Punch Taverns plc 2007 Annual Report and Financial Statements
Punch Taverns plc 2007 Annual Report and Financial Statements
Punch Taverns plc 2007 Annual Report and Financial Statements
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<strong>Report</strong> on Directors’ remuneration continued<br />
Discretionary Share Plan<br />
The Discretionary Share Plan is a legacy option scheme. The Company does not intend to make any future grants under this Plan.<br />
The last award under the Plan was made in January 2006.<br />
Executive Directors<br />
Exercise period<br />
Date of<br />
grant From To<br />
Exercise<br />
price (£)<br />
Number of<br />
options at<br />
19 August<br />
2006<br />
Number of<br />
options at<br />
18 August<br />
<strong>2007</strong><br />
Number of<br />
options<br />
already<br />
vested<br />
Number of<br />
options not<br />
yet vested<br />
Performance<br />
condition<br />
Giles Thorley 01.12.01 27.05.02 25.05.12 1.98 1,251,230 1,251,230 1,251,230 – –<br />
01.12.01 27.05.02 25.05.12 2.05 344,780 344,780 344,780 – –<br />
05.12.02 05.12.05 05.12.12 1.94 154,639 154,639 154,639 – C1<br />
02.03.04 02.03.07 01.03.14 5.19 63,355 63,355 63,355 – C2<br />
17.11.04 17.11.07 17.11.14 5.51 42,470 42,470 – 42,470 C3<br />
16.11.05 16.11.08 16.11.15 7.67 35,637 35,637 – 35,637 C3<br />
Total 1,892,111 1,892,111 1,814,004 78,107<br />
Robert McDonald 02.03.04 02.03.07 01.03.14 5.19 18,322 18,322 18,322 – C2<br />
17.11.04 17.11.07 17.11.14 5.51 12,134 12,134 – 12,134 C3<br />
16.11.05 16.11.08 16.11.15 7.67 15,645 15,645 – 15,645 C3<br />
Total 46,101 46,101 18,322 27,779<br />
Jonathan Paveley 17.11.04 17.11.07 17.11.14 5.51 9,707 9,707 – 9,707 C3<br />
16.11.05 16.11.08 16.11.15 7.67 12,386 12,386 – 12,386 C3<br />
Total 22,093 22,093 – 22,093<br />
Andrew Knight 31.01.06 31.01.09 31.01.16 8.66 8,856 8,856 – 8,856 C3<br />
Total 8,856 8,856 – 8,856<br />
No options were granted, lapsed or exercised during the period.<br />
Performance conditions for option vesting<br />
Reference<br />
Condition<br />
C1<br />
Vests if EPS growth is at least RPI +3% p.a.<br />
C2<br />
40% of options vest if EPS growth of RPI +12% p.a., 100% vests if EPS growth of RPI +15% p.a.<br />
C3<br />
40% of options vest if EPS growth of RPI +8% p.a., 100% vests if EPS growth of RPI +12% p.a.<br />
Inl<strong>and</strong> Revenue approved SAYE share option scheme<br />
Number<br />
as at<br />
19 August<br />
2006<br />
Granted<br />
during the<br />
period<br />
Exercised<br />
during the<br />
period<br />
Gain on<br />
exercise<br />
£000<br />
Executive Director<br />
Date of<br />
grant<br />
Exercise<br />
date<br />
Exercise<br />
price<br />
Robert McDonald 27.05.02 01.07.07 £2.00 8,275 – 8,275 85 –<br />
The share price at the close of business on 18 August <strong>2007</strong> was £9.905. During the period the highest share price was £14.21 <strong>and</strong><br />
the lowest was £9.01.<br />
Number<br />
as at<br />
18 August<br />
<strong>2007</strong><br />
44<br />
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