RNS Number : 5763HInvensys PLC21 June 2013INVENSYS PLC
("the Company")
Transactions by persons discharging managerial responsibilities and their connected persons in accordance with DTR 3.1.4R(1)(a)
RELEASE OF SHARE AWARDS
Invensys 2007 Long Term Incentive Plan ('2007 LTIP')
The Company notifies the following release of ordinary shares of 12.5p each ("Shares") to Directors and PDMRs of the Company following the vesting of awards which were granted under the Invensys 2007 LTIP on 17 June 2010 ("the 2010 Awards"). The release comprises of Shares, together with additional Shares, representing notional dividend reinvestment.
Name of Director/PDMR
Date 2010 Awards vested
Date shares released
Shares released
Additional Shares released representing notional dividend reinvestment
Total number of Shares released
Wayne Edmunds
(Director)
17 June 2013
18 June 2013
143,603
7,556
151,159
Victoria Hull
(Director)
17 June 2013
18 June 2013
123,122
6,479
129,601
David Thomas
(Director)
17 June 2013
18 June 2013
40,589
2,134
42,723
Mark Balcunas
(PDMR)
17 June 2013
18 June 2013
92,758
4,880
97,638
Robert Rennie
(PDMR)
17 June 2013
18 June 2013
5,860
305
6,165
The 2010 Awards were subject to performance conditions relating to EPS growth and TSR performance. These performance conditions were measured over the three year performance period ended 31 March 2013.
Following consideration of these performance conditions, the Remuneration Committee determined that the threshold level of vesting for the TSR portion of the 2010 Award had not been achieved; this portion of the 2010 Award (50% of the total award for Wayne Edmunds) therefore lapsed. With regard to the EPS portion of the 2010 Award (50% of the total award for Mr Edmunds), this vested at 94.4% for Mr Edmunds. In aggregate therefore Mr Edmunds' 2010 Award vested at 47.2% as a proportion of the initial award.
In respect of Victoria Hull and David Thomas, their 2010 Awards were granted prior to their appointment as executive directors and performance conditions did not apply to 30% of their 2010 Awards; this portion of shares vested following the third anniversary of the date of grant. Of the 70% of the 2010 Award subject to a performance test, the TSR element (35% of the total award) lapsed and the EPS element (35% of the total award) vested at 94.4%. The aggregate vesting of Shares under the 2010 Award for Ms Hull and Mr Thomas was therefore 63% as a proportion of the initial award. These same vesting levels applied to Mark Balcunas and Robert Rennie, PDMRs of the Company.
Deferred Share Plan ('DSP')
The Company notifies that 59,921 Shares (56,931 Shares and 2,990 additional Shares representing notional dividend reinvestment) were released to Wayne Edmunds, a director of the Company, on 18 June 2013, following vesting of awards which were granted under the DSP on 10 March 2013 (over 50,205 Shares) and 10 June 2013 (over 9,716 Shares).
Restricted Share Plan ('RSP')
The Company notifies that 5,215 Shares (5,000 Shares and 215 additional Shares representing notional dividend reinvestment) were released to Robert Rennie, a PDMR of the Company, on 18 June 2013, following the vesting of the third tranche of an award which was granted under the RSP on 17 June 2010 (over 15,000 Shares to vest in three equal tranches).
Shares sold to meet tax liabilities
The Company notifies that the following Shares were sold to meet tax withholding liabilities of the Directors and PDMRs following the transactions detailed above:
Name of Director/PDMR
Award type
Date Shares Sold
Price Shares Sold
Number of Shares sold to meet tax liability
Wayne Edmunds
(Director)
LTIP
19 June 2013
£4.1073
71,048
DSP
19 June 2013
£4.1073
28,169
Victoria Hull
(Director)
LTIP
19 June 2013
£4.1073
67,396
David Thomas
(Director)
LTIP
19 June 2013
£4.1073
22,219
Mark Balcunas
(PDMR)
LTIP
19 June 2013
£4.1073
30,710
Robert Rennie
(PDMR)
LTIP
20 June 2013
£4.055
2,898
RSP
20 June 2013
£4.055
2,451
Current Shareholdings
The table below summarises the total holdings of each Director/PDMR, following the transactions detailed above:
Name of Director/PDMR
Total Holding
Percentage of issued Share Capital
Wayne Edmunds
(Director)
183,207
0.027981
Victoria Hull
(Director)
236,127
0.036063
David Thomas
(Director)
321,327
0.049076
Mark Balcunas
(PDMR)
190,687
0.029123
Robert Rennie
(PDMR)
27,115
0.004141
Name of contact and telephone number for queries: Steve Devany, Head of Corporate Communications 020 3155 1301
Name of Company Official responsible for making notification: Katherine Harris - Company Secretarial Assistant
Date of notification: 21 June 2013
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