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22 Jun 2011 12:14
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Umeco plc - Notification of changes in Directors & PDMRs interests
22 June 2011
Umeco plc announces the following changes to the interests of Directors & PDMRs in 25 pence ordinary shares. On 21 June 2011, first awards were made under the Umeco Performance Share Plan ('PSP') to Andrew Moss and Steve Bowers.
It had been intended that the initial annual award under the PSP would be granted in July 2010, immediately following shareholder approval of the plan. However work ongoing at that date in relation to the disposal of the Supply Chain business meant that the granting of awards at that time was not possible. Following publication of the Company's results for the year to 31 March 2011, an award has now been made that is structured on the same basis as would have been the case had the award been granted in July 2010, i.e. based upon 50% of salary levels at that date and share price levels prevailing at that time.
A second grant of PSP awards was also made on 21 June 2011, comprising the 2011 award cycle, based upon 50% of current salary and using the share price prevailing at that time.
Details of the number of shares relating to the PSP awards are shown below:
Director/PDMR | |||
First award | Second award | Total | |
AB Moss | 39,407 | 47,946 | 87,353 |
As % of shares in issue | 0.08% | 0.10% | 0.18% |
SJ Bowers | 16,271 | 25,304 | 41,575 |
As % of shares in issue | 0.03% | 0.05% | 0.08% |
For each award under the PSP, 50% is subject to performance conditions regarding earnings per share growth targets and half of the award is subject to performance conditions regarding relative TSR performance.
ENDS
Name/telephone number for queries: Steve Bowers
01926 331800
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