23 Dec 2008 15:45
Parity Group plc ("Parity" or "the Group")
23 December 2008
Director's Interests
On 18 October 2006, Alwyn Welch, Chief Executive, was granted an award under the Parity Group plc Long-Term Incentive Plan (the "Plan") over Parity ordinary shares. Mr Welch has now surrendered his award under the Plan.
The maximum award was 1,600,000 shares at a subscription price of 2 pence per share. The key performance measure was that Parity's share price had to meet or exceed 125p per share for a period of 60 consecutive days within the three years starting on the grant date in order for 37.5% of the award to vest. Higher share prices would increase the award, with the maximum at a sustained price of 200p.
As a result of this surrender, there will be no share-based payment charge to group profits under IFRS2 in 2008 in respect of these options.
Parity (PTY)