Director/PDMR Shareholding

RNS Number : 0003P

Workspace Group PLC

07 July 2010

 



7 JULY 2010

WORKSPACE GROUP PLC

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PDMRs

Workspace Group PLC ('the Company') announces that on 6 July 2010  the following 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.  The awards were made under the Workspace Long Term Incentive Plan.

1.   Performance Share Awards

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

Director/PDMR	Number of Shares subject to the Performance Share Award
Harry Platt, Chief Executive*	1,446,429
Graham Clemett Finance Director*	950,292
Angus Boag, Development Director*	932,362
Chris Pieroni, Operations Director	932,362
Total	4,261,445

The Performance Share Awards were granted for nil consideration and were based on a share price of 20.58 pence per Share, being the average middle market closing price of such Shares over the three dealing days immediately prior to the date the participants were offered the award.

Vesting of Performance Share Awards is subject to continued employment and satisfaction of performance conditions measured over a three year period.  Those individuals noted with an asterisk (*) elected to take 50% of the award in the form of a forfeitable co-ownership interest in shares combined with a linked option in respect of the relevant shares.

Invested Share Awards and Matching Share Awards

The following individuals were invited to invest up to 45% of their net annual basic salary ('the Invested Amount') in 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 the invitation for an 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 were granted to the following Executive Directors and PDMRs for nil consideration:

Director/PDMR	Invested Share Award	Matching Share Award
Harry Platt, Chief Executive*	354,375	1,446,429
Graham Clemett, Finance Director*	232,821	950,292
Angus Boag, Development Director*	228,429	932,362
Chris Pieroni, Operations Director	128,476	524,392
Total	944,101	3,853,475

Vesting of Matching Share Awards is subject to continued employment, satisfaction of performance conditions measured over a three year period and retention of the Invested Shares.  Those individuals noted with an asterisk (*) elected to take 50% of the Matching Share Award in the form of a forfeitable co-ownership interest in shares combined with a linked option in respect of the relevant shares. 

 

END

 

 

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