6th Mar 2009 15:27
For immediate release
THE DAVIS SERVICE GROUP PLC
(the "Company")
Notification of interests of Directors and Persons Discharging Managerial Responsibility ("PDMR")
The Company announces the following changes to the interests of Directors and PDMRs in the Company's ordinary shares of 30p each ("Shares").
The Davis Service Group Deferred Bonus Share Plan 2006
On 5 March 2009, awards granted on 5 March 2007 under the terms of the Davis Service Group Deferred Bonus Share Plan 2006 ("DBSP"), vested in full ("Awards"). Details of the Awards that vested are set out in the table below. On the same date and in order to discharge the relevant tax obligations that arose on vesting, one PDMR decided to sell a number of Shares at a price of 257 pence per Share.
Executive Directors
|
Name |
Role |
Vested DBSP Award (number) |
Number of Shares sold to discharge tax obligations |
|
I R Dye |
Chief Executive |
8,838 |
N/A |
|
K Quinn |
Finance Director |
5,155 |
N/A |
PDMRs
|
Name |
Role |
Vested DBSP Award (number) |
Number of Shares sold to discharge tax obligations |
|
S R Finch |
Managing Director: UK/Eire Region |
5,913 |
2,430 |
|
P L Havéus |
Managing Director Continent Region |
5,695 |
N/A |
|
D A Lawler |
Company Secretary |
3,703 |
N/A |
The Davis Service Group Performance Share Plan 2006 and the DBSP
On 5 March 2009, the Company granted the following share-based conditional Awards under both the Davis Service Group Performance Share Plan 2006 ("PSP") and the DBSP.
|
Name |
Role |
DBSP Award (number) |
PSP Award (number) |
Executive Directors
|
I R Dye |
Chief Executive |
13,597 |
200,562 |
|
K Quinn |
Finance Director |
7,896 |
121,604 |
PDMRs
|
C Ellegaard |
Managing Director, Nordic Region |
18,134 |
164,207 |
|
S R Finch |
Managing Director, UK/Eire Region |
7,601 |
117,382 |
|
P L Havéus |
Managing Director, Continent Region |
8,664 |
164,207 |
|
D A Lawler |
Company Secretary |
7,896 |
90,358 |
Under the DBSP, a percentage of a participant's annual bonus is deferred for two years into an Award over Shares. Awards granted under the DBSP will vest on 5 March 2011, but only to the extent that the participant is still employed in the Davis Service Group at that time. Other than the application of a percentage of the annual bonus in the acquisition of Shares, no consideration is payable on the grant or vesting of an Award.
Awards granted under the PSP will vest on 5 March 2012, but only to the extent that certain performance conditions, based on earnings per share and return on invested capital, are satisfied by the Company over a three year performance period which commenced on 1 January 2009. No consideration is payable on the grant or vesting of an Award.
To the extent that an Award vests under either the DBSP or the PSP, a participant will, at that time, be entitled to receive additional Shares of an amount equivalent to the dividends that would have been paid on the Shares comprised in their Award over the vesting period.
The notification of these Awards is intended to satisfy the Company's obligations under Disclosure and Transparency Rule 3.1.4(1).
David Lawler
Company Secretary
Related Shares:
Berendsen