

C A van Kralingen

42,500

75

K Lippert

40,000

70

A Mervis

40,000

70

J S Wilson*

50,000

100

 

* Director

 

(Note 1)    The conditional awards of a fixed number of EPS-based performance shares are subject to testing against the Company's three-year adjusted earnings per share growth.  

 

(Note 2)    The above specified number of TSR-based performance shares have been conditionally awarded for each £10 million of additional shareholder value created, defined as the amount by which the growth in the Company's market capitalisation plus net equity cash flows exceeds the median growth of a weighted peer group index, over a five year performance period.

 

 

Name of contact and telephone number for queries

Bill Warner: 01483 264268

 

Name of duly authorised officer of issuer responsible for making notification

John Davidson, General Counsel & Group Company Secretary

 

 

 

 

 


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