16 Nov 2009 10:57
| For immediate release | 16 November 2009 |
WALKER GREENBANK PLC
("the Company")
Transfer of Treasury Shares and
Directors` transaction in ordinary shares
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group whose international brands include Sanderson, Morris & Co, Harlequin and Zoffany, announces that on 13 November 2009 1,690,093 ordinary shares of 1p each in the Company ("Ordinary Shares") were transferred from treasury into the Company's Employee Benefit Trust to satisfy the conditional awards made on 27 May 2009 under the Company's Long-Term Incentive Plan ("LTIP"). The transfer was made at the closing mid market price on 12 November 2009 being 20.25p per Ordinary Share.
Following the above transfer of treasury shares, the Company no longer holds any shares in treasury.
Following this transaction, the Company's issued ordinary share capital with voting rights consists of 59,006,162 Ordinary Shares and this figure is to be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in Walker Greenbank PLC under the FSA's Disclosure and Transparency Rules.
On 13 November 2009, John Sach, David Smallridge and Alan Dix ("Directors") acquired for nil consideration the first tranche of their interests in Ordinary Shares covered by the conditional awards noted above (as announced on 28 May 2009). The details of the interests acquired by the Directors are as follows:
| Director | Disclosure date | Transaction date | No. Ordinary Shares in which the director has acquired an interest |
| John Sach | 13 November 2009 | 13 November 2009 | 80,000 |
| David Smallridge | 13 November 2009 | 13 November 2009 | 60,000 |
| Alan Dix | 13 November 2009 | 13 November 2009 | 30,000 |
The Directors' rights to acquire sole title to the Ordinary Shares noted above will vest after three years from the date of the original award subject to the Company achieving a target for Total Shareholder Return ("TSR") as well as a base level of profits before tax of at least GBP3.1m in the third year. The number of Ordinary Shares that the Directors will acquire depends upon the Company achieving TSR at least at the median of a comparator group within the Household Goods sector and increases on a sliding scale to achieve maximum award if the Company tops the comparator group over the three year period.
The interests in the Ordinary Shares have been acquired under a joint ownership arrangement. Each of the Directors and the trustee of an employee benefit trust have acquired the joint beneficial ownership of the Ordinary Shares. The Directors have acquired the right to most of the growth in value of the Ordinary Shares and the trustee has acquired the value of the Ordinary Shares at the date they were acquired. The Directors have also been granted a nil cost option over the trustee's interest in the Ordinary Shares so that they will acquire sole title to the Ordinary Shares if the performance conditions noted above are satisfied and they remain in office for the period. The estimate of the current value of the interests in Ordinary Shares acquired by the Directors, as set out above, is nil. This estimated value may be is subject to adjustment as adjudicated by HM Revenue and Customs.
Voting rights and dividend rights are waived in relation to the Ordinary Shares for as long as the joint ownership is retained.
For further information:
| Walker Greenbank PLC | 0844 543 4667 |
| John Sach, Chief Executive | |
| Julian Wilson, Company Secretary | |
| Arden Partners plc | 020 7398 1639 |
| Christopher Hardie / Adrian Trimmings | |
| Buchanan Communications | 020 7466 5000 |
| Mark Court / Miranda Higham |