Director/PDMR Announcement

RNS Number : 7876L

Workspace Group PLC

04 August 2011

 



4 August 2011

WORKSPACE GROUP PLC

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PDMRs

Workspace Group PLC ('the Company') announces that on  4 August 2011  awards over the Company's ordinary shares of 10 pence each ('Shares') were granted to the following Executive Directors and Persons Discharging Managerial Responsibility (PDMRs) of the Company.  Awards were granted under the Company's Long Term Equity Incentive Plan (the 'Plan') that was approved by the Company's shareholders on 23 April 2008.

1.   Performance Share Awards

Performance Share Awards were granted for nil consideration to the following Executive Directors and PDMRs:

Director/PDMR	Number of Shares subject to the Performance Share Award
Harry Platt, Chief Executive	1,124,550
Graham Clemett Finance Director	738,820
Angus Boag, Development Director	724,880
Chris Pieroni, Operations Director	724,880

The Performance Share Awards were granted for nil consideration and were based on a share price of 27 pence per Share, being the average middle market closing price of such Shares over the three dealing days on 29 July, 1 and 2 August 2011.

The vesting of Performance Share Awards is conditional on continued employment, (subject to good leaver exceptions) and the satisfaction of performance conditions over a three year performance period.

2.   Invested Share Awards and Matching Share Awards

The following individuals were invited to invest up to 45% of their net annual salary (excluding bonuses and benefits in kind) ('the Invested Amount') to acquire shares in the Company ('the Invested Shares').  An additional award over free shares was then granted to these individuals ('the Matching Share Award').  The number of shares comprised in a Matching Share Award is calculated as the number of shares as may be purchased in the market on the date of grant of the Matching Share Award using a sum calculated by reference to the Invested Amount.  The sum is calculated by grossing up the Invested Amount (to take account of tax and national insurance borne by the participant) and then multiplying this grossed up sum by two.

Matching Share Awards have been granted to the following individuals on 4 August 2011 for nil consideration, as follows:

Director/PDMR	Invested Share Award	Matching Share Award
Harry Platt, Chief Executive	269,892	1,124,550
Graham Clemett, Finance Director	177,317	738,820
Angus Boag, Development Director	173,971	724,880
Chris Pieroni, Operations Director	173,971	724,880

The Matching Share Awards will vest on the third anniversary of the date of grant.  The vesting of Matching Share Awards is conditional on continued employment, (subject to good leaver exceptions) and the satisfaction of performance conditions over a three year performance period.

Carmelina Carfora

Company Secretary

4 August 2011

 

END

 

 

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