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20 Mar 2013 17:36
Morgan Sindall Group plc
('the Company')
Notification of Transactions by Directors
Executive Remuneration Plan 2005 (the 'Plan')
On 17 March 2010 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 and were subject to an absolute earnings per share performance target for the year ended 31 December 2012. Following completion of the performance period, the Company announces that 48.8% of the performance share awards have vested and that 46.3% of the share options have become exercisable. The remainder of the awards which have not vested or become exercisable has now lapsed.
Performance share awards
The Company therefore announces the number of shares which were transferred to Paul Whitmore on 18 March 2013. These shares include additional shares representing the dividend equivalent to which he is entitled under the Plan. These shares were satisfied from market purchased shares held in the Morgan Sindall Employee Benefit Trust.
In addition, he has 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 17 March 2010 |
48.8% of performance share awards vesting | Number of dividend equivalent shares | Total number of shares vested | Number of shares disposed |
Number of performance share awards lapsed | Total number of shares transferred |
Paul Whitmore | 36,486 | 17,805 | 3,052 | 20,857 | 10,846 | 18,681 | 10,011 |
The market value of a share on 18 March 2013 was 550.5p and the shares disposed were sold to the Morgan Sindall Employee Benefit Trust at that price.
Share Options
The Company also announces the number of share options which became exercisable by John Morgan from 18 March 2013.
Name of Director | Number of options granted 17 March 2010 |
46.3% of share options becoming exercisable | Exercise price |
Number of share options lapsed |
John Morgan | 229,728 | 106,364 | £5.55 | 123,364 |
Following these transactions, the interests (all of which are beneficial) of the above 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 |
John Morgan | 4,497,508 | 10.40 | 496,930 | 149,410 |
Paul Whitmore | 72,851 | 0.17 | 1,814 | 141,817 |
This notification relates to transactions notified in accordance with both Disclosure Rule 3.1.4R (1) (a) and Disclosure Rule 3.1.4R (1) (c).
Enquiries:
Mary Nettleship Tel: 020 7307 9200
Company Secretary
20 March 2013
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