Director/PDMR Shareholding

RNS Number : 2987J

Evolution Group PLC

26 March 2010

 



The Evolution Group Plc

26 March 2010

The Evolution Group Plc

Director/PDMR Shareholding

Partnership Equity Plan

At a General Meeting of The Evolution Group plc ("the Company") held on 22 January 2010, the members of the Company approved the group's new Partnership Equity Plans including the Company's 2010 Joint Share Ownership Plan ("Partnership Equity Plan"). 

Details of the Partnership Equity Plan are contained in the Notice of the General Meeting and Circular, which can be found at the Company's website at www.evgplc.com and  relate to Ordinary Shares of £0.01 each in the Company ("Ordinary Shares").

The following subscriptions for partnership equity were made yesterday by directors of the Company under the Partnership Equity Plan:

·     Alex Snow: subscription for partnership equity representing a potential interest of up to a maximum of 3,500,000 Ordinary Shares at an aggregate subscription cost of £175,000.

·    Andrew Westenberger: subscription for partnership equity representing a potential interest of up to a maximum of 2,000,000 Ordinary Shares at an aggregate subscription cost of £100,000.

Subject to satisfying certain financial and other performance conditions, including achievement of share price growth in the Company above a hurdle rate, together with continued employment, the potential interests in Ordinary Shares may be realised, in three equal tranches after the third, fourth and fifth anniversaries respectively of the date of acquisition. 

Bonus Deferral Plan

As part of the group's remuneration and reward framework, and in order to further align the interests of senior management with those of shareholders, the Company adopts a policy of deferral into Ordinary Shares of a proportion of bonuses above certain thresholds for all staff including executive directors.  This is achieved via the grant of awards over Ordinary Shares under the Company's 2002 Executive Share Option Scheme ("2002 ESOS").

In accordance with this policy the Company therefore also announces that a share award of 378,151 Ordinary Shares was yesterday made to Alex Snow and that a share award of 89,286 Ordinary Shares was yesterday made to Andrew Westenberger under the 2002 ESOS. 

Subject to continued employment and achievement of certain qualitative performance criteria and the rules of the 2002 ESOS call rights will be granted in March 2013 whereupon these awards will become immediately exercisable. 

Following the awards, the directors of the Company hold options to acquire the following number of Ordinary Shares under the Company's 2002 Executive Share Option Scheme ("2002 ESOS"), and interests in the following number of Ordinary Shares under the Partnership Equity Plan (PEP), which may be realised by the receipt of Ordinary Shares:

Director	2002 ESOS	2010 PEP
Alex Snow	2,553,330	3,500,000
Andrew Westenberger	239,286	2,000,000

This notification relates to disclosures made in accordance with Disclosure and Transparency Rule 3.1.4(R)(1)(a).

For more information please contact:

The Evolution Group Plc

Tony Lee, Group Company Secretary                                    Tel:  [phone]

 

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