27th Jun 2005 15:56
Transco Holdings PLC27 June 2005 Monday 27 June 2005 Transco Holdings plc Notification of Changes in Directors' Interestsin shares of National Grid Transco plc ('NGT')------------------------------------------------------------- Following operation of the Share Matching Plan, on Friday 24 June 2005, TranscoHoldings plc notifies the following changes to its Directors' interests in NGTOrdinary Shares. Share Matching Plan --------------------------------------------------------The following directors have acquired additional Ordinary shares, which werepurchased on their behalf, by Towers Perrin Share Plan Services (Guernsey)Limited as Trustee of the National Grid Transco Group Employee Share Trust, at aprice of 528.5p per share. Shares Purchased:1. Mr C Buck 6982. Mr M Cooper 2,4263. Mr M Fairbairn 1,2474. Mr S J Holliday 5,8325. Mr S Lucas 8,633 Following these purchases, each director has been granted a matching award underthe Share Matching Plan calculated under the Rules of the Scheme at a price of527p. The award is exercisable at nil cost, from 24 June 2008 to 24 June 2015subject to the retention of the original shares until the date of exercise. Matching Awards:1. Mr C Buck 1,1952. Mr M Cooper 4,1533. Mr M Fairbairn 2,1344. Mr S J Holliday 9,9835. Mr S Lucas 14,778 Executive Share Option Plan- Lapse of options Options were granted to directors under the NGT Executive Share Option Plan asfollows: Director Date of Grant Number of shares over which options grantedSteven Holliday 30.03.2001 150000 18.06.2002 95016 These options were subject to a performance condition which was required to bemet as a condition of exercise. This performance condition required TSR,measured over a period of three years beginning with the financial year in whichthe option was granted, to be at least median compared to a comparator group ofcompanies. For the options granted in 2001, this performance condition was not satisfied atthe end of the first three years of the performance period. It has subsequentlybeen retested as at 31 March 2004 and 31 March 2005, and as a result the optionshave lapsed in full. For the options granted in 2002, the performance condition was partly satisfiedat the end of the first three years of the performance period. As a result theoptions have lapsed to the following extent: Director Number of shares in respect of which option has lapsedSteven Holliday 183,749 and will become exercisable as to the balance on the third anniversary of thedate of grant. The total share interests of the above directors, following these changes, are:1. Mr C Buck 124,7962. Mr M Cooper 154,2493. Mr M Fairbairn 208,8314. Mr S J Holliday 462,3515. Mr S Lucas 529,567 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
National Grid