Director/PDMR Shareholding

RNS Number : 3297I

Morgan Sindall PLC

09 March 2010

 



 Morgan Sindall plc

 ('the Company')

Notification of Transactions by Directors

Executive Remuneration Plan 2005 (the 'Plan')

On 6 March 2007 the Company granted awards under the Plan to its executive directors in respect of ordinary shares of 5p each in the Company ('shares').  These awards took the form of performance shares or, at the election of each individual, options to subscribe for shares and were subject to performance conditions based on a growth in adjusted earnings per share over the three years ended 31 December 2009.  Following completion of the performance period, the Company announces that 25% of the performance share awards have vested and none of the share options have become exercisable.  That part of the awards which has not vested or become exercisable has now lapsed.

The Company therefore announces, in accordance with the Company's obligations under paragraph 3.1.4 R (1) of the Disclosure and Transparency Rules, the numbers of shares which were transferred to the individuals below on 8 March 2010.  These shares comprised 25% of those performance shares awarded to the individuals on 6 March 2007 and additional shares representing the dividend equivalent to which the individuals are entitled under the Plan.

These shares were satisfied from market purchased shares held in the Morgan Sindall Employee Benefit Trust.

In addition, certain of the directors named below have disposed of a proportion of the shares vesting in order to fund the tax and national insurance contribution payable in respect of them.

Name of Director	Number of performance shares awarded 6 March 2010	25% of performance share awards vesting	Number of dividend equivalent shares	Total number of shares vested	Number of shares disposed	Number of performance share awards lapsed	Number of share options lapsed
Paul Smith	13,889	3,472	694	4,166	Nil	10,417	55,556
David Mulligan	6,790	1,697	339	2,036	Nil	5,093	27,160
Paul Whitmore	14,198	3,549	709	4,258	1,746	10,649	-
John Morgan	-	-	-	-	-	-	94,444

The market value of a share on 5 March 2010 was 555.205p and the shares disposed were sold to the Morgan Sindall Employee Benefit Trust at that price.

Following these transactions, the interests (all of which are beneficial) of the above directors in the share capital of the Company are as follows:

Name of Director	Beneficial interest in shares	% issued share capital of the Company	Total number of shares over which options are held	Total number of conditional share awards held
Paul Smith	217,915	0.50	319,488	50,374
David Mulligan	24,544	0.06	180,426	28,818
Paul Whitmore	62,840	0.15	1,338	52,960
John Morgan	4,497,508	10.42	531,296	0

Enquiries:

              

Mary Nettleship                                                                                    Tel: [phone]

Company Secretary

9 March 2010

 

END

 

 

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