21 Dec 2010 15:39
Director/PDMR Shareholding
PV Crystalox Solar plc
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY ("PDMR") OR CONNECTED PERSONS
Notification made in accordance with Disclosure Rule 3.1.4R(1)(a) of the Disclosure and Transparency Rules.
The Company announces the vesting of Performance Share Awards which were granted to certain key employees and PDMRs under the Company's Long Term Incentive Plan ("LTIP") on 17 December 2007.
Awards over 2,175,000 ordinary shares of 2 pence were granted. These awards were granted with a three year holding period and no specified performance conditions. Since the date of the grant three key employees holding awards over 200,000 ordinary shares have left the group and in accordance with the rules of the LTIP these grants were cancelled and the shares remain available within the Company's EBT. Therefore in accordance with the rules of the LTIP the remaining 1,975,000 shares subject to the award vested on 20 December 2010.
On 17 December 2010 the PDMRs listed below became the legal and beneficial owners of the following ordinary shares of the Company
PDMR | Number of Ordinary Shares Released and Total Beneficial Interests Following this Notification | % Issued Share Capital |
Paul Kirk | 100,000 | 0.024% |
Hilmar Tiefel | 50,000 | 0.012% |
The release of these Ordinary shares has resulted in a personal tax liability base on the value on their release.
On 20 December 2010 the PDMRs listed below who had indicated that they wished to dispose of the following ordinary shares of the Company at a price of 51.25 pence per ordinary share became entitled to a cash settlement.
PDMR | Number of Ordinary Shares Released | % Issued Share Capital |
Marco Burkhardt | 100,000 | 0.024% |
Mirko Jetschny | 200,000 | 0.048% |
Hilmar Tiefel | 150,000 | 0.036% |
Under the rules of the LTIP the Company may determine that the Participant be paid in full and final settlement of the vested award a cash amount equal to the number of ordinary shares otherwise deliverable to the participant multiplied by the market value on the day the award vested. Accordingly the awards were settled in cash based on the closing price of 51.25 pence and the 450,000 shares remain available within the Company's EBT.
Name of duly authorised officer of issuer responsible for making notification:
Matthew Wethey,
Group Company Secretary
Tel: 01235 437160