Aggreko PLC Director/PDMR Shareholding (1173F)

TIDMAGK

RNS Number : 1173F

Aggreko PLC

17 April 2014

Grant of Share Awards under the 2014 Long Term Incentive Plan

On 16 April 2014, the following conditional awards over ordinary shares in the Company were made under the Aggreko Performance Share Plan 2004 (the "PSP") and the Aggreko Co-Investment Plan 2004 ("the CIP") to Executive Directors of the Company:

Performance Share Plan Awards

The following Directors were granted Awards under the PSP:

 
Name of Director      Number of Shares under  Maximum number of Shares 
                       Basic Award             that may vest subject to 
                                               satisfaction in full of Super 
                                               Performance Condition 
Angus Cockburn                26,455                      52,910 
Debajit Das                   14,422                      28,844 
Asterios Satrazemis           15,363                      30,726 
David Taylor-Smith            17,361                      34,722 
 

No consideration was paid for the grant of PSP Awards.

The vesting of a basic PSP Award is subject to continued employment of the Director and the satisfaction of performance conditions set by the Remuneration Committee of the Company. PSP awards will normally vest on the third anniversary of grant, in proportion to the fulfilment of the performance conditions. The performance conditions are based on real compound annual growth (CAGR) in aggregate Diluted Earnings per Share (D-EPS) and average Return on Capital Employed (ROCE), over the performance period. For the Basic PSP awards, 75% of the award is subject to a D-EPS target of between 3% and 10% CAGR, and 25% is subject to a ROCE target of between 20% and 25%. In addition, if the CAGR in D-EPS is equal to or exceeds 10%, the Awards are increased under the Super-LTIP. The Super-LTIP increases the Basic Awards by a factor of up to 2 times, on a straight line basis, if compound annual growth in D-EPS is between 10% and 20%.

Note 1: In our 2013 Annual Report, published on 20 March 2014, we included indicative numbers for the 2014 LTIP grant; those numbers were based on a share price of 4 March 2014 and the actual number of shares comprised in awards made to Debajit Das, Asterios Satrazemis and David Taylor-Smith have been adjusted accordingly. Since then, the Remuneration Committee agreed an increased PSP award for Angus Cockburn to reflect his appointment as Interim Chief Executive.

Co-Investment Plan Matching Awards

The following Directors were also granted Matching Awards under the CIP:

 
 Name of Director       Number of         Number of       Total number       Maximum number 
                         shares under      shares under    of shares          of shares 
                         Basic Matching    Performance     under Basic        that may vest 
                         Award             Matching        and Performance    subject to 
                                           Award           Matching Award     satisfaction 
                                                                              of the Super 
                                                                              Performance 
                                                                              Condition 
 Angus Cockburn              3,968           11,906            15,874            31,748 
 Debajit Das                 2,884            8,654            11,538            23,076 
 Asterios Satrazemis         3,072            9,218            12,290            24,580 
 David Taylor-Smith          3,450           10,350            13,800            27,600 
 

Matching Awards are conditional awards of free shares and are linked to the number of shares in the Company that a participant is willing to hold under the Plan ("Investment Shares"). Subject to the satisfaction of the performance conditions, Matching Awards have been granted on the basis of up to 2 matching shares for every Investment Share committed to the Plan.

The vesting of a Basic Matching Award is subject to the continued employment of the Director and the retention of Investment Shares for the period to vesting. The vesting of a Performance Matching Award, in addition, is subject to satisfaction of performance conditions set by the Remuneration Committee of the Company. The performance conditions applying to the Performance Matching Awards under the CIP are the same as apply to the PSP, and are as set out in the above section on the PSP. The Awards have also been classified as Super-LTIP awards and are subject to the satisfaction of the same additional EPS based performance condition as applies to the PSP. The Super-LTIP increases the Basic Awards by a factor of up to 2 times, on a straight line basis, if compound annual growth in D-EPS is between 10% and 20%.

Matching Awards will normally vest on the third anniversary of grant and in proportion to the fulfilment of the performance conditions.

Below is the total number of interests held by the Executive Directors in respect of the PSP and CIP share awards and matching share awards under the LTIP 2014.

 
Name of Director      Total interests held by Directors in respect 
                       of the PSP and CIP share awards and matching 
                       share awards under the LTIP 2014 
Angus Cockburn                           84,658 
Debajit Das                              51,920 
Asterios Satrazemis                      55,306 
David Taylor-Smith                       62,322 
 

Peter Kennerley

Group Legal Director & Company Secretary

0141 225 5900

17 April 2014

This information is provided by RNS

The company news service from the London Stock Exchange

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