13th Dec 2006 15:51
British Land Co PLC13 December 2006 The Company announces that it received notification yesterday from the Trusteesof The British Land Share Ownership Plan (the 'Trust') that on 12th December2006 the Trust released 257,250 ordinary 25p shares of the Company toparticipants in the Company's Long-Term Incentive Plan (the 'Plan'), pursuant toan award made on 12th December 2003, which vested on attainment of theperformance target. The Company also received notification from the Trustyesterday that it purchased 240,000 ordinary 25p shares of the Company at aprice of 1566.5p per share. The Trust is a discretionary Trust established for the benefit of employees,including Executive Directors and Persons Discharging ManagerialResponsibilities of the Company, to facilitate the operation of its shareincentive schemes. Executive Directors and Persons Discharging ManagerialResponsibilities of the Company who are participants in these schemes areconsequently considered to be interested in the shares held by the Trust, asdiscretionary beneficiaries. The Trust also notified the Company yesterday that, of the above shares releasedby the Trust, some were released to Executive Directors and Persons DischargingManagerial Responsibility of the Company as shown in the table below. 90,000options awarded on 12th December 2003 under this Plan also vested yesterday, onattainment of the performance target, for Executive Directors and PersonsDischarging Managerial Responsibility as shown in the table below: Shares at nil Options at 552p per consideration shareDirector Tim Roberts 10,000 30,000 PDMR Tony Braine 10,000 30,000 Peter Clarke 10,000 30,000 Following this vesting, on 12th December 2006, Tony Braine sold 10,000 shares,Peter Clarke sold 10,000 shares and Tim Roberts sold 4,100 shares, all at anaverage price of 1551.3p per share. Also, on 12th December 2006, Tony Braine exercised the above options over 30,000shares, sold 25,492 of these shares at an average price of 1565.5p per share andtransferred 4,508 shares to his wife, Rosamund Braine, who sold those 4,508shares at an average price of 1565.5p per share. Also, on 12th December 2006, Peter Clarke exercised the above options over30,000 shares, then sold 25,491 of these shares at an average price of 1565.5pper share, and transferred 4,509 shares to his wife, Virginia Clarke, who soldthose 4,509 shares at an average price of 1565.5p per share. 13th December 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
British Land