BETFAIR GROUP LTD 
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Betfair Group plc
24 July 2013
GRANT OF AWARDS
Betfair Group plc announces that awards have been granted under the Betfair Long Term Incentive Plan ("LTIP") to the following PDMRs on 23rd July 2013:
Director/PDMR | Position | Number of Ordinary shares of 0.1p each over which options granted |
Breon Corcoran | Chief Executive Officer | 173,668 |
Alexander Gersh | Chief Financial Officer | 89,925 |
The share price at the date of grant was 8.89625p.
The performance conditions relating to the main Betfair Group Long Term Incentive Plan awards and which have been subject to an extensive shareholder consultation exercise during July are based on Group earnings per share ("EPS") for 50% of awards, relative Total Shareholder Return ("TSR") for 25% of awards, and Group Revenue for 25% of awards.
SCHEDULE OF APPLICABLE PERFORMANCE CONDITIONS
EPS Target (50% of award):
Compound annual EPS growth | Shares vesting (as % of number relating to EPS performance condition) |
Less than 13.6% p.a. | Nil |
13.6% p.a. | 25% |
13.6% to 17.1% p.a. | Between 25% and 100% (pro-rata) |
17.1% p.a. or higher | 100% |
TSR Target (25% of award):
For the 2014 awards, the Remuneration Committee has agreed that appropriate TSR comparator group is the FTSE 250. In order for this part of the award to vest, Betfair must achieve performance as illustrated below:
Relative TSR performance | Shares vesting (as % of number relating to relative TSR performance condition) |
Below median of index | Nil |
At median of index | 25% |
Between median and upper quartile of the index | Between 25% and 100% (pro-rata) |
At the upper quartile of the index or above | 100% |
Group Revenue Target (25% of award):
Annual Group Revenue | Shares vesting (as % of number relating to Group Revenue performance condition) |
Less than £405m | Nil |
£405m p.a. | 25% |
£405m to £442m | Between 25% and 100% (pro-rata) |
£442m or higher | 100% |
In addition to the three performance targets detailed above, an underpin will also apply which means that for any awards to vest, the Remuneration Committee must be satisfied that there has been an improvement in the Company's underlying financial performance which reflects the proposed level of vesting under each performance target. These performance targets will be reviewed by the Committee at the end of the three year performance period.
The Company was informed of the above transactions on 23 July 2013.
For further information contact:
Investors/Analysts Paul Rushton Head of Investor Relations IR@Betfair.com Tel: +44 20 8834 6139 |
This information is provided by RNS
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