U and I Group PLC Director/PDMR Shareholding (6222G)

TIDMUAI

RNS Number : 6222G

U and I Group PLC

31 May 2017

U and I Group PLC makes awards under its Long Term Incentive Plan 2014

U and I Group PLC (the Company) announces that on 30 May 2017, the Remuneration Committee granted options over ordinary shares to Executive Directors of the Company under its Long Term Incentive Plan 2014 (the Plan), which was approved by shareholders at the Annual General Meeting on 16 July 2014.

In accordance with the rules of the Plan, LTIP awards were granted on 30 May 2017 at the price of 194.20 pence per share, being the mathematical average mid-market price over the preceding 5 dealing days.

Options over ordinary shares have been granted to the following Executive Directors as follows:

   Matthew Weiner                     579,299 
   Richard Upton                         540,679 
   Marcus Shepherd                    167,353 

Awards will be made on the basis that shares will be acquired subject to the satisfaction of the performance condition. The aim of which is to link the receipt of shares under the Plan to an improvement in the performance of the Company over a three-year performance period from 1 March 2017.

Performance Condition

1. Each Award is divided into two Tranches each comprising 50% of the Shares subject to the Award.

2. The Normal Vesting Date for Tranche 1 is the third anniversary of the Award Date and for Tranche 2 is the fourth anniversary of the Award Date.

3. Each Tranche will (subject to the risk underpin set out in paragraph 4 below) Vest by reference to NAV Growth over the Performance Period as set out in the table below.

NAV Growth means the cumulative growth in the diluted net assets per share of the Company (as reported in the Group's consolidated balance sheet) taking into account dividends over the Performance Period, as determined by the Directors. The Directors may adjust the calculation of NAV Growth as they consider appropriate.

Performance Period means:-

   Tranche 1:       1 March 2017 to 29 February 2020 
   Tranche 2:       1 March 2017 to 28 February 2021 
 
                                    NAV Growth over the Performance 
                                                 Period 
-------------------------------  ------------------------------------ 
 Percentage of Tranche            Tranche 1         Tranche 2 
  Vesting 
-------------------------------  ----------------  ------------------ 
 0%                               Less than 15.8%   Less than 21.6% 
-------------------------------  ----------------  ------------------ 
 20%                              15.8%             21.6% 
-------------------------------  ----------------  ------------------ 
 Between 20% and 100%             Between 15.8%     Between 21.6% and 
  determined on a straight-line    and 40.5%         57.4% 
  basis 
-------------------------------  ----------------  ------------------ 
 100%                             40.5% or more     57.4% or more 
-------------------------------  ----------------  ------------------ 
 

Note: the targets for NAV Growth are equivalent to annual growth of 5% pa (for 20% vesting) and 12% pa (for 100% vesting).

4. The Directors have discretion to reduce (including to nil) the percentage of a Tranche which Vests if they consider that:

   --    NAV Growth has been achieved as a result of inappropriate financial risk; or 

-- The level of the Company's financial and/or business risk is not in accordance with its stated strategy.

5. The Directors have discretion to reduce (including to nil) the percentage of a Tranche which Vests if they consider that the Participant's conduct prior to Vesting has not met the Group's organisational standards.

   6.         A Tranche will lapse to the extent that it does not Vest. 

7. If, under the Plan rules, an Award vests early, the Directors will determine the extent to which the Performance Condition has been satisfied. As part of such determination, the Directors may, without limitation, take into account any information it considers appropriate including but not limited to the Company's most recent results and/or management accounts.

For further information please contact:-

Chris Barton

Company Secretary

020 7828 4777

31 May 2017

This information is provided by RNS

The company news service from the London Stock Exchange

END

DSHEAPSEDFEXEFF

(END) Dow Jones Newswires

May 31, 2017 02:00 ET (06:00 GMT)