6th Apr 2011 10:36
6 April 2011
AMEC plc - DIRECTORS' DEALINGS
Performance Share Plan 2002 ("the Plan")
Pursuant to our obligations under Disclosure Rule 3.1.4, we hereby advise you that the Company has been notified of transactions carried out on 5 April 2011 by Directors of AMEC plc, in connection with the Plan, as follows:
The overall level of vesting of AMEC Ordinary Shares detailed below, awarded to Directors in 2008 as Restricted Shares, was 83.5%. This represented satisfaction of the performance conditions, in accordance with the rules of the Plan, of 100% on fulfilment of Earnings per Share and 67% on Total Shareholder Return. The vested shares became free of restrictions, and the unvested portion has lapsed.
BWCI Trust Company Limited, as the Trustees of the Plan, sold shares at 1192 pence per share on behalf of the Directors listed below to meet the tax liability arising on the vesting of the following awards:
Director | Shares Vested | Shares Lapsed | Shares Sold | Shares Retained |
Mr S Y Brikho | 174,441 | 34,471 | 36,633 | 137,808 |
Mr N A Bruce | 62,099 | 12,272 | 31,671 | 30,428 |
Mr I P McHoul* | N/A | 19,907 | N/A | N/A |
* Mr McHoul's 2008 award does not vest until 8 September 2011, the third anniversary of his joining AMEC, and a further announcement will be made at that time.
Also, in accordance with the terms of the Plan, the following Restricted Shares (being conditional awards of shares and as defined in the rules of the Plan) have been granted to the Executive Directors on 5 April 2011. No consideration is payable for the grant of the awards.
Director Restricted Shares
Mr S Y Brikho 146,893
Mr N A Bruce 75,501
Mr I P McHoul 81,655
Further, on 5 April 2011, Mr McHoul purchased 5,103 shares at 1192 pence per share. This dealing was related to the Plan.
Transformation Incentive Plan ("the TIP")
AMEC plc also advises of the following lapse of interests in the TIP, which were awarded in 2008, following the determination of the outcome of the performance conditions:
Director | Lapse of Interest | Outstanding Interest
| Expected Vesting Date
|
Mr S Y Brikho | 120,292 | 426,488 | 15 May 2011 |
Mr N A Bruce | 28,549 | 101,219 | 30 May 2011 |
Mr I P McHoul | 45,179 | 160,181 | 22 September 2011 |
Confirmation of vesting, which will happen on individual dates as shown above, will be made at the appropriate time.
Following these transactions, the share holdings of Messrs Brikho, Bruce, and McHoul are as follows:-
Mr Brikho holds 1,276,848 ordinary shares in the Company (representing 0.38% of the voting rights in the Company). Mr Brikho also has an interest in 684,341 Restricted Shares in the Performance Share Plan 2002 and 426,488 shares awarded under the Transformation Incentive Plan.
Mr Bruce holds 105,152 ordinary shares in the Company (representing 0.03% of the voting rights in the Company). Mr Bruce also has an interest in 269,200 Restricted Shares under the Performance Share Plan 2002 and 101,219 shares awarded under the Transformation Incentive Plan.
Mr McHoul holds 88,089 ordinary shares in the Company (representing 0.03% of the voting rights in the Company). Mr McHoul also has an interest in 481,147 Restricted Shares under the Performance Share Plan 2002, 160,181 shares awarded under the Transformation Incentive Plan and 1,512 shares under the Savings Related Share Option Scheme.
K A Hand
Assistant Company Secretary
Related Shares:
AMFW.L