21 Jun 2012 16:18
Hogg Robinson Group plc21 June 2012 Hogg Robinson Group (the 'Company') Directors' interest in shares
Further to the announcement made by the Company on 1 June 2012 that certain options under the Company's Performance Share Plan ("PSP") and Share Option Plan ("CSOP") had vested on that date, the Company hereby notifies that David Radcliffe, Kevin Ruffles and Julian Steadman each subsequently exercised the following options on 20 June 2012:
PSP CSOPDavid Radcliffe 1,293,098 -Kevin Ruffles 685,598 -Julian Steadman 880,435 1,760,870
On the same day, Julian Steadman also exercised an outstanding option in respect of 703,460 options which had vested under the CSOP on 4 June 2011.
The exercise of the above options were satisfied by the transfer of 1,293,098, 685,598 and 880,435 shares respectively to Messrs Radcliffe, Ruffles and Steadman from the Hogg Robinson Employee Benefit Trust in respect of the PSP options. The CSOP options exercised by Mr. Steadman were satisfied by the allotment of 1,413,562 new ordinary shares of 1p each in the Company representing equity-settled share appreciation rights calculated using the following exercise and closing prices.
Vesting date Exercise Closing price Price on exercise date4 June 2011 44p 68p1 June 2012 23p 68p
The Company further notifies that on 21 June 2012, David Radcliffe, Kevin Ruffles and Julian Steadman respectively sold 1,293,098, 663,598, and 2,293,996 shares resulting from the exercise of these options at an average price of 67.875p.
David Radcliffe continues to be beneficially interested in his existing holdings of 2,348,069 shares in the Company (representing 0.74% of the Company's issued share capital and, based on a share price of 68p, equal to 4.07 times his annual basic salary), and a further 2,586,196 options which vested under the CSOP on 1 June 2012.
Having retained 22,000 of the shares resulting from the exercise of his PSP options Kevin Ruffles is now beneficially interested in 423,769 shares in the Company, (representing 0.13% of the Company's issued share capital and, based on a share price of 68p, equal to one times his annual basic salary) and a further 1,371,196 options which vested under the CSOP on 1 June 2012.
As previously announced, Julian Steadman will be retiring from the Company at the Company's Annual General meeting on 25 July 2012, but continues to be beneficially interested in his existing holdings of 1,340,595 (representing 0.42% of the Company's issued share capital).
Notification of each of the above transactions is now made in accordance with Disclosure Rule 3.1.4R.
- ENDS -EnquiriesHogg Robinson Group plcKeith Burgess, Company Secretary +44 (0) 1256 312 600
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