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Aggreko Plc — Director's Dealing 2013
Aug 6, 2013
74738_rns_2013-08-06_4c913537-dcfe-41a9-86c3-ec74295148dd.html
Director's Dealing
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RNS Number : 1081L
Aggreko PLC
06 August 2013
Grant of Share Awards under the 2013 Long Term Incentive Plan
On 5 August 2013, 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 Basic Award | Maximum number of Shares that may vest subject to satisfaction in full of Super Performance Condition |
| Rupert Soames | 41,083 | 82,166 |
| Angus Cockburn | 20,694 | 41,388 |
| Debajit Das | 14,532 | 29,064 |
| Asterios Satrazemis | 15,021 | 30,042 |
| David Taylor-Smith | 15,520 | 31,040 |
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%.
Co-Investment Plan Matching Awards
The following Directors were also granted Matching Awards under the CIP:
| Name of Director | Number of shares under Basic Matching Award | Number of shares under Performance Matching Award | Total number of shares under Basic and Performance Matching Award | Maximum number of shares that may vest subject to satisfaction of the Super Performance Condition |
| Rupert Soames | 6,162 | 18,488 | 24,650 | 49,300 |
| Angus Cockburn | 3,652 | 10,956 | 14,608 | 29,216 |
| Debajit Das | 2,906 | 8,718 | 11,624 | 23,248 |
| Asterios Satrazemis | 3,004 | 9,012 | 12,016 | 24,032 |
| David Taylor-Smith | 3,104 | 9,312 | 12,416 | 24,832 |
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 2013.
| Name of Director | Total interests held by Directors in respect of the PSP and CIP share awards and matching share awards under the LTIP 2013 |
| Rupert Soames | 131,466 |
| Angus Cockburn | 70,604 |
| Debajit Das | 52,312 |
| Asterios Satrazemis | 54,074 |
| David Taylor-Smith | 55,872 |
Peter Kennerley
Group Legal Director & Company Secretary
0141 225 5900
6 August 2013
This information is provided by RNS
The company news service from the London Stock Exchange
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