Directors' Share Interests
WPP Group PLC
24 March 2005
FOR IMMEDIATE RELEASE 24 March 2005
WPP GROUP PLC ("WPP")
Directors' Share Interests
WPP was notified yesterday of changes in the shareholdings of directors pursuant
to the grant, exercise and satisfaction of various awards and certain dealings
in shares in WPP as follows:
JMS Financial Services Limited ("JMS") (a company in which Sir Martin Sorrell is
interested) has exercised its interests, pursuant to phantom options granted in
1993 and 1994, in 1,571,190 shares (exercise price 52.5p) and 577,391 shares
(exercise price 115p) respectively. At the time of exercise the WPP share price
was 617.5p resulting in a cash award being due to JMS, which it was required to
subscribe for 1,907,468 newly issued shares at a subscription price of 617.5p
per share.
JMS's interest in 313,976 shares, pursuant to the terms of the WPP Performance
Share Plans ("PSP"), for the periods 1999 - 2001, 2000 - 2002 and 2001 - 2003,
has vested. JMS's interest in 279,275 of these shares had been deferred from
earlier awards under the PSP, the value of each award being determined by
reference to the WPP share price at the end of the relevant performance period
at prices ranging from 474.5p to 760p per share. The award was satisfied in the
form of a cash payment to JMS and to Sir Martin totaling in aggregate
£2,080,620.10.
For many years, Sir Martin Sorrell has provided his services to WPP (apart from
those provided to WPP Group USA Inc) through JMS. From 1 April 2005, Sir Martin
will provide all of his services to WPP directly.
At the same time as the change in the provision of Sir Martin's services to WPP,
JMS has sold 792,797 WPP shares to the JMS Retirement Benefit Scheme ("JMS RBS")
(in which Sir Martin is interested) at a price of 617.5p per share and
contributed a further 666,213 WPP shares to the JMS RBS.
In addition, JMS has sold 4,115,961 WPP shares, of which 1,116,958 shares were
acquired and retained by the WPP Group plc UK ESOP (the "ESOP") to be used to
satisfy share awards to employees of the group. A further 2,999,003 shares were
acquired by Sir Martin personally. The purchase from JMS and the sale to Sir
Martin were carried out as a series of simultaneous transactions effected
through the ESOP and all effected at a price of 617.5p per share.
Following these transactions, at today's date Sir Martin Sorrell and his family
interests are interested in or have rights in 15,639,437 shares representing
1.237% of the issued share capital of WPP (excluding 4,129,664 shares which is
the maximum number of matching shares under the 2004 LEAP award, the performance
period for which expires on 31 December 2007).
Mr Paul Richardson has sold 234,824 WPP shares at a price of 614p per share on
23 March 2005. WPP has also been notified of the vesting of a total of 10,816
shares pursuant to Mr. Richardson's 2000-2002 and 2001-2003 PSP awards. Mr
Richardson sold 4,816 of these shares to fund income tax and employee national
insurance charges on the award. Mr Richardson's beneficial holding is 226,176
shares representing 0.018% of the issued share capital of WPP.
Ms Beth Axelrod has also notified WPP of the vesting of 4,859 shares from the
2001-2003 PSP, all of which have been sold. Ms Axelrod's beneficial holding is
75,720 shares representing 0.006% of the issued share capital of WPP.
For further information, please contact:
Feona McEwan, WPP 44-20 7408 2204
www.wpp.com
This information is provided by RNS
The company news service from the London Stock Exchange