Report of The Board in relation to remuneration policy and practice
10.3.6 Free Share Plan
Table 9
| Award effective from | At 31.12.06/ 01.01.07 | Awarded (A), Released (R) or Forfeit (F) in year | Dividend reinvestment shares acquired in year | At 31.12.07 | Releasable | |
| Peter Cummings | Aug 05 | 347 | 15 | 362 | Aug 08 | |
| Aug 06 | 311 | 14 | 325 | Aug 09 | ||
| Aug 07 | 317 (A) | 5 | 322 | Aug 10 | ||
| 658 | 1,009 | |||||
| Jo Dawson | Aug 05 | 347 | 15 | 362 | Aug 08 | |
| Aug 06 | 311 | 14 | 325 | Aug 09 | ||
| Aug 07 | 317 (A) | 5 | 322 | Aug 10 | ||
| 658 | 1,009 | |||||
| Phil Hodkinson | Aug 05 | 347 | 15 | 362 | Aug 08 | |
| Aug 06 | 311 | 14 | 325 | Aug 09 | ||
| Aug 07 | 317 (A) | 5 | 322 | Aug 10 | ||
| 658 | 1,009 | |||||
| Andy Hornby | Aug 05 | 347 | 15 | 362 | Aug 08 | |
| Aug 06 | 311 | 14 | 325 | Aug 09 | ||
| Aug 07 | 317 (A) | 5 | 322 | Aug 10 | ||
| 658 | 1,009 | |||||
| Colin Matthew | Aug 05 | 347 | 15 | 362 | Aug 08 | |
| Aug 06 | 311 | 14 | 325 | Aug 09 | ||
| Aug 07 | 317 (A) | 5 | 322 | Aug 10 | ||
| 658 | 1,009 | |||||
| Dan Watkins | Aug 05 | 347 | 15 | 362 | Aug 08 | |
| Aug 06 | 311 | 14 | 325 | Aug 09 | ||
| Aug 07 | 317 (A) | 5 | 322 | Aug 10 | ||
| 658 | 1,009 |
The free share plan is available to most Group colleagues.
The plan awards colleagues free shares, usually on an annual basis. At the end of three years, shares are transferable to colleagues, subject to the participant still being in the Group’s employment at that time or earlier if they are a qualifying leaver. Shares must be held in trust for five years to qualify for full tax and National Insurance benefits. There are no performance conditions.
All Executive Directors with the exception of Mike Ellis and Philip Gore-Randall, who were appointed after the qualifying date, have taken up membership of the plan and the projected number of shares which they would be entitled to at the end of the relevant period is set out above.
Notes to Table 9
Note 1:
Shares were awarded at £9.10, £9.74 and £9.45 in August 2005, August 2006, and August 2007 respectively, the middle market prices of the Group’s ordinary shares on the days immediately preceding the dates of the awards.
Note 2:
Participants in this plan have an interest in dividends on the free shares (in the form of dividend shares) as and when they become due. Dividends were paid on 14 May 2007 and 8 October 2007 and were reinvested in shares. The closing market prices of the Group’s ordinary shares on these dates were £10.77 and £9.56 respectively. Dividend reinvestment shares are required to be held for three years from the dates of payment.
Note 3:
On 8 February 2008, 648 shares were released from the trust on behalf of Benny Higgins who left on 31 December 2007. The closing market price of the Group’s ordinary shares on that date was £6.58. He has no remaining shares under the plan.
Note 4:
Details of the market price of the Group’s ordinary shares during 2007 are given in Section 10.3.8.