Last checked at 8 Apr 2009 13:47
Morgan Sindall plc
('the Company')
Notification of Transactions by Directors
Executive Remuneration Plan 2005 (the 'Plan')
On 5 April 2006 the Company granted awards under the Plan to its executive directors in respect of ordinary shares of 5p each in the Company ('shares'). These awards took the form of performance shares or, at the election of each individual, options to subscribe for shares. Following satisfaction in full of the performance conditions to which the awards were subject, the Company announces that the performance shares have vested in full and the share options have become exercisable in full.
The Company therefore announces, in accordance with the Company's obligations under paragraph 3.1.4 R (1) of the Disclosure and Transparency Rules, the numbers of shares which were transferred to the individuals below on 7 April 2009.
These shares comprised those performance shares conditionally awarded to the individuals on 5 April 2006 and additional shares representing the dividend equivalent to which the individuals are entitled under the Plan
These shares were satisfied from market purchased shares held in the Morgan Sindall Employee Benefit Trust.
In addition, certain of the directors named below have disposed of a proportion of the shares vesting in order to fund the tax and national insurance contribution payable in respect of them.
| Name of Director | Number of performance shares awarded | Number of dividend equivalent shares | Total number of shares vested | Number of shares disposed |
| Paul Smith | 11,914 | 1,971 | 13,885 | 5,639 |
| David Mulligan | 4,766 | 788 | 5,554 | Nil |
| Paul Whitmore | 13,106 | 2,169 | 15,275 | 6,204 |
The market value of a share on 7 April 2009 was 585.25p and the shares disposed were sold to the Morgan Sindall Employee Benefit Trust at that price.
Following these transactions, the interests (all of which are beneficial) of the directors in the share capital of the Company are as follows:
| Name of Director | Beneficial interest in shares | % issued share capital of the Company | Total number of shares over which options are held | Total number of conditional share awards held |
| Paul Smith * | 213,749 | 0.50% | 373,706 | 64,263 |
| David Mulligan | 22,508 | 0.05% | 206,248 | 35,608 |
| Paul Whitmore | 60,328 | 0.14% | 0 | 67,149 |
* Please note that Paul Smith's shareholding is based on an opening balance of 205,503 shares, as opposed to the total of 171,622 which was incorrectly stated in the Company's 2008 Report and Accounts and in the Notification of Transactions by Directors released on 31 March 2009.
Enquiries:
Mary Nettleship Tel: 020 7307 9200
Company Secretary
8 April 2009