Statement of directors’ shareholding and share interests

Shareholding guidelines (audited)

The group chief executive is expected to build a shareholding of 300% of base salary and the other executive directors 200% of base salary. The table below shows shareholding levels as at 31 December 2014.

 

Actual share ownership as % of 2015 base salary: vested shares1

New guidelines on share ownership as a % of base salary2

Guideline met

Shares owned at 1 January 2014

Shares owned at 31 December 2014

Shares sold or acquired during the period 1 January 2015 and 27 February 2015

1.

Closing share price as at 31 December 2014: £2.486

2.

Mark Zinkula joined the Board on 1 September 2012

Notes

Shares used for the above calculation exclude those with performance conditions, any unexercised options, those hares subject to a period of deferral and any shares held in a private Trust where the executive director is not a Trustee. They include vested shares where the executive director has beneficial ownership, shares independently acquired in the market and those held by a spouse or civil partner or dependent child under the age of 18 years.

Nigel Wilson

841%

300%

Yes

2,751,655

2,908,234

134

John Pollock

941%

200%

Yes

1,680,766

2,119,707

134

Mark Gregory

816%

200%

Yes

1,442,056

1,886,312

133

Mark Zinkula2

174%

200%

On-target

100,155

402,259

0

Although the share ownership guidelines are not contractually binding, executive directors are normally expected to retain any after tax vested share awards until the guideline is met. The Committee retains the discretion to withhold future grants under the PSP if executives are not making satisfactory progress against the guidelines. Once shareholding requirements have been met, executive directors may sell surplus shares if they wish. The Committee has discretion to allow executive directors to sell shares prior to the shareholding requirements being met if there are extenuating circumstances (for example, changes to personal circumstances such as divorce).

Share options exercised during 2014

The following table shows all share options exercised by the executive directors during 2014.

Executive director

Type of option

Date of grant

Shares exercised

Exercise date

Share price at date of exercise
£

Gain
£

Nigel Wilson

PSP nil cost

27 April 2011

943,396

6 August 2014

2.32

2,188,915

John Pollock

PSP nil cost

27 April 2011

706,003

9 May 2014

2.21

1,563,091

Mark Gregory

PSP nil cost

27 April 2011

686,106

28 May 2014

2.29

1,571,217

 

SAYE

17 September 2009

27,767

24 November 2014

2.44

52,063

Mark Zinkula

PSP nil cost

27 April 2011

274,442

9 May 2014

2.21

607,615