7 Remuneration of Directors
2015 £000
Fees
Executive salaries and benefits Bonuses
Company contributions to defined contribution pension plans
315 569
1,016 -
1,900
2014 £000
206 653 324 38
1,221
The aggregate of emoluments and amounts receivable under long-term incentive schemes of the highest paid Director was £914,000 (2014: £483,000), there were no Company pension contributions made to a defined contribution scheme during the year (2014: £22,000). Bonuses include cash bonus of £407,000 and shares issued with a total cost of £161,000. There were no share options exercised in the period by the highest paid Director.
Number of Directors 2015
Retirement benefits were accruing in the year to the following number of Directors under: Money purchase schemes
-
One Director exercised 146,341 share options during the current year at an exercise price of 20.5 pence per share (2014: 111,000 shares at 27.0 pence per share). The market value at exercise date was 59.4 pence per share.
The emoluments paid to Directors were as follows: £000
P Baker E J Beale
S A Boyd – paid S A Boyd – shares D C Currie
J G Duffy – paid J G Duffy – shares R Duignan
I R Farnsworth M Lightbody D C Marshall P J Monk
Fees
Salary £000
Benefits £000
Annual bonus £000
Other 27 June 2015 28 June 2014 £000
ended £000
75--- 25 211
-
12 -
153 55
334 -
12 -
241 87
45---- 45 - -
166 74
166 74
100 542
----- - - -
129 753
50--- 50
161 100
240
----- - ----- - ----- - 70---- 70 545
24 536 555 1,900 - 45
309 -
73
483 -
48 3
150 40 70
1,221
Shares comprise 256,599 shares issued to J G Duffy and 205,151 shares issued to S A Boyd. During the year awards over 1,859,115 shares under the newly adopted long-term incentive plan (LTIP) were granted to Directors in the form of nil cost options (2014: nil). The vesting of the awards are conditional upon performance conditions over a three year period commencing 1 July 2014 and are subject to a further two year holding period.
Directors’ rights to subscribe for shares in or debentures of the Company and its subsidiaries are listed below: Number of
27 June 2015
S A Boyd S A Boyd J G Duffy J G Duffy
2,753,659 721,217
2,500,000 1,137,898 7,112,774
options at 28 June 2014
2,900,000 -
2,500,000 -
5,400,000
The mid-market price of the ordinary shares on 27 June 2015 was 83.5p (2014: 55.0p) and the range during the 52 week period to 27 June 2015 was 53p to 92p (2014: 47p to 77p).
Number of options at
Exercise price
Earliest exercise date
20.5p 08/07/2014 Nil 01/07/2019 20.5p 08/07/2014 Nil 01/07/2019
Exercise expiry date
30/10/2016 30/06/2029 30/10/2016 30/06/2029
Year
ended £000
Year 2014 2
54
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