SSE PLC

Remuneration Information • Jun 27, 2014

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RNS Number : 8054K

SSE PLC

27 June 2014

SSE PLC (SSE/the Company)

TRANSACTIONS BY PDMRS

DISCLOSURE PURSUANT TO DISCLOSURE AND TRANSPARENCY RULE 3.1.4R(1)(a)

(i)         VESTING OF AWARDS UNDER THE DEFERRED BONUS SCHEME (DBS)

On 26 June 2014 the independent Trustee of the SSE Employee Trust notified the Company that it had on 24 June 2014 transferred the beneficial interest in a total of 23,887 SSE ordinary shares (the "shares"), subject to awards granted on 14 June 2011 under the DBS, to the following persons discharging managerial responsibility ("PDMRs").  

PDMR	Gross Award of Shares	Accrued Dividend Shares	Total Shares	No. of Shares sold at £15.8956 to meet income tax and National Insurance liabilities	Net Number of Shares transferred to Participant	Total Beneficial Interest following this Notification
Alistair Phillips-Davies, Director	5,533	1,029	6,562	3,092	3,470	137,644
Gregor Alexander, Director	5,533	1,029	6,562	3,092	3,470	127,615
Mark Mathieson, PDMR	2,570	476	3,046	1,439	1,607 (and subsequently sold at £15.8956 per share)	N/A
Jim McPhillimy, PDMR	2,785	517	3,302	1,560	1,742 (and subsequently sold at £15.8956 per share	N/A
Martin Pibworth, PDMR	3,725	690	4,415	2,081	2,334	N/A

Vesting of these shares was subject to continuous employment over the three year period from date of grant (or as provided by the DBS Plan Rules).

(ii)        VESTING OF AWARDS UNDER THE PERFORMANCE SHARE PLAN (PSP)

2011 AWARD

On 14 June 2011 the Company granted awards of shares under its PSP. The vesting of these awards was subject to the achievement of relevant performance conditions in respect of Total Shareholder Return (FTSE 100 and MSCI Europe Utilities), Earnings Per Share Growth and Dividend Per Share Growth over the three year performance period ended 31 March 2014.  These awards have vested in respect of 22.38% of the total award.  The Company announces the following transactions:

PDMR	Gross Award of Shares	Accrued Dividend Shares	Total Shares	Total Shares Due to Vest at 22.38%	No. of Shares sold at £15.8956 to meet income tax and National Insurance liabilities	Net Number of Shares transferred to Participant	Total Beneficial Interest following this Notification
Alistair Phillips-Davies, Director	55,336	10,312	65,648	14,692	6,923	7,769	145,413
Gregor Alexander, Director	55,336	10,312	65,648	14,692	6,923	7,769	135,384
Mark Mathieson, PDMR	17,138	3,193	20,331	4,550	2,144	2,406	N/A
Jim McPhillimy, PDMR	17,138	3,193	20,331	4,550	2,144	2,406	N/A
Martin Pibworth, PDMR	5,402	1,003	6,405	1,433	676	757	N/A

Vesting of these shares was subject to continuous employment over the three year period from date of grant.

(iii)      DEFERRED BONUS SCHEME (DBS)

GRANT OF AWARDS 26 JUNE 2014

VESTING NO EARLIER THAN 26 JUNE 2017

On 26 June 2014 the Company granted the following awards under the DBS.  The number of shares under each award has been calculated at £15.45 per share, being the average of the Company's share price over the five days from preliminary results announcement.

PDMR	NUMBER OF SHARES GRANTED UNDER AWARD
Alistair Phillips-Davies, Director	7,330
Gregor Alexander, Director	5,992
Mark Mathieson, PDMR	3,695
Jim McPhillimy, PDMR	3,377
Will Morris, PDMR	3,823
Martin Pibworth, PDMR	4,460

Awards granted under the DBS represent a deferral of a proportion of the cash bonus earned for the financial year ended 31 March 2014 which is converted into shares.  The shares will vest after a period of three years from date of grant subject to the participant remaining in employment with the Company.

(iv)      PERFORMANCE SHARE PLAN (PSP)

GRANT OF AWARDS 26 JUNE 2014

VESTING NO EARLIER THAN PRELIM ANNOUNCEMENT 2017

On 26 June 2014 the Company granted the following awards under the PSP.  The number of shares stated is the maximum which will become available to each PDMR if the performance targets applicable to the award are achieved in full.  The number of shares under each award has been calculated at £15.45 per share, being the average of the Company's share price over the five days from preliminary results announcement.

Vesting of these awards will normally only take place if performance conditions (relating to the Company's relative total shareholder return performance, earnings per share growth, dividend per share growth and quality of service) are satisfied over the three year performance period 1 April 2014 to 31 March 2017, and the participant remains in employment. These performance conditions are those indicated in the Company's Directors' Remuneration Policy (as set out in the Annual Report 2014), which will be voted on by shareholders at the AGM on 17 July 2014.

The earliest date on which participants will normally become entitled to the shares comprised in this award is the date of announcement of results for the financial year ending 31 March 2017, or as otherwise determined by the rules of the PSP.

In the case of the awards granted to the executive directors, Alistair Phillips-Davies and Gregor Alexander, any shares that vest will (after deducting the shares required to be sold to satisfy income tax and national insurance contributions liabilities on receipt of the shares) be subject to a two year holding period.

PDMR	NUMBER OF SHARES GRANTED UNDER AWARD
Alistair Phillips-Davies, Director	78,155
Gregor Alexander, Director	60,408
Mark Mathieson, PDMR	25,995
Jim McPhillimy, PDMR	25,995
Will Morris, PDMR	25,995
Martin Pibworth, PDMR	25,995

This information is provided by RNS

The company news service from the London Stock Exchange

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