9th Apr 2013 15:00
LOW & BONAR PLC (the "Company")
This notification is made in accordance with DTR 3.1.4(1)(a).
Nil cost options (each an "Option") were granted over ordinary shares in the Company, under the terms of the 2013 Low & Bonar Long Term Incentive Plan (the "Plan"), to directors and persons discharging managerial responsibilities ("PDMR") of the Company on 9 April 2013 following approval of the Plan at the Annual General Meeting of the Company on 9 April 2013:
Director | Number of shares under the Option | Total number of shares held under Options and other awards* following grant |
Steve Good, Chief Executive Officer | 575,993 | 3,298,356 |
Mike Holt, Group Finance Director | 437,710 | 2,384,437 |
Orwig Speltdoorn, Managing Director, Bonar | 248,470 | 916,648 |
*Conditional share awards made under the 2003 Low & Bonar Long Term Incentive Plan which are still outstanding. For Mr Speltdoorn, also includes "phantom" share options awarded in 2006 relating to 101,517 shares which have vested and which remain exercisable at an option price of £1.08.18 per share. If such options were exercised, Mr Speltdoorn would receive an amount payable in cash equivalent to the net sum which would be generated by exercising the option at the stated option price and immediately selling the shares.
No consideration was paid for the grant of any Option.
Each Option will normally vest on the third anniversary of grant subject to the continued employment of the participant and the satisfaction of performance conditions set by the Remuneration Committee of the Company. To the extent that the Options vest, the participant may call for shares during a period of twelve months from the date of vesting (or such longer period as the Remuneration Committee of the Company may allow).
In addition to the Options referred to above, under the terms of the Company's Save As You Earn Scheme, the following options are also held:
Director | Number of shares under the Option |
Steve Good, Chief Executive Officer | 10,543 |
Mike Holt, Group Finance Director | 36,039 |
Orwig Speltdoorn, Managing Director, Bonar | 13,229* |
*Mr Speltdoorn has applied to participate in the Scheme in 2013, but options have not yet been granted to him. These options are expected to be granted on 11 April 2013.
The Company was informed of the above transactions on 9 April 2013.
For further information, please contact:
Low & Bonar PLC
Matthew Joy, Company Secretary 020 7535 3180
Related Shares:
LWB.L