Director/PDMR Shareholding

RNS Number : 3454U

Workspace Group PLC

23 June 2009

 



WORKSPACE GROUP PLC

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PDMRs

Workspace Group PLC ('the Company') announces that on 12 June 2009, 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	2,067,188
Graham Clemett, Finance Director	1,697,656
Angus Boag, Development Director	1,332,500
Chris Pieroni, Operations Director	1,332,500
TOTAL	6,429,844

The Performance Share Awards were granted for nil consideration and were based on a share price of 16.0 pence per Share, being the average of the middle market closing price of such Shares over the three dealing days immediately preceding the grant date.

The vesting of Performance Share Awards is conditional on continued employment, the satisfaction of performance conditions over a three year performance period and subject to the rules of the Plan.

2.    Invested Shares Awards and Matching Share Awards

The following individuals were invited to invest up to 50% 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.  

Following consultation with the Company's major shareholders the Company has permitted participants to use shares subscribed for under the recent Rights Issue of the Company, shares acquired since the Rights Issue and shares allocated to the participants in respect of their annual bonus entitlement, as detailed below, towards their Invested Shares.

Matching Share Awards have been granted to the following individuals on 12 June 2009 for nil consideration, as follows:

Director/PDMR	Invested Share Award Number of Shares subject to the Award	Matching Share Award Number of Shares subject to the Award
Harry Platt, Chief Executive	609,819	2,067,183
Graham Clemett, Finance Director	400,644	1,358,115
Angus Boag, Development Director	353,241	1,197,427
Chris Pieroni, Operations Director	393,088	1,332,502
TOTAL	1,756,792	5,955,227

The Matching Share Awards will vest on the third anniversary of the grant date. The vesting of Matching Share Awards is conditional on continued employment, the satisfaction of performance conditions, the retention of the Shares in the Invested Share Award and are subject to the rules of the Plan.

• Deferred Bonus Share Award

The Remuneration Committee has decided that the bonus payable to the Executive Directors, Angus Boag and Chris Pieroni in respect of the year ended 31 March 2009 should be paid entirely in the form of ordinary shares. The shares will be held in trust and subject to certain exceptions, e.g. ill health and redundancy, will be subject to continuous employment for a period of 2 years from the date of the deferred bonus share award.

The following deferred bonus shares were awarded to the following individuals on 12 June 2009, based on a share price of 16.0 pence.

Director/PDMR	Deferred Bonus Shares
Harry Platt, Chief Executive	221,706
Graham Clemett, Finance Director	165,521
Angus Boag, Development Director	142,911
Chris Pieroni, Operations Director	142,911
TOTAL	673,049

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

Amanda Whalley

Company Secretary

23 June 2009

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