Director/PDMR Shareholding

Tawa plc

12 April 2010

Director/PDMR Shareholding

Tawa plc ('the Company') announces that on 12 April 2010 it made its annual grant of awards over the Company's Ordinary Shares of 10p each ('the Shares') under the Tawa 2007 Performance Share Plan ('the Plan') to those of its executive directors detailed in the table below.

Name Role Number of shares Total number of

subject to awards awards now held

Gilles Erulin Chief Executive Officer 289,655 1,694,271

David Vaughan Chief Operating Officer 273,103 1,518,255

Awards granted under the Plan will vest on 11 April 2013 provided that certain performance criteria (as set out below), are satisfied by the Company over a three year period. No consideration is payable for the grant of the awards. The receipt of the Shares is conditional upon meeting the performance criteria and the recipient being either an employee or director within the Company's group on 11 April 2013.

Performance conditions

1) One half of the award will be dependent on the compound growth in the Company's Net Asset Value per Share, expressed in the currency of the listing, before dividends over a period commencing 1 January 2010 to 31 December 2012 on the following criteria:

NAV per Share growth during the Percentage of one-half of the total

performance period (average compound) number of Shares subject to the

award that will vest

Less than 7.5% Nil

Equal to 7.5% 25%

Equal to or greater than 15% 100%

Between 7.5% and 15% Pro-rata between 25% and 100% 

2) One half of the award will be dependent on the Company's relative Total Shareholder Return performance against a group of companies comprising the constituents of the FTSE Small Cap (excluding investment trusts) over a single period of three years:

Rank of the Company's TSR

against comparator companies Percentage of one-half of the total number of

at the end of the performance period Shares subject to the award that will vest

Below median Nil

Median 25%

Upper quartile 100%

Between median and upper quartile Pro-rata between 25% and 100%

The notification of these awards is made pursuant to AIM Rule 17 and Schedule 5 to the AIM Rules for Companies.

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