20th Jun 2006 16:36
Development Securities PLC20 June 2006 Development Securities PLC makes awards under its Performance Share Plan 2006 Development Securities PLC has today made the following awards, at nil cost, tothe Executive Directors of the Company under its Performance Share Plan 2006(the "Plan"), which was approved by shareholders at the Annual General Meetingon the 11th May 2006: Conditional Award of Shares M H Marx 83,293 C J Barwick 49,784 P J Willis 49,784 M S Weiner 44,040 The vesting of the shares, representing ordinary shares of 50p each in theCompany, is conditional on the satisfaction of a performance condition measuringDevelopment Securities PLC's total shareholder return ("TSR") against theconstituent members of the FTSE Real Estate Index during the period from 1stJanuary 2006 to 31st December 2008: (i) 25 per cent of the award will vest if the Company TSRequals the median TSR of the comparator group; (ii) 100 per cent of the award will vest if the Company TSRequals or exceeds the 85th percentile TSR of the comparator group; (iii) Pro rata vesting will apply in between the above points. In addition the Remuneration Committee must be satisfied that there has been asustained improvement in the Company's underlying financial performance over theperformance period. These are the first awards made under the Plan. S A Lanes Company Secretary 020 7828 4777 20th June 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
UAI.L