15th Nov 2005 16:25
Bellway PLC15 November 2005 BELLWAY PLC - DIRECTOR'S SHAREHOLDINGS 15TH NOVEMBER 2005 The company was yesterday informed that under the terms of the Bellway plcEmployee Share Trust (1992) (a trust used to reward directors and employees)deferred bonus rights were allocated on 14th November 2005 in respect of 56,812Bellway plc 12.5p ordinary shares to the following executive directors asfollows: J K Watson - 23,987 P J Stoker - 17,675 A M Leitch - 15,150 56,812 The shares are to be held in the Bellway plc Employee Share Trust (1992) untilat least 14th November 2008, at which point they can be transferred into eachindividual executive director's name for a consideration of £1 per director fora period up to 2012. In addition, each director will be entitled to dividendswhich accrue in the three year period which will be settled by way of a scripissue of further shares. In addition, the company was yesterday also informed that under the terms of theBellway plc Employee Share Trust (1992) and the Bellway plc (2004) PerformanceShare Plan (arrangements used to reward directors and employees) the followingdirectors were yesterday conditionally awarded ordinary 12.5p shares in thecompany as follows: J K Watson - 42,083 P J Stoker - 30,510 A M Leitch - 28,406 100,999 The above Awards will vest only if performance targets, are achieved over astated time period (the 'Performance Period'). The shares, which are existingshares, are to be held in the Bellway plc Employee Share Trust (1992) until atleast 14th November 2008. The performance targets applying to this grant of awards will be based on acomparison, over a three year period, of the Total Shareholder Return (TSR) ofthe company, with the return achieved by a group of peer companies. If the TSRachieved by the company is sufficient to place it in the upper quartile, Awardswill vest in full. If it is sufficient to place the company in the top half, theproportion of Awards that will vest will increase on a straight line basis byreference to total shareholder return, from one third of Awards where thecompany has a median ranking to full vesting where its ranking would place it inthe upper quartile. The participating directors will, following the end of the relevant performanceperiod, be notified as to the extent to which performance targets have beenachieved and their Awards have vested. Provided that they remain directors oremployees of the company, they will then have up to six months following thethird anniversary of the date the Awards were made in which to secure therelease of the ordinary shares. The performance period, which is to be used for assessing TSR, commenced on 1stAugust 2005 and ends on 31st July 2008. Following the above transactions, the total number of shares held in the trustis 456,124 (0.40%) (456,124; 0.40%). Of these, the executive directors hold abeneficial interest in 269,596 (0.24%) (212,784;0.19%). Under the terms of the Bellway plc (2004) Performance Share Plan arrangement,certain Bellway plc directors have a potential further beneficial interest in upto 403,517 (0.0.36%) (302,518; 0.27%) shares held in the Trust. In addition, each Bellway executive director has a potential further beneficialinterest in up to nil (0.0%) (nil; 0.0%). The other interests of the directors remain unchanged. Ends This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Bellway