ACE.L Regulatory News (ACE)

15 Aug 2007 11:10

Accident Exchange Group PLC15 August 2007 FOR IMMEDIATE RELEASE 15 August 2007 Accident Exchange Group Plc ("Accident Exchange" or the "Company") Director / PDMR Share Option and LTIP Grants and Awards On 14 August 2007 the Company granted its Executive Directors and PersonsDischarging Managerial Responsibility ("PDMR") options over its ordinary sharesof 5p each ("Shares") under the Approved Company Share Option Plan ("Approved Plan") and the Unapproved Company Share Option Plan ("Unapproved Plan") andrequested that the trustee of the Company's Long Term Incentive Plan ("LTIP")award LTIP options as soon as possible under the terms of the LTIP all asdetailed below. The options will vest on the expiry of three years from the date of grantprovided that, where applicable, Accident Exchange meets the relevantperformance target in relation to each of the option grants (see additionalinformation below). Options which vest may be exercised between three and tenyears from the date of grant. The table below sets out details of the number of underlying shares containedunder each relevant grant or award. These transactions are notified as requiredby Disclosure Rule 3.1.4 (R)(1)(a). Name of director / LTIP Approved Unapproved Total number ofPDMR Plan Plan shares over which options are held following this notification Martin Andrews 196,261 - - 362,928Martin Bramwell 16,822 - 50,467 82,089Garry Clarke 41,121 22,429 18,692 82,242Timothy Eaves 16,822 - 50,467 78,989Stephen Evans 280,373 - - 420,373Liz Fisher 14,953 - 44,860 99,312Daksh Gupta 325,046 - - 410,796Alistair Horsburgh 14,953 - 44,860 89,030Stephen Jones 15,420 - 46,262 85,682Vince Powell 12,149 - 36,449 59,698Nicola Roy* 14,953 1,309 43,551 92,588Roderick Seel 16,822 - 50,467 82,089David Whatley 14,018 - 42,056 80,074Lee Woodley 14,953 - 44,860 88,024*previously Nicola Pickering Additional Information Save as referred to below, all of the underlying shares contained within optionsto be awarded under the LTIP and 75% of the underlying shares contained withinoptions granted under both the Approved Plan and the Unapproved Plan are subject to performance conditions. In line with the advice the Company has received from New Bridge StreetConsultants LLP, the performance conditions are based on growth in TotalShareholder Return ("TSR") by reference to a comparator group of companiescomprising the whole of the FTSE Small Cap Index. For the options that areperformance condition dependent, 30% of the underlying shares will vest uponthe Company achieving TSR growth equal to the median of the comparator group,rising to 100% of the underlying shares if the Company's TSR growth is withinthe upper quartile of the comparator group. For Company TSR performancebetween the median and upper quartile of the comparator group, the number ofunderlying shares that vest will be determined on a straight-line basis. The exercise price of the options granted under the LTIP is nil. The exerciseprice of the options granted under the Approved Plan and the Unapproved Plan is133.75 pence per underlying share (being the average of the mid market price ofthe Company's shares for the three business days prior to the date of grant). Of the LTIP options awarded to Daksh Gupta, 140,000 of the underlying shares arenot subject to any performance conditions save that he must be employed by theCompany and not serving any period of notice at the date that such optionsbecome exercisable. These options have been granted as part of the Company'soriginal offer of employment and were designed to compensate him for the lossin value of the options he held over his previous employer company and which helost on his departure. Contacts: Accident Exchange Group PlcSteve Evans, Chief Executive 08700 116 719Martin Andrews, Group Finance Director 08700 053 649 BanksideSteve Liebmann or Simon Bloomfield 020 7367-8888 This information is provided by RNS The company news service from the London Stock Exchange