RNS Number : 5456O
SABMiller PLC
20 September 2013
 



Notification of transactions of directors, persons discharging managerial responsibilities or connected persons in accordance with DTR 3.1

 

 

The independent trustee of the SABMiller plc Employees' Benefit Trust (the EBT) notified SABMiller plc (the Company) on 20 September 2013 that it had on 20 September 2013 exercised its discretion and released ordinary shares in the Company to persons discharging managerial responsibility (PDMRs), as summarised in the table below.

 

These shares relate to conditional awards of performance shares made on 1 June 2010 under the SABMiller plc Executive Share Award Plan 2008. These awards are only capable of vesting if the Company's Total Shareholder Return (TSR) exceeds the median TSR of a comparator group over a five year performance period. No shares vest for median performance but for every £10 million of additional shareholder value created in excess of the median (being the % outperformance of the median multiplied by SABMiller's market capitalisation at the start of the performance period) a fixed number of shares will vest. These awards are subject to testing against the performance condition on the fifth anniversary of the date of grant, but participants may request the Remuneration Committee (the Committee) at its discretion to recommend to the trustee of the EBT the early release of some or all of the shares comprised in their award after three years. The PDMRs named below requested the Committee in September 2013 to consider the release of the number of shares shown in the table below, and the Committee after due consideration agreed so to recommend to the trustee of the EBT.

 

In accordance with the terms of the awards, the number of shares to be released was calculated by reference to the Company's TSR performance against its comparator group for the period from 1 April 2010 to 31 August 2013. For this period, SABMiller's TSR was 106.262%, compared with 66.628% for the median of the comparator group. This represents an out-performance of the median by 39.634%, meaning that an additional £10,997 million of shareholder value in excess of the median was created over this period.

 

One third of the shares were released to the PDMRs on 20 September 2013, with sales of shares being effected on the same day as shown in the table below. The release of two-thirds of the shares has been deferred and they will be released in two further equal tranches over the remainder of the five year performance period. There is no opportunity for these deferred shares to be retested against any future TSR out-performance, and the deferred shares remain subject to forfeiture under certain circumstances should the participant's employment terminate before the fifth anniversary of the date of the original award.

 

 

Name of PDMR

Shares released on 20 September

2013

Shares

sold

Shares retained

Shares deferred until
1 June 2014

Shares deferred until
1 June 2015

N J Adami

14,296

14,296

0

14,296

14,296

J Davidson

18,328

18,328

0

18,328

18,329

A Mervis

5,865

2,346

3,519

5,865

5,865

 

 

Price per share for shares sold on 20 September 2013: £32.924093

Date of transaction: 20 September 2013

 

Place of transactions: London, England

 

 

John Davidson

General Counsel and Group Company Secretary

SABMiller plc


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