BPTY.L Regulatory News (BPTY)

11 May 2007 14:36

PartyGaming Plc11 May 2007 11 May 2007 PartyGaming Plc ("PartyGaming", the "Company") Notification of Transactions of Directors, Persons Discharging Managerial Responsibility or Connected Persons PartyGaming, the world's leading listed online gaming company, has today grantedoptions over 61.67 million PartyGaming ordinary shares of 0.0015 pence each ("Shares") at an exercise price of 45.75 pence to the majority of the group'semployees under the PartyGaming All-Employee Option Plan ("AEOP"). In additionand in conjunction with these grants, separate awards have also been made toMitch Garber and Martin Weigold, respectively the Company's Chief ExecutiveOfficer and Group Finance Director, neither of whom are eligible for awardsunder the AEOP. All awards have been granted in accordance with the Company'slong-term incentive plans for executives and employees that were approved byshareholders on 21 March 2007. PartyGaming Plc Executive Share Option Plan ("ESOP") Under the ESOP Mr. Garber has been awarded an option over 1,160,000 Shares andMr. Weigold has been awarded an option over 883,600 Shares. These options vestsubject to the growth in the Company's Clean Earnings per Share1 equalling orexceeding 15% per annum in the three year period from 1 January 2007 to 31December 2009. Each option is exercisable at 45.75 pence per Share and has beenawarded at nil-cost. Unless exercised following the satisfaction of theaforementioned performance condition, these options will lapse on 11 May 2017.These are the first awards to be granted under the ESOP to Mr. Garber and Mr.Weigold. PartyGaming Performance Share Plan ("PSP") Under the PSP Mr. Garber has been granted an award over 1,160,000 shares and Mr.Weigold has been granted an award over 883,600 Shares. These awards vestsubject to the achievement of a total shareholder return ("TSR") performancetarget over the 3 year period 1 January 2007 to 31 December 2009 compared to themedian TSR of a sector comparator group. The threshold for vesting, at which25% will vest, will be the TSR equalling the median of the comparator group,rising on a straight line basis to 100% vesting if the Company's TSR exceeds themedian by 10% per annum calculated over the above-mentioned performance period.Each award has been granted and is exercisable at nil-cost. These PSP awardsvest automatically if and when the Company's Remuneration Committee determinesthe aforementioned performance condition has been satisfied. These are thefirst awards to be granted under the PSP to Mr. Garber and Mr. Weigold. Contacts: PartyGaming Plc +350 78700Robert Hoskin, Deputy Company Secretary 1 Clean Earnings per Share is defined as earnings per share in respect ofcontinuing operations before non-recurring costs associated with the settlementof legal claims by certain skins and the suspension of the US-facing business aswell as non-cash charges relating to share options. This information is provided by RNS The company news service from the London Stock Exchange