Punch Taverns plc 2011 Annual Report

42
Punch Taverns plc
Annual Report and Financial Statements 2011
Report on Directors’ remuneration continued
Deferred Share Bonus Plan (DSB)
The following table sets out the awards under the DSB.
Date of
award
Date of
release
Value of shares conditionally awarded
Number
Share price as at
Awarded
at date of 22 August
during the
award (£) 2010 £000 period
Lapsed
during the
period
Market price
at date of
release /
lapse (£)
Value of shares released
Number
Gain on as at
release 20 August
£000 2011
Executive Directors
Steve Dando 12.11.07 12.11.10 9.36 515 5 – 515 0.68 – –
515 –
Giles Thorley 12.11.07 12.11.10 9.36 9,110 85 – 9,110 0.68 – –
9,110 –
Discretionary Share Plan (DSP)
The DSP is a legacy option scheme. The Company does not currently intend to make any future grants under the DSP. The last award
under the DSP was made in January 2006. Full details of the operation of the DSP are set out in note 27 to the accounts which can be
found on page 88.
Exercise period
Date of
grant From To
Exercise
price (£)
Number of
options at
22 August
2010
Number of
options at
20 August
2011
Number of
options
already
vested
Performance
condition
Executive Directors
Steve Dando 17.11.04 17.11.07 17.11.14 5.51 2,203 2,203 2,203 C3
16.11.05 16.11.08 16.11.15 7.67 1,656 1,656 1,656 C3
Total 3,859 3,859 3,859
Giles Thorley 21.12.01 27.05.02 25.05.12 1.98 1,271,374 1,271,374 1,271,374 –
21.12.01 27.05.02 25.05.12 2.05 350,330 350,330 350,330 –
05.12.02 05.12.05 05.12.12 1.94 157,087 157,087 157,087 C1
02.03.04 02.03.07 01.03.14 5.19 64,375 64,375 64,375 C2
17.11.04 17.11.07 17.11.14 5.51 43,153 43,153 43,153 C3
16.11.05 16.11.08 16.11.15 7.67 36,210 36,210 36,210 C3
Total 1,922,529 1,922,529 1,922,529
Award holders were originally granted awards over ordinary shares in Punch Taverns plc. As a result of the demerger, consistent with
the treatment of shareholders, for each Punch share under award, individuals received an award over one Spirit share.
On cessation of employment, it was agreed that vested but unexercised share options held by Giles Thorley would remain exercisable
for 12 months from cessation in line with the rules of the scheme.
No options were granted, lapsed or exercised during the period.
Performance conditions for option vesting are shown in the table below:
Reference
C1
C2
C3
Condition
Vests if EPS growth is at least RPI +3% p.a.
40% of options vest if EPS growth of RPI +12% p.a., 100% vests if EPS growth of RPI +15% p.a.
40% of options vest if EPS growth of RPI +8% p.a., 100% vests if EPS growth of RPI +12% p.a.