31st Mar 2006 14:38
Low & Bonar PLC31 March 2006 Low & Bonar PLC 31 March 2006 LOW & BONAR PLC Notification of Change in Interests of Directors/PDMRs Low & Bonar PLC (the "Company") wishes to notify the following changes ininterests in ordinary shares ("Shares") arising out of (a) the operation of theCompany's Long-Term Incentive Plan (LTIP) and (b) the Chairman's remunerationarrangements. Awards made to Mr Paul Forman, Group Chief Executive of the Company, and Mr MarkSefton, Divisional Managing Director, Bonar Floors, on 28 March 2003 have vestedin full following the satisfaction of all three performance conditions. Mr Paul Forman-------------- The conditional award made to Mr Forman on 28 March 2003 was in respect of atotal of 838,926 Shares. Following the satisfaction of the three applicableperformance conditions the award has vested in full. In accordance with the LTIP Rules the Shares will be released in three annualtranches as follows: 1. A total of 279,642 Shares were released to Mr Forman on 30 March 2006.Mr Forman sold 150,000 of these shares on 30 March 2006, principally to satisfyhis liability to income tax and national insurance contributions in respect ofthe released shares, at a price of 130 pence per Share. Mr Forman's resultantholding is 139,642 Shares (0.137% of the Company). 2. Subject to Mr Forman remaining in the employment of the Company, thesecond tranche of 279,642 Shares will be released to him on 28 March 2007 andthe final tranche of 279,642 Shares will be released to him on 28 March 2008. Mr Mark Sefton-------------- The conditional award made to Mr Sefton (who is a PDMR but not a director of theCompany) on 28 March 2003 was in respect of a total of 242,356 Shares. Followingthe satisfaction of the three applicable performance conditions the award hasvested in full. In accordance with the LTIP Rules the shares will be released in three annualtranches as follows: 1. A total of 80,786 Shares were released to Mr Sefton on 30 March 2006.Mr Sefton sold all of these shares on 30 March 2006 at a price of 130 pence perShare. As a result, Mr Sefton has no Shares. 2. Subject to Mr Sefton remaining in the employment of the Company, thesecond tranche of 80,785 Shares will be released to him on 28 March 2007 and thefinal tranche of 80,785 Shares will be released to him on 28 March 2008. Mr Duncan Clegg--------------- In accordance with the Chairman's Service Contract with the Company, the Companyannounces that 8,428 Shares were today transferred to Duncan Clegg by HillSamuel Offshore Trust Company Limited as trustee of the Low & Bonar 1995Employees' Share Ownership Plan Trust (the "Trustee"). The transfer of theseShares to Mr Clegg represents the after-tax share element due in respect of theperiod 1 June 2005 to 30 November 2005. Mr Clegg has agreed to retain the shares received under his Service Contract forthe period of his Chairmanship. Mr Clegg's resultant holding is 52,143 Shares(0.0512% of the Company). Trustee Shareholding---------------------On 30 March 2006, the Trustee subscribed for 1,081,282 Shares at a price of 132pence per Share for the purpose of satisfying LTIP awards and purchased a totalof 30,778 Shares at a price of 130 pence per Share in order to satisfy this andfurther obligations under the Company's arrangement with the Chairman. Followingthis purchase of Shares and the allotment of Shares to satisfy the vested butunreleased awards to Messrs Forman and Sefton the Trustee holds a total of1,088,763 shares, being 1.07% of the Company. Messrs Clegg and Forman are forCompanies Act purposes deemed to be interested in all these 1,088,763 Shares. - End - This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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