Wincanton plc (the 'Company')
In fulfilment of an obligation imposed by DTR 3.1, the Company announces the following details relating to awards made under the terms of the Wincanton plc 2011 Special Option Plan ('SOP') and the Wincanton plc 2011 Executive Bonus Plan ('EBP').
1. Date of grant: SOP - 12 July 2012 EBP - 12 July 2012
2. Period during which the option award is exercisable, assuming that the performance conditions are achieved:
SOP - 12 July 2015 to 12 July 2022
EBP - 12 July 2013 to 12 July 2022. At the end of each Plan Year, the Remuneration Committee will determine the level of satisfaction of the performance requirements (including forfeiture threshold). If the performance requirements are met, the Participant will then receive a payment equal to 50% of his Plan Account at the end of Plan Year one to three inclusive; and 100% of his Plan Account at the end of Plan Year four. Where the forfeiture threshold is not met, the Participant will receive no contribution in to their Plan Account in respect of that Plan Year. In addition, 50% of the balance of their Plan Account earned in respect of previous Plan Years but not yet paid will be forfeited. The 50% forfeiture will occur each time the forfeiture threshold is not met for a Plan Year.
3. Total amount paid (if any) for award:
SOP - Nil
EBP - Nil
4. Description of shares involved:
The grants were made over Ordinary shares of 10 pence each in the Company.
Name of Director / PDMR SOP EBP Eric Born Director 2,305,555 214,591 Jon Kempster Director 1,805,555 168,053 Simon Deane PDMR 611,111 59,263 Guy Elliott PDMR 694,444 54,432 Julie Welch PDMR 472,222 63,453 Ian Wilson PDMR 555,555 31,609 5. Exercise price: SOP - £0.36 EBP - nil
6. Total number of shares over which awards held, under the terms of the SOP and the EBP following this notification:
Name of Director / PDMR SOP EBP Eric Born Director 4,137,785 214,591 Jon Kempster Director 3,240,434 168,053 Simon Deane PDMR 1,096,762 59,263 Guy Elliott PDMR 1,246,320 54,432 Julie Welch PDMR 847,497 63,453 Ian Wilson PDMR 997,056 31,609
7. Any additional information:
The trustees of the Wincanton plc Employee Share Trust in respect of shares held in the trust have granted all options.
Under the SOP, the vesting of options is subject to a performance requirement based on average absolute total shareholder return growth over a three-year vesting period (the option starting to vest above 10% per annum i.e. 0% at 10%, with 100% of the option vesting for 22% per annum). In addition, the Company's Earnings per Share must not reduce over the three-year vesting period for options to be capable of vesting.
SOP - The exercise price and size of award was calculated with reference to the average share price for the three days immediately prior to the date of grant.
EBP - The number of EBP shares awarded was calculated using the 30-day average share price for the period ending on the 31 March 2012. The EBP award represents the deferral element of the bonus awarded in respect of the financial year ended 31 March 2012.
8. Name of authorised company official responsible for making this notification:
Stephen Williams, Company Secretary - 01249 710 000
9. Date of Notification:
13 July 2012