Directors' remuneration report
Share Incentive Plan
The HM Revenue and Customs approved Share Incentive Plan is open to eligible UK employees and is intended to encourage employees to invest in the Company's shares. Accordingly it is not subject to a performance condition. Participants invest up to £125 per month from pre-tax salary in shares ("partnership shares"). For each partnership share the Company grants two free shares ("matching shares") which are normally forfeited if employment ceases (other than on retirement) within three years of grant. Dividends are re-invested in further shares ("dividend shares").
(a) Ordinary shares
| Held at 1 April 2006 Partnership shares |
Held at 1 April 2006 Matching shares |
Held at 1 April 2006 Dividend shares |
Held at 31 March 2007 Partnership shares |
Held at 31 March 2007 Matching shares |
Held at 31 March 2007 Dividend shares |
|
|---|---|---|---|---|---|---|
| P E Yea | 276 | 555 | 35 | 381 | 764 | 46 |
| S P Ball | 154 | 310 | 4 | 278 | 557 | 13 |
| M J Queen | 913 | 1,827 | 268 | 921 | 1,843 | 274 |
- Shares at 1 April 2006 were ordinary shares of 531/8p each. On 17 July 2006 shares in the plan were consolidated on the same basis the Company's other issued shares. Shares at 31 March 2007 were ordinary shares of 6269/88p.
- In the period from 1 April to 30 April 2007, Mr P E Yea, Mr S P Ball and Mr M J Queen each acquired a further 11 partnership shares and 22 matching shares. During the year, shares were awarded under the plan at prices between 875.5p and 1162.8p per share and with a weighted average price of 973.8p per share.
(b) B shares B shares (cumulative preference shares of 1p each) were issued on 17 July 2006 on the basis of one B share for each ordinary share within the Share Incentive Plan as at 14 July 2006. These B shares continue to be held in the plan as follows:
| Held at 17 July 2006 Partnership shares |
Held at 17 July 2006 Matching shares |
Held at 17 July 2006 Dividend shares |
Held at 31 March 2007 Partnership shares |
Held at 31 March 2007 Matching shares |
Held at 31 March 2007 Dividend shares |
|
|---|---|---|---|---|---|---|
| P E Yea | 318 | 639 | 35 | 318 | 639 | 35 |
| S P Ball | 196 | 394 | 4 | 196 | 394 | 4 |
| M J Queen | 956 | 1,914 | 267 | 956 | 1,914 | 267 |