5th Oct 2005 12:50
Close Brothers Group PLC05 October 2005 Close Brothers Group plc Close Brothers Group plc wish to notify the following changes in the interest inordinary shares ("Shares") arising out of the operation of its Long TermIncentive Plan 2004("LTIP"). On 3 October 2005, options to acquire Shares at nil cost ("Awards") were grantedunder the LTIP to the following directors and Persons Discharging ManagerialResponsibility ("PDMRs") as set out below. The numbers of Shares stated are themaximum available to each director and PDMR on satisfaction, in full, of theperformance targets described below. Director Ordinary shares under Awards M.A. Hines 22,771S.R.Hodges 63,760C D. Keogh 85,013D.C. Pusinelli 57,384P.L. Winkworth 63,760 PDMR M.J. Barley 30,361J.S. Sieff 37,952 Vesting of these Awards will be conditional on the achievement of two distinctperformance targets. Vesting of two thirds of the Shares under an Award will bebased on the Company's Earnings Per Share ("EPS") growth exceeding a range oftargets above the rate of growth of the Retail Prices Index ("RPI"). Vesting ofthe remaining one third of the Shares under an Award will be based on acondition measuring the Company's total shareholder return ("TSR") performancerelative to a comparator group of 24 other companies from the FTSE 350Speciality and Other Financial Index and FTSE 350 Banks Index. The earliest date on which the directors and PDMRs could normally becomeentitled to call for the Shares comprised in the Awards is 3 October 2008, whichis the third anniversary of the date on which these Awards were granted. The Company's Remuneration Committee will make a payment in cash or in Shares toparticipants on the vesting of their Awards equivalent to the amount ofdividends they would have been entitled to receive during the performance periodin respect of those Shares that vest. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Close Bros