28 May 2013 16:44
28 May 2013
Transaction by Person Discharging Managerial Responsibilities
Disclosure Rule DTR 3.1.4
Partial vesting of share awards granted to Mr Nicholas Stagg
The interest of Nicholas Stagg, the Chief Executive of Management Consulting Group PLC (the "Company"), in the ordinary share capital of the Company has changed as detailed below.
The Remuneration Committee determined on 24th May 2013 that 28.94% of the ordinary shares subject to the awards granted to Mr Stagg on 20th May 2010 under the Management Consulting Group 2008 Performance Share Plan should vest following the application of performance measures specified at the time of grant. In accordance with the plan rules, any unvested part of the awards has immediately and irrevocably lapsed. Sufficient shares are being withheld to settle the PAYE and Employee National Insurance liability arising as a result of the vesting of the award.
Ordinary Shares subject to the Awards | Ordinary Shares Vested | Number of Ordinary Shares withheld on account of the PAYE/NI Adjustment | Net Ordinary Shares Allocated | Market Price on Vesting |
3,000,000 | 868,200 | 406,382 | 461,818 | 30.5p |
As a result of the vesting, Mr Stagg has an interest in 1,264,972 ordinary shares, which represents approximately 0.3% of the Company's issued ordinary capital.
The transaction took place in London. A further announcement will be made in due course following the transfer of shares to Mr Stagg pursuant to the vesting.
Enquiries:
Management Consulting Group PLC | Tel |
Charles Ansley | 020 7710 5000 |