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9 Apr 2010 12:07
9 April 2010
PartyGaming Plc
("PartyGaming", the "Company")
Notification of Transactions of Directors, Persons Discharging Managerial Responsibility or Connected Persons
In accordance with PartyGaming's long-term incentive plans for Executive Directors, the following awards over the Company's ordinary shares of 0.015 pence each ("Shares") have today been granted under the PartyGaming Plc Performance Share Plan ("PSP") to the Company's Chief Executive Officer and Group Finance Director.
Jim Ryan, Chief Executive Officer, has been granted an award over 250,000 Shares and Martin Weigold, Group Finance Director, has been granted an option over 200,000 Shares.
These awards vest subject to the achievement of a total shareholder return ("TSR") performance target over the three-year period 1 January 2010 to 31 December 2012 compared to the TSR performance of a sector comparator group and the FTSE 250 Index (ex Investment Trusts). The vesting of half an award's Shares is dependent on the Company's TSR performance relative to the market-capitalisation-weighted mean TSR performance of a sector comparator group, whilst the vesting of the other half of an award's Shares is dependent on the Company's TSR performance relative to the FTSE 250 Index (ex Investment Trusts). The threshold for vesting, at which 25% of each element will vest, will be the Company's TSR equalling the relevant TSR benchmark, rising on a straight-line basis to 100% vesting if the Company's TSR exceeds the relevant TSR benchmark by 10% per annum calculated over the performance period.
Each PSP award has been granted and is exercisable at nil-cost. These awards vest automatically if and when the Company's Remuneration Committee determines the aforementioned performance condition has been satisfied.
Mr Ryan continues to hold PSP awards granted in October 2008 and April 2009 over 645,100 Shares and 125,000 Shares respectively. Mr Weigold continues to hold PSP awards granted in March 2008 and April 2009 over 171,402 Shares and 337,500 Shares respectively.
Contact:
PartyGaming Plc +350 200 78700
Robert Hoskin, Company Secretary
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