PDMR Share Awards

RNS Number : 6990N

LSL Property Services

16 June 2010

 



For Immediate Release

16 June 2010

LSL Property Services plc

Directors or Persons Discharging Managerial Responsibility ("PDMR") - Interest in Shares

2010 Joint Share Ownership Plan (the "JSOP")

In accordance with Disclosure Rule 3.1.4R, LSL Property Services plc (the "Company") announces that pursuant to the approval of the JSOP by the members of the Company at the general meeting on 21 April 2010, the following PDMRs / Directors of the Company were granted awards on 01 June 2010, in the form of an interest in jointly owned shares (i.e. ordinary shares held in co-ownership with the LSL Property Services plc Employee Benefit Trust) and a stock appreciation right. 

Name of PDMR / Director	Number of LSL Property Services plc ordinary shares held in co-ownership with the Employee Benefit Trust	Number LSL Property Services plc of ordinary shares over which stock appreciation right granted
Simon Embley	167,857	167,857
David Newnes	39,286	39,286
Alison Traversoni	39,286	39,286
Nigel Favas	8,036	8,036
David Brown	5,357	5,357
Jon Round	3,036	3,036

In respect of the jointly owned shares, the above PDMRs / Directors have entered into a co-ownership agreement with the trustees of the Employee Benefit Trust. Under the terms of each co-ownership agreement the participant has a right to receive a proportion of the sale proceeds in so far as the value of the shares on disposal exceeds £3.20 per share and a performance target is satisfied. The interests vest on 01 June 2013.

In addition, the above PDMRs / Directors were granted stock appreciation rights which entitle them to the growth in the value of a share from £2.80 up to £3.20.  SARs may be settled in shares or cash at the discretion of the Company. The stock appreciation rights first become exercisable on 01 June 2013.  No amount was paid by the PDMR in respect of the grant of the stock appreciation right.

Vesting of the awards is conditional on the Company's earnings per share performance meeting an absolute performance target over a period of three financial years starting with the financial year in which the award is granted.

Long Term Incentive Plan (the "LTIP")

An addendum to the rules of the LTIP provides for the grant of options that meet the CSOP legislation to employees and directors of the Company (the "UK Approved Addendum").  The Company's board granted options on 11 June 2010 under the UK Approved Addendum to the following PDMRs / Directors.

Name of PDMR / Director	Number of LSL Property Services plc ordinary shares over which LTIP Award granted on 11 June 2010
Simon Embley	12,500
David Newnes	12,500
Alison Traversoni	12,500
Nigel Favas	12,500
David Brown	12,500
Jon Round	12,500
Jon Cooke	8,333

The options granted comprise a right to subscribe for ordinary shares for an exercise price of £2.40 per ordinary share.  In accordance with the terms of the UK Approved Addendum to the LTIP, no consideration was payable by the participants on the grant of the options and the exercise price per ordinary share was equal to the market value of an ordinary share on the date of grant of the option.  The options first become exercisable on 11 June 2013.

This notification is made in accordance with Disclosure and Transparency Rule 3.1.2.

Dean Fielding

Group Finance Director

01904 715 324

LSL Property Services plc 

 

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