14th Apr 2014 12:36
St. Modwen Properties PLC
(the "Company")
Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons
In accordance with DTR 3.1.4R (1), St. Modwen Properties PLC announces that on 11th April 2014 the executive directors exercised awards over ordinary shares granted under the Company's 2007 Performance Share Plan ("PSP") and 1997 Executive Share Option Scheme ("ESOS") and have increased their shareholdings in the Company as set out below.
PSP
PSP awards exercised were structured as nil-cost options. In accordance with the rules of the PSP, executive directors received an additional amount of shares equal to the dividends paid between the date of grant and the date of exercise on the number of shares which vested. Shares were subsequently sold at a price of £3.81 per share to settle the tax liability which arose on exercise.
Director & PDMR | Awards exercised | Options exercised (including dividend equivalent shares) | Shares sold | Shares retained |
Bill Oliver | 2009, 2010 & 2011 | 604,181 | 283,966 | 320,215 |
Steve Burke | 2011 | 218,126 | 102,520 | 115,606 |
Mike Dunn | 2011 | 238,290 | 111,997 | 126,293 |
|
| 1,060,597 | 498,483 | 562,114 |
ESOS
In addition, Steve Burke exercised an ESOS award granted in 2004 comprising an option over 46,315 shares which had an exercise price of £2.3631 per share. All shares were subsequently sold at a price of £3.81 per share.
Directors' Interests
As a result of the above transactions, the interests of the executive directors and their connected persons in the Company's ordinary shares have been increased as follows:
Director & PDMR | Holding prior to PSP/ESOS exercises | Shares retained from exercises | Resultant total holding | % of issued share capital |
Bill Oliver | 527,469 | 320,215 | 847,684 | 0.383% |
Steve Burke | 364,883 | 115,606 | 480,489 | 0.217% |
Mike Dunn | 96,568 | 126,293 | 222,861 | 0.101% |
| 988,920 | 562,114 | 1,551,034 |
|
14th April 2014
Related Shares:
SMP.L