Original
RNS Number : 9375P
Dunelm Group plc
08 October 2013
 



DUNELM GROUP plc

 

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL

RESPONSIBILITY AND CONNECTED PERSONS

 

 

                                                                        8 October 2013

 

LTIP awards to Executive Directors

 

Conditional awards under the Company's Long-Term Incentive Plan (LTIP) have been granted on 7 October 2013 over ordinary shares in Dunelm Group plc, in the form of a nil cost option, to Nick Wharton, Chief Executive, and David Stead, Finance Director.

 

Will Adderley, Executive Deputy Chairman, has waived his entitlement to receive an LTIP award.

 

The maximum award under the LTIP is 150% of basic salary for each executive director.

 

The awards are subject to the satisfaction of a performance condition over the three financial years commencing on 30 June 2013. Shares which executives have earned, following application of the performance condition, will be subject to a two year deferral. They will therefore vest to the executive after five years, on 7 October 2018. The executives will also receive on exercise a payment equal to any dividends that would have been paid on the shares during the deferral period. In the event that an executive leaves the company after the three year performance period, the LTIP shares already earned will continue to vest to the executive at the end of the full five year period. This is intended to increase executives' motivation to achieve sustained performance.

The award is also subject to claw back in the case of mis-statement of performance to which a previous LTIP award or bonus related, miscalculation of performance conditions in previous exercised options, or gross misconduct on the part of the individual.

 

Using a closing mid price on 4 October 2013 of 876.5 pence, awards have been granted

as follows:  

 

 


Basic salary

 

150% of basic salary

Share price

Number of shares in award

Total number of LTIP options held after this award

Nick Wharton

£416,160

 

£624,240

876.5p

71,220

552,901

David Stead

 

£269,300

£403,950

876.5p

46,087

 250,631

 

 

In addition to the LTIP options noted above, Nick Wharton and David Stead each have 2,493 options under the Company's Save as You Earn Option Scheme. 

 

 

Name of authorised Company official responsible for making this notification:

 

Dawn Durrant, Company Secretary

                                                                             

0116 2644356

 

 


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