RNS Number : 9162V
Topps Tiles PLC
18 December 2013
 

Topps Tiles plc. (the "Company")                               

 

Notification of Dealings in the Company's shares by Persons Discharging Managerial Responsibility ("PDMRs") and connected persons.

 

The Company announces the following dealings by PDMRs in the Company's ordinary shares totalling 1,031,064 shares

 

On 17th December 2013 Topps Tiles plc. granted awards in the form of nil cost options ("Awards") in connection with the Topps Tiles 2013 Long Term Incentive  Plan  ("LTIP") as follows:-

 

 

Director/PDMR

Number of Shares subject to Awards

Date of Award

Matthew Williams

400,604

17th December 2013

Rob Parker

240,363

17th December 2013

Richard Carter

202,268

17th December 2013

Brian Linnington

187,828

17th December 2013

 

 

The number of shares under option was determined using a share price of 93.17 pence based on 3 days prior to year end

 

The Awards will vest and become exercisable from the 17th December 2016 but only to the extent that certain performance conditions are met including the following adjusted EPS targets:-

 

Cumulative Adjusted EPS for the period 2013/2014 to 2015/2016

Percentage of the Award that will vest

17.84 pence per Share

25%

Greater than 17.84 pence per Share but less than 19.24 pence per Shares

Determined on a straight line basis between 25% and 100%

19.24 pence per Share

100%

 

The above targets equate to adjusted EPS growth from the 2012/2013 outturn of c 7% growth per annum for 25% vesting and c 11% per annum for 100% vesting

 

Notwithstanding the Cumulative Adjusted EPS calculated above the extent to which the Award will vest will be subject to the Board's assessment of the quality of earnings over the performance period.  The Board may reduce the extent to which the Award would otherwise vest if the Board determines that the Cumulative Adjusted EPS is not consistent with the achievement of commensurate underlying financial performance taking into account such factors as the Board considers appropriate, including:

            market share, margin performance, net debt, overall returns to shareholders; and

            shareholder value creation. 

The Board may make such adjustments to the method of calculating Cumulative EPS or any other feature of the terms of the performance condition as it considers appropriate to take account of:

            any increase or variation of the share capital of the Company;

            any change to accounting standards or the reporting of financial results;

            the impact of discontinued businesses on results for any relevant financial year;

            there being no earnings per share of the Company for any relevant financial year;

            any other factors considered by the Board to be relevant.

No consideration is payable on the grant of these Awards.

 

The above notification is intended to satisfy the Company's obligations under Disclosure and Transparency Rule 3.1.4.

 

 

 

 

Rob Parker

Company Secretary

Topps Tiles plc.

 


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