M&C Saatchi PLC Director/PDMR Shareholding (6139E)
July 19 2016 - 6:53AM
UK Regulatory
TIDMSAA
RNS Number : 6139E
M&C Saatchi PLC
19 July 2016
19 July 2016
M&C Saatchi PLC ("M&C Saatchi" or "the Company")
New issue under Long-Term Incentive Plan
In addition to the awards issued 1 June 2016, the Board of
M&C Saatchi PLC announces that it approved the issue to Finance
Director Jamie Hewitt (the "Participant") the following award.
The key points of the LTIP are summarised below:
-- The LTIP operates through shares in the Company's subsidiary, M&C Saatchi Worldwide.
-- The Participant will pay (by way of a combination of
subscription price and deferred payment) GBP51,266.75 for the
award. This amount is not refundable and will be paid in full if
the vesting conditions are not met. Vesting of the awards is
subject to:
-- the achievement of certain earnings and total shareholder
return ("TSR") targets (the "Performance Conditions") measured over
the period from 1 January 2015 to 31 December 2018 (the
"Performance Period"); and
-- the Company's share price being above GBP5.00 per share
during the period between 1 January 2019 and 31 December 2022 (the
Share Price Target").
-- 20% of the award will be earned if average EPS growth over
the Performance Period is above 10%. This 20% level will increase
to 100% of the award on a straight line basis if EPS growth over
the Performance Period is between 10% and 20% (with 100% of the
award being earned if EPS growth of 20% or more is achieved). Below
10% EPS growth, no award will be earned. Earned awards will be
adjusted by the TSR condition. If TSR over the Performance Period
is above 50% an earned award will be increased by a half; if TSR
over the Performance Period is between 0% and 50% no adjustment
will be made to an earned award; if TSR over the Performance Period
is below 0% then earned awards will be reduced by 25%.
-- Subject to the Share Price Target being achieved, an earned
award, representing shares in M&C Saatchi Worldwide, may be
exchanged for M&C Saatchi shares. The maximum number of M&C
Saatchi shares that may be required to be issued under this issue
of LTIP arrangements is 307,601. The maximum number of M&C
Saatchi shares that may be required to be issued under LTIP
arrangements (including awards issued on 1 June 2016), is
3,383,605.
M&C Saatchi's non-executive directors consider the terms of
the transaction to be fair and reasonable insofar as the
shareholders of the Company are concerned.
END
For further information, please contact:
M&C Saatchi +44 (0) 207 544 3693
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Andy Blackstone, Company Secretary
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Numis Securities +44 (0) 207 260 1000
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Nick Westlake, NOMAD
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Charles Farquhar, Corporate
Broking
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Tulchan Communications +44 (0) 207 353 4200
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Tom Murray
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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July 19, 2016 07:53 ET (11:53 GMT)