Directors' Interest in LTIPs
|
Awards subject to performance conditions |
Awards where the performance condition have been satisfied(1) |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| Director | Date of award |
Cash portion (grant value)(2) $ |
Option portion (number*)(2) |
Cash portion (grant value)(3) $ |
Option portion (number*)(3) |
Option portion (current value)(4) $ |
Cash and options total current value(4)(5) $ |
Cash and options total vested(6) $ |
Expiry of award or vested option |
| Robert Anderson(7) | |||||||||
| 2004/05 award(8) | 5.4.04 | - | - | - | - | - | - | - | - |
| 2005/06 award(8) | 12.4.05 | - | - | - | - | - | - | - | - |
| 2006/07 award(8) | 28.4.06 | 207,638 | 94,174 | - | - | - | 361,254 | - | -(9) |
| 2007/08 award | 24.4.07 | 221,034 | 90,178 | - | - | - | 347,167 | - | -(9) |
| Awards at end of year | 428,672 | 180,352 | - | - | - | 708,421 | - | ||
| Walker Boyd(7) | |||||||||
| 2004/05 award(8) | 5.4.04 | - | - | - | - | - | - | 95,361 | - |
| 2005/06 award(8) | 12.4.05 | - | - | - | - | - | - | - | - |
| 2006/07 award(8) | 28.4.06 | 299,588 | 135,878 | - | - | - | 526,828 | - | -(9) |
| 2007/08 award | 24.4.07 | 322,341 | 131,510 | - | - | - | 506,285 | - | -(9) |
| Awards at end of year | 621,929 | 267,388 | - | - | - | 1,033,113 | 95,361 | ||
| Terry Burman(7) | |||||||||
| 2004/05 award(8) | 5.4.04 | - | - | - | - | - | - | 275,454 | - |
| 2005/06 award(8) | 12.4.05 | - | - | - | - | - | - | - | - |
| 2006/07 award(8) | 28.4.06 | 1,166,830 | 597,009 | - | - | - | 2,134,692 | - | -(9) |
| 2007/08 award | 24.4.07 | 1,244,250 | 499,699 | - | - | - | 1,943,179 | - | -(9) |
| Awards at end of year | 2,411,080 | 1,096,708 | - | - | - | 4,077,871 | 275,454 | ||
| Mark Light(7) | |||||||||
| 2004/05 award(8) | 5.4.04 | - | - | - | - | - | - | 343,411 | - |
| 2005/06 award(8) | 12.4.05 | - | - | - | - | - | - | - | - |
| 2006/07 award(8) | 28.4.06 | 356,000 | 182,148 | - | - | - | 686,258 | - | -(9) |
| 2007/08 award | 24.4.07 | 400,000 | 160,643 | - | - | - | 624,691 | - | -(9) |
| Awards at end of year | 756,000 | 342,791 | - | - | - | 1,310,949 | 343,411 | ||
* Historic holdings are not adjusted for 20:1 share consolidation undertaken as part of the move of the primary listing of the parent company's shares.
All grants were made to directors while they were directors apart from Messrs. Anderson and Light who were appointed as directors on 6 April 2005 and 12 January 2006 respectively. The performance conditions relating to the awards are set out on page 73.
(1) In respect of the 2005/06 awards neither the Group nor the divisions achieved the required performance targets and therefore no awards vested for any of the participants.
(2) Assumes maximum performance conditions are satisfied and is calculated using their salary at 3 March 2008. For the cash portion an exchange rate of $1.97 has been used for Robert Anderson and Walker Boyd. Options are calculated using a share price at the time of grant in 2006 of 111.92p and 2007 of 124.42p and in the case of Terry Burman and Mark Light exchange rates of $1.75 in 2006 and $2.00 in 2007.
(3) Calculated using a salary at 3 March 2008. Options are calculated using a share price and exchange rate at the time of grant in 2005 of 112.25p and $1.93 respectively. The LTIP payment is made in the year following the last year in respect of which the performance condition was set.
(4) Calculated using a share price as at 2 February 2008 of 71.00p.
(5) Cash portion plus option portion value at 2 February 2008. For awards where the level of performance is currently unknown, no payment, or a reduced payment may be made. In respect of awards where the performance is known the base salary may be different at the date of vesting.
(6) Vesting took place on 18 April 2007 and the cash portion was worth $46,540, $128,499 and $160,200 respectively, for Walker Boyd, Terry Burman and Mark Light. The option interest was over 20,715 shares for Walker Boyd, 62,354 shares for Terry Burman and 77,737 shares for Mark Light and are included in the table of directors’ interests in share options. The share price on the day of vesting was 118.07p. For Walker Boyd an exchange rate of $1.997 was used. The Remuneration Committee confirmed that there was no entitlement earned under the LTIP by Robert Anderson.
(7) The Remuneration Committee approved grants of LTIP awards to Terry Burman (maximum of 158% of salary at vesting), Mark Light (maximum of 100% of salary at vesting), Walker Boyd (maximum of 77% of salary at vesting) and Robert Anderson (maximum of 68% of salary at vesting) on 7 April 2008.
(8) Awards at start of year.
(9) Expiry dates of awards will be known within 60 days after the announcement of the preliminary results for the last financial year in the performance period.