WPP Group PLC
23 September 2004
ANNOUNCEMENT
23 September 2004
WPP GROUP PLC ("WPP")
WPP was notified yesterday of changes in the shareholdings of directors of the
company pursuant to the exercise and satisfaction of awards under the WPP Group
plc Leadership Equity Acquisition Plan ("LEAP") established in 1999. The
ability to exercise these awards depended on the satisfaction of a number of
conditions including the relative performance of WPP against key competitors and
the requirement to acquire and retain shares in WPP from 1999 until yesterday.
Sir Martin Sorrell has exercised his award under LEAP in relation to 1,308,459
shares, all of which have been retained. Sir Martin has discharged tax
liabilities of approximately $4.2 million arising on the exercise of the LEAP
award out of his own cash resources.
JMS Financial Services Limited ("JMS") (a company in which Sir Martin Sorrell is
interested) has received a cash award under LEAP, which it has used in
subscribing for 1,912,983 newly issued shares at a subscription price of £5.19
per share.
At today's date Sir Martin Sorrell and his family interests are interested in or
have rights in 17,265,707 shares representing 1.462% of the issued share capital
of WPP.
Mr Paul Richardson has exercised his award under LEAP in relation to 287,069
shares, of which 198,059 shares have been sold principally to discharge tax
liabilities arising on the exercise of the LEAP award. Mr Richardson's
beneficial holding in the company is 455,000 shares representing 0.038% of the
issued share capital of WPP.
Mr Howard Paster has exercised his award under LEAP in relation to 52,770
American Depositary Receipts (representing 263,850 shares), of which all have
been sold. Mr Paster's beneficial holding in the company is 509,736 shares
representing 0.043% of the issued share capital of WPP.
The awards under LEAP to the directors have been fully disclosed in WPP's
accounts over the life of the plan.
END
This information is provided by RNS
The company news service from the London Stock Exchange
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