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Betfair Group PLC  -  BET   

Director/PDMR Shareholding

Released 15:07 24-Jul-2013

RNS Number : 0726K
Betfair Group PLC
24 July 2013
 



Betfair Group plc

24 July 2013

 

GRANT OF AWARDS

Betfair Group plc announces that awards have been granted under the Betfair Long Term Incentive Plan ("LTIP") to the following PDMRs on 23rd July 2013:

 

Director/PDMR

Position

Number of Ordinary shares of 0.1p each over which options granted

Breon Corcoran

Chief Executive Officer

173,668

Alexander Gersh

Chief Financial Officer

89,925

The share price at the date of grant was 8.89625p.

 

The performance conditions relating to the main Betfair Group Long Term Incentive Plan awards and which have been subject to an extensive shareholder consultation exercise during July are based on Group earnings per share ("EPS") for 50% of awards, relative Total Shareholder Return ("TSR") for 25% of awards, and Group Revenue for 25% of awards.

 

SCHEDULE OF APPLICABLE PERFORMANCE CONDITIONS

EPS Target (50% of award):

 

Compound annual EPS growth

Shares vesting (as % of number relating to EPS performance condition)

Less than 13.6% p.a.

Nil

13.6% p.a.

25%

13.6% to 17.1% p.a.

Between 25% and 100% (pro-rata)

17.1% p.a. or higher

100%

 

TSR Target (25% of award):

For the 2014 awards, the Remuneration Committee has agreed that appropriate TSR comparator group is the FTSE 250. In order for this part of the award to vest, Betfair must achieve performance as illustrated below:

 

Relative TSR performance

Shares vesting (as % of number relating to relative TSR performance condition)

Below median of index

Nil

At median of index

25%

Between median and upper quartile of the index

Between 25% and 100% (pro-rata)

At the upper quartile of the index  or above

100%

 

 

Group Revenue Target (25% of award):

 

Annual Group Revenue

Shares vesting (as % of number relating to Group Revenue performance condition)

Less than £405m

Nil

£405m p.a.

25%

£405m to £442m

Between 25% and 100% (pro-rata)

£442m or higher

100%

 

In addition to the three performance targets detailed above, an underpin will also apply which means that for any awards to vest, the Remuneration Committee must be satisfied that there has been an improvement in the Company's underlying financial performance which reflects the proposed level of vesting under each performance target. These performance targets will be reviewed by the Committee at the end of the three year performance period.

 

The Company was informed of the above transactions on 23 July 2013.

 

For further information contact:

Investors/Analysts

Paul Rushton

Head of Investor Relations

IR@Betfair.com

Tel: +44 20 8834 6139

 


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Director/PDMR Shareholding - RNS