PTY.L Regulatory News (PTY)

18 Oct 2006 07:00

Parity Group PLC18 October 2006 For release at 7.00 a.m. on 18 October 2006 PARITY GROUP PLC ('THE COMPANY') Notification of directors' interests: Companies Act 1985 s.324 In the Prospectus for the Firm Placing and Placing and Open Offer and CapitalReorganisation issued to shareholders in March 2006, the Company indicated thatit would, after the Capital Reorganisation, review the Long Term Incentive Planarrangements then in place. As a consequence of that review, John Hughes haswaived his rights to the previous award under the Long Term Incentive Plan thatapplied to him and new arrangements were implemented as detailed below. On 18 October, the Company granted awards under the Parity Group plc Long-TermIncentive Plan over Parity Group plc ordinary shares to Directors of the Companyas follows: Director Maximum number of shares subject to Performance Share Award John Hughes 960,000Alwyn Welch 1,600,000 The Awards will normally vest on the third anniversary of the grant date,subject to continued employment and the meeting of two performance measures.Firstly, over the Performance Period, the share price must have outperformed theaverage Total Shareholder Return performance of a comparator group, selected bythe Company's financial advisers, comprising a basket of companies in the ITServices sector. Second, the share price must exceed a pre-determined level inorder for the award to vest. These levels are as follows: for John Hughes, 50%of the award will vest for a share price sustained at 135p; 75% for a shareprice sustained at 200p; and 100% for a share price sustained at 300p; for AlwynWelch 37.5% of the award will vest for a share price sustained at 125p; 75% fora share price sustained at 155p; and 100% for a share price sustained at 200p. No consideration was paid for the grant of the awards and the only payment dueon the exercise of these awards is the nominal value of 2 pence per share. Joseph Kelly, Company Secretary This information is provided by RNS The company news service from the London Stock Exchange