RNS Number : 4716C

Tesco PLC

13 April 2017

PDMR SHAREHOLDING

13 April 2017

Tesco PLC (the "Company")

Exercise of nil-cost options under the Tesco PLC Long Term Incentive Plan 2015 (the LTIP")

On 12 April 2017, Matt Davies, a member of the Company's Executive Committee, exercised nil-cost options over 722,792 Ordinary Shares of 5 pence each in the Company from an award granted on 6 July 2015 under the rules of the LTIP.

This represents the gross number of shares exercised.  A proportion of the shares exercised have been retained to cover Income Tax and National Insurance Contributions due on exercise and the net shares have been transferred to Matt.

The share price on exercise was 184.40 pence per share.

Grant of Award under the Tesco PLC Performance Share Plan 2011 (the "PSP")

Alessandra Bellini was appointed as Chief Customer Officer and a member of the Company's Executive Committee with effect from 1 March 2017.

On 13 April 2017, Alessandra was granted a conditional award of 150,053 Ordinary Shares of 5 pence each in the Company under the rules of the PSP, the number of shares being calculated using a market price of 188.40 pence per share, the closing share price on the dealing day prior to Alessandra's appointment.

65% of the shares awarded will vest and be released on 1 February 2018 and 35% of the shares awarded will vest and be released on 1 February 2019, subject to continuous employment.

In the event that dividends are paid in the period between grant and release, the number of shares awarded will be increased to reflect the dividends that would have accrued had they been reinvested in shares.

The shares have been awarded in respect of the buy-out of share awards that Alessandra has forfeited on leaving her previous employment.  The Remuneration Committee believes that the award fairly reflects the share awards Alessandra forfeited in terms of value and timescale of vesting.

The Notification of Dealing Forms can be found below.  This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014. 

For enquiries, please contact:

Robert Welch, Company Secretary

Tesco PLC

Tesco House

Shire Park

Kestrel Way

Welwyn Garden City

Hertfordshire

AL7 1GA

Tel: 07793 222569

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Matt Davies
2	Reason for the notification
a)	Position/status	UK & ROI CEO
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Tesco PLC
b)	Legal Entity Identifier	2138002P5RNKC5W2JZ46
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 5 pence each GB0008847096
b)	Nature of the transaction	Exercise of nil-cost options under the rules of the Tesco PLC Long Term Incentive Plan 2015
c)	Currency	GBP
d)	Price(s) and volume(s)	Price(s) £1.844	Volume(s) 722,792
e)	Aggregated information - Aggregated Volume - Aggregated Price - Aggregated Total	722,792 £1.844 £1,322,828.45
f)	Date of the transaction	2017-04-12
g)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Alessandra Bellini
2	Reason for the notification
a)	Position/status	Chief Customer Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Tesco PLC
b)	Legal Entity Identifier	2138002P5RNKC5W2JZ46
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 5 pence each GB0008847096
b)	Nature of the transaction	Grant of conditional shares under the rules of the Tesco PLC Performance Share Plan 2011
c)	Currency	GBP
d)	Price(s) and volume(s)	Price(s) £1.884	Volume(s) 150,053
e)	Aggregated information - Aggregated Volume - Aggregated Price - Aggregated Total	150,053 £1.884 £282,699.85
f)	Date of the transaction	2017-04-13
g)	Place of the transaction	Outside a trading venue

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