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10 Oct 2008 07:00
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10 OctoberΒ 2008
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 that were approved by the Company's shareholders on 21 March 2007, the following awards over the Company's ordinary shares of 0.015 pence each ("Shares") have today been granted to the Company's Chief Executive Officer and Managing Director:
PartyGaming Plc Executive Share Option PlanΒ ("ESOP")
Under the ESOPΒ Jim Ryan, Chief Executive Officer, has been awarded an option over 645,100 Shares and John O'Malia, Managing Director, has been awarded an option over 274,100 Shares. These options vest subject to the growth in the Company's Clean Earnings per ShareΒ equalling or exceeding 15% per annum in the three year period from 1 July 2008 to 30 June 2011. Each option is exercisable at 155.0 pence per Share and has been awarded at nil-cost. Unless exercised following the satisfaction of the aforementioned performance condition, these options will lapse on 10 October 2018. These are the first awards to be granted under the ESOP to Mr Ryan and Mr O'Malia.
PartyGamingΒ PlcΒ Performance Share PlanΒ ("PSP")
Under the PSPΒ Mr Ryan has been granted an award over 645,100 Shares and Mr O'Malia has been granted an award over 274,100 Shares. These awards vest subject to the achievement of a total shareholder return ("TSR") performance target over the 3 year period from 1 July 2008 to 30 June 2011 compared to the median TSR of a sector comparator group. The threshold for vesting, at which 25% 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 the median by 10% per annum calculated over the above-mentioned performance period. Each award has been granted and is exercisable at nil-cost. These PSP awards vest automatically if and when the Company's Remuneration Committee determines the aforementioned performance condition has been satisfied. This is the first PSP award to be granted to Mr Ryan. This is the second PSP award to be granted to Mr O'Malia, who received an award over 39,272 Shares in 2007 prior to being appointed to the Board of Directors.Β
Contacts:
PartyGaming Plc +350 200 78700
Robert Hoskin, Company Secretary
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