4th May 2007 16:47
Skyepharma PLC04 May 2007 For Immediate release 4 MAY 2007 Director Shareholding LONDON, UK, 4 May 2007 - SkyePharma PLC (LSE: SKP; Nasdaq: SKYE) announces thaton 3 May 2007, as a result of the operation of the SkyePharma PLC Co-investment& Matching Agreements entered into between the Company and the relevantdirector, the following directors of the Company became the legal and beneficialowners of the following numbers of Ordinary Shares of the Company with a valueof 23 pence per Share:- Name Number of Ordinary Shares (value £0.23 per Share) Frank Condella 350,000Dr Ken Cunningham 179,300 Summary of the Operation of the Agreements Each Agreement was a one-off opportunity for the relevant director on thecommencement of their employment with the Company to acquire Ordinary Shareswith a maximum value of one third of their starting salary. The Company wouldthen match the Ordinary Shares acquired on a 2:1 basis ("Matching Shares"). 50%of these Matching Shares are eligible to be released on first anniversary of thedate of their award, with the balance eligible for release on the secondanniversary of the date of their award, subject to the retention of the sharesacquired by the relevant director and their continued employment with theCompany for the relevant periods. The first anniversary of the award of Matching Shares for Frank Condella was 27February 2007 and for Dr Ken Cunningham 1 March 2007. The RemunerationCommittee, noting that 50% of the Matching Shares awarded to the directors wereeligible for release resolved that these tranches of Matching Shares be releasedon 3 May 2007. The release of these Ordinary Shares has resulted in a tax liability on theircurrent value. Therefore the following director(s) has/have sold the followingnumber of Ordinary Shares of the Company at the following price to satisfy thistax liability:- Name Number of Ordinary Share Price Proceeds (£) Shares Sold Frank Condella 145,077 22.75 pence 33,005.02Dr Ken Cunningham 74,321 22.75 pence 16,908.03 Note:- These Agreements were a one-off arrangement to facilitate the recruitment of thedirectors. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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