9th Apr 2009 13:42
9 April 2009
PartyGaming Plc
("PartyGaming", the "Company")
Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons
The following awards over the Company's ordinary shares of 0.015 pence each ("Shares") have today been granted under PartyGaming's long-term incentive plans to the Company's Chief Executive Officer and Group Finance Director:
PartyGaming Plc Executive Share Option Plan ("ESOP")
Under the ESOP Jim Ryan, Chief Executive Officer, has been awarded an annual option over 125,000 Shares and Martin Weigold, Group Finance Director, has been awarded an annual option over 337,500 Shares. These options vest subject to the growth in the Company's Clean Earnings per Share equalling or exceeding 15% per annum in the three-year period from 1 January 2009 to 31 December 2011. Each option is exercisable at 227.0 pence per Share and has been awarded at nil-cost. Unless exercised following the satisfaction of the aforementioned performance condition, these options will lapse on 9 April 2019.
This is the second award to be granted under the ESOP to Mr Ryan. The first award was made in October 2008 over 645,100 Shares. This is the third award to be granted under the ESOP to Mr Weigold. The first award was made in May 2007 over 88,360 Shares and the second award was made in March 2008 over 171,402 Shares.
PartyGaming Plc Performance Share Plan ("PSP")
Under the PSP Mr Ryan has been granted an annual award over 125,000 Shares and Mr Weigold has been granted an annual award over 337,500 Shares. These awards vest subject to the achievement of a total shareholder return ("TSR") performance target over the three-year period from 1 January 2009 to 31 December 2011 compared to the median TSR of a sector comparator group. The threshold for vesting, at which 25% will vest, will be the TSR equalling the median of the comparator group, rising on a straight line basis to 100% vesting if the Company's TSR exceeds the median by 10% per annum calculated over the above-mentioned performance period. Each award has been granted and is exercisable at nil-cost. These PSP awards vest automatically if and when the Company's Remuneration Committee determines the aforementioned performance condition has been satisfied and that actual TSR performance over the three-year period is a genuine reflection of the Company's performance.
This is the second PSP award to be granted to Mr Ryan, who received a PSP award in October 2008 over 645,100 Shares. This is the third PSP award to be granted to Mr Weigold. His first award was made in May 2007 over 88,360 Shares and the second award was made in March 2008 over 171,402 Shares.
PartyGaming Plc Share Option Plan ("Nil-Cost Plan")
In addition to the above annual awards, for the purpose of securing the retention of his services over the next four years, Mr Weigold has been granted an award under the Nil-Cost Plan over 200,000 Shares. This award vests annually in four tranches of 50,000 Shares on 31 December 2009, 31 December 2010, 31 December 2011 and 31 December 2012. This award has been granted and is exercisable at nil-cost. There are no performance conditions attaching to this option which, unless exercised, will lapse on 9 April 2019. Whilst Mr Weigold previously received awards under the Nil-Cost Plan in April 2005 and December 2006, the final vest of Shares under these awards occurred on 31 December 2008.
Contacts:
PartyGaming Plc +350 200 78700
Robert Hoskin, Company Secretary
Related Shares:
BPTY.L