3rd Feb 2006 11:12
Skyepharma PLC03 February 2006 For Immediate Release 3 February 2006 SkyePharma PLC (the "Company") On 31st January 2006, as a result of the operation of the SkyePharma PLCDeferred Share Bonus Plan, the following directors of the Company became thelegal and beneficial owners of the following numbers of Ordinary Shares of theCompany with a value of £0.445 per Share:- Name Number of Ordinary Shares (value £0.445 per Share)Ian Gowrie-Smith 133,250Michael Ashton 207,748Donald Nicholson 106,841 Summary of the Operation of the Plan The Plan provides for a mandatory deferral of a minimum of 50% of the bonusearned by participants for a given financial year in Ordinary Shares of theCompany ("Executive Shares"). The Company provides an award of Ordinary Shares("Matching Shares") based on the gross amount of bonus invested in OrdinaryShares by the relevant participant. These Matching Shares are released to theparticipant on the third anniversary of the date of grant provided that theparticipant remains employed by the Company and has not disposed of any of hisor her Executive Shares during the period. These Ordinary Shares released to the directors of the Company on 31st January2006 are the award of Matching Shares made on 31st January 2003, in respect ofthe bonus earned for FY2002 deferred in Executive Shares, which have beenreleased under the Plan on the satisfaction of the above conditions. The releaseof these Ordinary Shares has resulted in a tax liability on their current value.All the directors of the Company have decided to pay the tax due out of theirown personal resources in order to retain all the Ordinary Shares released. Note:- At the 2004 AGM it was agreed with shareholders that the release of any futureawards of Matching Shares made under the Plan would be subject to thesatisfaction of an additional total shareholder return performance condition. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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