Back to Regulatory news service

Notification of Director Transactions


RNS Number: 7624K
IG Group Holdings plc ('the Company')
20 July 2011

Notification of transactions by persons discharging managerial responsibilities

The following notifications of transactions of the Company’s Directors in respect of the Company’s ordinary shares are given pursuant to DTR 3.1.4R(1).

1. Award of options to Christopher Hill under the Long Term Bonus Plan

As disclosed in the Company’s 2009 Annual Report, and repeated in subsequent Annual Reports, there is an element of deferral in the Directors' performance related bonus scheme, meaning that the first £100,000 of any bonus plus one third of the remainder is to be paid in cash and the balance of the bonus (if any) is to be deferred into shares for at least one year, in accordance with the rules of the Company’s Long Term Bonus Plan (LTBP).

Deferral, where applicable, is to be achieved via the award of options to acquire the relevant number of the Company’s shares at nil cost (or their cash equivalent) on the relevant vesting date. 

On 19 July 2011, the Company made the following award to Christopher Hill in accordance with the LTBP. 

Director Date of issue and date of notification to Company by Director Nature of transaction Price per share in pence Shares held following transaction (%)
Christopher Hill 19/07/11 Award of nil cost option to acquire 25,135 of the Company’s shares (Note 1) N/A Nil (Note 2)

Note 1: The cash equivalent deferred into the LTBP for the above Director is £115,978.

Note 2: As the award can be cash settled on the vesting date, the award does not result in a change to Christopher Hill’s overall interest in the Company’s shares.

2. Award of options to directors under the Value Sharing Plan

At the Company’s 2010 AGM, the shareholders of the Company approved the Company’s 'Value Sharing Plan', which is a share incentive scheme for the Company’s employees and Directors (the 'Plan'). The following awards were made to the Company’s Directors on 20 July 2011 under the Plan:

Name of Director Number of Shares subject to Award per £10m of value created Total number of shares subject to award at maximum vesting* TSR Percentage PBT Percentage
Timothy Howkins 5000 835,494 60% 40%
Peter Hetherington 3000 501,296 60% 40%
Andrew Mackay 3000 501,296 60% 40%
Christopher Hill 3000 501,296 60% 40%

* For the maximum number of shares to vest the Company would have to create surplus shareholder value of £1,671m.

The Plan awards granted to the Directors are nil-cost options based upon a performance period from 1 June 2011 to 31 May 2014 (the 'Performance Period') that may be exercised after the adoption of the audited accounts for the last financial year in the Performance Period. The Plan awards, once determined, vest in two equal tranches; 50% on determination and 50%, 12 months later.

Summary details of the Plan can be seen in our 2010 Notice of AGM (196K).