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5 May 2011 09:07
Premier Farnell plc5 May 2011
Premier Farnell plc, the global high-service distributor, has enjoyed nine consecutive quarters of sequential improvement in gross margin as at the end of its financial year to 30 January 2011, when it also announced the highest level of Group operating profit for over ten years. As further evidence of the Group's high performance, options granted in 2008 under the Company's performance share plan recently satisfied their performance criteria, vesting and becoming exercisable in mid April 2011. The recipients of these options include the Company's executive directors and senior management, as well as many of its talented performers and other leaders at all levels in the organisation responsible for driving the Group's success.
In accordance with Disclosure and Transparency Rule 3.1.4.Premier Farnell plc announces that the following directors and other persons exercising managerial responsibility have notified the Company that they have exercised share options and sold some or all of the shares in the Company they received as a result of this exercise. Exercises were in respect of ordinary shares of 5p each in the capital of the Company, took place in London on 3 and 4 May and were undertaken in accordance with the terms of the Company's executive shareholding policy.
Mark Whiteling exercised options over 285,299 shares selling 227,648 shares at a price of £2.88 and retaining 57,651 shares. This increases his total holding of ordinary shares in the capital of the Company to 125,364 shares. Mark is the Company's Chief Financial Officer and, as announced on 1 March 2011, is leaving the Company in August 2011 to pursue an alternative career.
Laurence Bain, the Company's Chief Operating Officer, exercised options over 540,274 shares and sold these at a price of £2.88, of which the greater part were sold primarily to pay taxes and costs of exercise. Following this disposal Laurence's total shareholding in the capital of the Company, when aggregated with that of his wife, is 141,408, well in excess of the value required under the Company's executive shareholding policy. In addition to this shareholding, Laurence also holds further share options over 285,300 ordinary shares in the Company which are exercisable but not yet exercised. A number of awards exercised by Laurence would have lapsed within an eighteen month period if not exercised by that time.
Peter Costello, President of the Company's Industrial Products Division, exercised options over 68,507 shares, selling 51,415 shares at a price of £2.88 and retaining 17,092 shares to bring his total holding in the capital of the Company to 43,348 shares.
ENQUIRIES to: Steven Webb +44(0) 113 387 5277General Counsel and Group CompanySecretary
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