28th Feb 2008 12:30
Logica - Restricted Share Award to Andy Green
Following a notification made in accordance with DR 3.1.4(R)(1)(a) LogicaCMG plc ("the Company") wishes to notify the following changes in the interests of Andy Green, a person discharging managerial responsibility ("PDMR"), arising out of the grant of conditional awards of ordinary shares in the Company ("Shares").
In accordance with the contractual arrangements relating to his recruitment, Mr Green was on 27 February 2008 granted conditional awards over a total of 2,110,967 Shares ("the Restricted Share Awards"). These Restricted Share Awards were designed to provide equivalent expected value to Mr Green to that of performance related awards granted by his previous employer which lapsed when he resigned to become CEO of the Company.
The Restricted Share Awards will vest as follows, subject generally to Mr Green remaining in employment with the Company at each vesting date:
Number of Shares Vesting Date under award 703,642 31 March 2008 445,193 31 March 2009 645,169 31 March 2010 316,963 31 March 2011
The Remuneration Committee considered the grant of the Restricted Share Awards essential to secure Mr Green's services, and is satisfied that the awards are appropriate and will align Mr Green's interests with those of shareholders. The vesting of the Restricted Share Awards is not subject to satisfaction of a corporate performance condition.
For further information in respect of this announcement please contact :
Investor relations: Karen Keyes / Frances Gibbons, +44 (0) 20 7446 4341,
+44 (0) 7801 723 682
Media relations: Louise Fisk +44 (0) 20 7446 2887, +44 (0) 7798 857 770
LOGICACMG PLCRelated Shares:
LOG.L