GKN PLC: Director/PDMR Shareholding
NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND CONNECTED PERSONS
GKN plc (the "Company") has today been notified by the Trustee of its Employee Share Ownership Trust of the transfer of ordinary 10p shares in the Company to Persons Discharging Managerial Responsibilities ("PDMRs") under the GKN Deferred Bonus Plan ("DBP") and the GKN Profit Growth Investment Plan ("PGIP") as set out below.
The shares released represent a percentage of the amount earned under the Company's 2010 annual bonus arrangements which were compulsorily deferred and invested into GKN shares. Shares were released after a two year deferral period; during this period, dividends earned on the shares were accrued and an equivalent cash amount paid on release of the shares.
A number of shares were subsequently sold at a price of £2.63075 per share, principally to settle tax liabilities arising from the release of the shares; these are detailed below.
Director & PDMR Shares Shares Shares
released sold retained
Marcus Bryson 57,918 30,178 27,740
Andrew Reynolds 82,172 42,816 39,356 Smith
William Seeger 77,477 27,794 49,683
Nigel Stein 94,009 - 94,009*
Judith Felton 33,496 17,453 16,043
Douglas McIldowie 42,182 42,182 -
* Subsequently transferred to Mrs. J. Stein, a connected person of Mr. N. Stein.
Shares under the PGIP were released following the satisfaction of profit growth targets measured over a three year performance period which commenced on 1 January 2010. A number of shares were subsequently sold at a price of £2.63075 per share in order to settle tax liabilities arising from the release of the shares; these are detailed below.
PDMR Shares Shares Shares
released sold retained
Judith Felton 89,642 46,708 42,934
Douglas 112,884 58,818 54,066 McIldowie
As a result of these transactions, the interests of the PDMRs listed above and of their connected persons in GKN shares are as follows:
Director & PDMR No.of shares % of issued share
Marcus Bryson 268,215 0.016
Andrew Reynolds Smith 343,639 0.021
William Seeger 386,843 0.024
Nigel Stein 964,241 0.059
Judith Felton 232,056 0.014
Douglas McIldowie 106,903 0.007
This announcement is made in accordance with DTR 3.1.4R (1).
28 February 2013
-0- Feb/28/2013 15:30 GMT