Havelock Europa Regulatory News (HVE)

7 Apr 2005 07:00

Havelock Europa PLC07 April 2005 7 April 2005 HAVELOCK EUROPA PLC Executive directors increase shareholdings Havelock Europa PLC (the "Company"), the education furniture, point of saledisplay and retail interiors group, which announced its results for the yearended 31 December 2004 yesterday, announces that it was informed on 6 April 2005that Hew Balfour, Richard Lowery and Graham MacSporran (together, the "Directors"), through a series of transactions, have increased their aggregateholding of ordinary shares in the Company from 557,521 ordinary shares (1.62% ofthe existing issued share capital) to 742,267 ordinary shares (2.14% of theenlarged issued share capital). Following the exercise of 112,143 share options, the issued share capital of theCompany is 34,630,157 ordinary shares of 10 pence each. The transactions comprise the vesting of ordinary shares under the HavelockEuropa Restricted Share Plan as a result of the Directors meeting certainperformance targets on return on capital employed in the period 1 January 2002to 31 December 2004 (see note i), the sale of ordinary shares (see note ii) andthe exercise of share options under the 1994 Executive Share Option Scheme (seenote iii). Summary of transactions The following is a summary of the Directors' transactions: Shareholding Distribution of Sale of ordinary Purchase of Shareholding before vested shares ordinary shares after transactions ordinary shares by transactions under exercise of 2002 RSP share options award Hew Balfour 270,127 107,159 107,159 80,000 350,127 (0.78%) (1.01%) Richard Lowery 88,521 81,925 25,000 32,143 177,589 (0.26%) (0.51%) Graham MacSporran 198,873 65,678 50,000 - 214,551 (0.58%) (0.62%) Total 557,521 254,762 182,159 112,143 742,267 % of issued 1.62 0.74 (0.52) 0.32 2.14share capital Note (i) Vesting of ordinary shares under the Havelock Europa Restricted Share Plan ("RSP") In accordance with the rules of the RSP, the award dated 9 January 2002 vested 431,801 ordinary shares (1.25% of the existing issued share capital) to the Directors. The vesting of ordinary shares was the result of the Directors meeting certain performance targets on return on capital employed in the period 1 January 2002 to 31 December 2004. The Trustees of the RSP subsequently sold 177,038 ordinary shares (0.51% of the existing issued share capital) at 120 pence per ordinary share, on behalf of the Directors, to meet the PAYE and NI liabilities due on vesting of these ordinary shares, as follows: Hew Balfour 74,467 ordinary shares (0.22%) Richard Lowery 56,931 ordinary shares (0.16%) Graham MacSporran 45,641 ordinary shares (0.13%) The balance of 254,763 ordinary shares (0.74% of the existing issued share capital) was distributed to the Directors as follows: Hew Balfour 107,159 ordinary shares (0.31%) Richard Lowery 81,925 ordinary shares (0.24%) Graham MacSporran 65,678 ordinary shares (0.19%) Note (ii) Directors' sale of ordinary shares On 5 April 2005, the Directors sold 182,159 ordinary shares (0.52% of the existing issued share capital) at 120 pence per ordinary share as follows: Hew Balfour 107,159 ordinary shares (0.31%) Richard Lowery 25,000 ordinary shares (0.07%) Graham MacSporran 50,000 ordinary shares (0.14%) Note (iii) Directors' exercise of executive share options On 6 April 2005, Hew Balfour and Richard Lowery purchased a total of 112,143 ordinary shares by exercising the following executive share options: Hew Balfour 80,000 share options at an exercise price of 37.0 pence per option. Option granted October 1999 Richard Lowery 25,000 share options at an exercise price of 105.0 pence per option. Option granted May 1998 7,143 share options at an exercise price of 52.5 pence per option. Option granted April 1999 Enquiries: Havelock Europa PLC 01383-820 044Hew Balfour (Chief Executive) 07801-683 851Graham MacSporran (Finance Director) 07801-683 803 Teather & Greenwood LimitedTom Hulme (Corporate Broking) 020-7426 9593 Bankside Consultants LimitedCharles Ponsonby 020-7444 4166 - END - This information is provided by RNS The company news service from the London Stock Exchange