26 Mar 2012 17:00
CINEWORLD GROUP PLC (the "Company")
The Company has received notifications pursuant to the requirements of paragraph 3.1.2R of the Disclosure and Transparency Rules of the Financial Services Authority in respect of two events.
1. On 26 March 2012, an award over 152,343 ordinary shares in the Company ("Shares") vested in favour of Stephen Wiener, the Chief Executive Officer of the Company, under the terms of the Cineworld Group 2007 Performance Share Plan (the "Plan"). The middle market quotation of a Share on the dealing day before the vesting date was £2.13.
This vesting related to the three year Plan cycle ending in December 2011 and was subject to the satisfaction of EPS performance conditions.
The vesting of the award was settled by the issue to Stephen Wiener on 26 March 2012 of 152,343 Shares for no consideration following payment by him to the Company of an amount to cover statutory deductions. The Shares were issued directly to the award holder at the direction of the trustee of the Company's Employee Benefit Trust.
Following the above notification, the total holding of Stephen Wiener in the Company is 1,898,773 Shares.
2. On 26 March 2012, the following awards ("Awards") over ordinary shares in the Company ("Shares") were made under the Plan and the following options ("Options") were granted pursuant to the Cineworld Group Plc Company Share Option Plan ("CSOP") to Directors of the Company:
Name of Director | Number of Shares under the Award Granted pursuant to the PSP | Number of Shares under the Award Granted pursuant to the CSOP |
Stephen Wiener (CEO) | 159,683 | 4,694 |
Philip Bowcock (CFO) | 87,500 | 4,694 |
No consideration was paid for the grant of an Award or Option.
The Awards granted pursuant to the Plan were structured as nil cost options to acquire Shares. The Option Price for the Options granted pursuant to the CSOP was £2.13 per Share. The London Stock Exchange mid market closing price of a Share on 23 March 2012 was £2.13.
The vesting of an Award and the exercise of an Option is ordinarily subject to continued employment of the participant and the satisfaction of performance conditions over a three year performance period set by the Remuneration Committee of the Company.
The Company was informed of the above transactions on 26 March 2011, such notifications having been given by such Directors in accordance with the requirements of paragraph DTR 3.1.2R of the Disclosure and Transparency Rules of the Financial Services Authority. The above announcement is made pursuant to the Company's obligations under DTR 3.1.4.R of the Disclosure and Transparency Rules of the Financial Services Authority.
Richard Ray
Company Secretary
Tel: 020 8987 5000