BPTY.L Regulatory News (BPTY)

2 Mar 2007 11:28

PartyGaming Plc02 March 2007 2 March 2007 PartyGaming Plc (The "Company") Notification of Transaction by a Director The Company has been advised that Mr Mitch Garber, Chief Executive Officer, hastoday exercised share options granted to him and exercisable at nil cost underthe PartyGaming Plc Share Option Plan (the "Plan") over 3,749,999 ordinaryshares of 0.0015 pence each in the Company ("Shares") and has sold 3,333,330Shares at 33 pence per Share. Following the sale, Mr Garber holds 4,500,000Shares. During 2007 Mr Garber intends to sell a proportion of the Shares he will receiveas a result of exercising share options granted to him under the Plan. In orderto remove speculation from the market in regard to his future Share sales, andas a means of diversifying his holdings, Mr Garber has developed a planned saleprogramme which has been approved by the Board. It is intended that Mr Garberwill sell Shares during the last month of each calendar quarter, subject toshare dealing code restrictions and prevailing market conditions. As part ofhis planned sale programme Mr Garber has voluntarily increased his contractualobligation to retain a minimum number of Shares by 30%, and will accordingly atall times maintain a minimum unsold balance of 4,500,000 Shares whilst heremains PartyGaming's Chief Executive Officer. Approximately 50% of Mr Garber'sshare options granted under the Plan will vest in 2008 and 2009. In order to have a consistent approach amongst the executive directors towardsShare sales, Mr Martin Weigold, the Company's Group Finance Director, hasadopted a similar planned sale programme. During 2007 Mr Weigold intends tosell a proportion of the Shares he will receive as a result of exercising shareoptions granted to him under the Plan. It is intended that Mr Weigold willsell Shares in the month following his quarterly vesting, subject to sharedealing code restrictions and prevailing market conditions. As part of hisplanned sale programme Mr. Weigold, who is under no contractual obligation toretain a minimum number of Shares, has voluntarily agreed to maintain a minimumunsold balance of 3,000,000 Shares whilst he remains PartyGaming's Group FinanceDirector. The above minimum shareholdings can be satisfied either by holding Shares orholding an entitlement to vested but unexercised options over Shares. Contacts: PartyGaming Plc +44 (0) 20 7337 0100Peter Reynolds, Director of Investor RelationsJohn Shepherd, Director of Corporate Communications Financial Dynamics +44 (0) 20 7831 3113Edward Bridges / Juliet Clarke This information is provided by RNS The company news service from the London Stock Exchange