24 Feb 2010 07:00
24 February 2010
Chamberlin plc
("Chamberlin" or "the Company")
Director / PDMR Shareholding
The Company has today announced that the Board has approved the grant of options to the Executive Directors under the Chamberlin Share Option Plan (the "SOP"). At the same time the Directors will surrender all of their existing share options granted under the SOP, The Chamberlin & Hill Approved Share Plan (the "Approved Plan") and the Chamberlin & Hill Unapproved Share Plan (the "Unapproved Plan"). Tim Hair will also surrender some of his existing share options granted under The Chamberlin Performance Share Plan (the "PSP").
The Directors have been granted the following options:
| Director | Number of options surrendered | Number of options retained under PSP* | Number of parallel options awarded under SOP* | Number of new options awarded under SOP | Total number of options |
| Tim Hair Mark Bache Adam Vicary | 576,987 250,971 51,000 | 193,935 152,367 99,222 | 193,935 152,367 99,222 | 698,584 293,892 49,531 | 892,519 446,259 148,753 |
* The options retained under the PSP will be subject to the existing performance criteria as defined by the scheme. In the event that these options fail to vest, those SOP options awarded in parallel to the PSP scheme will become exercisable, subject to the performance conditions below. In the event that the PSP options are exercised the equivalent number of SOP options will be cancelled.
Excluding the parallel grant of SOP options, which is on an either/or basis with existing PSP options, in total 878,958 options are being surrendered and 1,042,007 new options issued. It remains the Company's intention to restrict the actual dilution of existing ordinary share capital to no more than 10% through the use of market purchased shares or cash in lieu of the exercise of options, in so far as this is prudently possible.
The SOP options are exercisable at a price of 52.8 pence each, based on the average closing mid-market price over the past 30 trading days, at any time between 23 February 2013 and 23 February 2020. They will vest subject to a TSR performance equivalent to achieving minimum share price of 100 pence on a theoretical no dividends basis (at which one third of the options will vest) up to a maximum price equivalent to 180p on the same basis at which all SOP options will vest, with vesting calculated on a straight line basis between these points. Performance will be tested over a period of three years from 23 February 2010.
The options surrendered by Tim Hair, Mark Bache and Adam Vicary were cancelled on 23 February 2010.
For further information:
Chamberlin plc T: 01922 707100
Tom Brown, Chairman
Tim Hair, Chief Executive
Charles Stanley Securities T: 020 7149 6000
Nominated Adviser
Russell Cook/Jen Boorer
Chamberlin Plc (CMH)