26 Apr 2010 15:31
Development Securities PLC makes awards under its Performance Share Plan 2006
Development Securities PLC made the following awards on Friday 23 April 2010, at nil cost, to the Executive Directors of the Company under its Performance Share Plan 2006 (the "Plan"), which was approved by shareholders at the Annual General Meeting on the 11 May 2006:
Conditional Award of Shares
M H Marx 112,676
C J Barwick 61,033
M S Weiner 61,033
G Prothero 61,033
The vesting of the shares, representing ordinary shares of 50p each in the Company, is conditional on the satisfaction of a performance condition measuring Development Securities PLC's total shareholder return ("TSR") against the constituent members of the FTSE Real Estate Investment Trust Index and FTSE Real Estate Investment Services Index during the period from 1 January 2010 to 31 December 2012:
(i) 25 per cent of the award will vest if the Company TSR equals the median TSR of the comparator group;
(ii) 100 per cent of the award will vest if the Company TSR equals or exceeds the 85th percentile TSR of the comparator group;
(iii) Pro rata vesting will apply in between the above points.
In addition the Remuneration Committee must be satisfied that there has been a sustained improvement in the Company's underlying financial performance over the performance period.
These are the fifth awards made under the Plan.
S A Lanes
Company Secretary
020 7828 4777
26 April 2010