Morgan Advanced Materials Regulatory News (MGAM)

Notification of interests of person discharging managerial responsibility ("PDMR")

23 August 2010

This notification is made pursuant to DTR 3.1.4R (1)(a).

The Company announces that on 16 August 2010 an award over ordinary 25p shares in the Company were made to the PDMR listed below under the Company's Long Term Incentive Plan 2004 ("LTIP"). 

The award under the LTIP is structured as an Approved Performance Share Plan ("APSP") award and comprises three elements: (i) an HM Revenue & Customs approved option over shares to the value of the first £30,000 worth of the award with an exercise price of 213.2 pence per share; (ii) an LTIP award in the form of a conditional award of free shares to the value of the remainder of the award above this limit; and (iii) a funding award, also in the form of a conditional award of free shares, over such number of shares whose value at exercise of the approved option equals £30,000. 

Subject to satisfaction of performance targets, 50% based on TSR against the comparator group and 50% based on EPS growth above RPI, awards under the LTIP will vest in three years' time.

In addition to satisfaction of the performance targets, the approved option and the associated funding award will only vest in the event that the market value of a share at vesting is greater than 213.2 pence per share. The funding award is solely used to fund the exercise price of the approved option and will be satisfied by shares from the Company's employee benefit trust. Following vesting of the funding award, these shares are retained by the trust and not delivered to the participant. 

Following the grant of the award detailed above, the total number of shares in respect of which awards are held by Mr Evans pursuant to the Company's Long Term Incentive Plan is detailed below:

Enquiries: Tracey Bigmore, The Morgan Crucible Company plc,

01753 837000