24th Mar 2005 10:54
WPP Group PLC24 March 2005 FOR IMMEDIATE RELEASE 24 March 2005 WPP GROUP PLC ("WPP") Directors' Share Interests WPP was notified yesterday of changes in the shareholdings of directors pursuantto the grant, exercise and satisfaction of various awards and certain dealingsin shares in WPP as follows: JMS Financial Services Limited ("JMS") (a company in which Sir Martin Sorrell isinterested) has exercised its interests, pursuant to phantom options granted in1993 and 1994, in 1,571,190 shares (exercise price 52.5p) and 577,391 shares(exercise price 115p) respectively. At the time of exercise the WPP share pricewas 617.5p resulting in a cash award being due to JMS, which it was required tosubscribe for 1,907,468 newly issued shares at a subscription price of 617.5pper share. JMS's interest in 313,976 shares, pursuant to the terms of the WPP PerformanceShare Plans ("PSP"), for the periods 1999 - 2001, 2000 - 2002 and 2001 - 2003,has vested. JMS's interest in 279,275 of these shares had been deferred fromearlier awards under the PSP, the value of each award being determined byreference to the WPP share price at the end of the relevant performance periodat prices ranging from 474.5p to 760p per share. The award was satisfied in theform of a cash payment to JMS and to Sir Martin totaling in aggregate£2,080,620.10. For many years, Sir Martin Sorrell has provided his services to WPP (apart fromthose provided to WPP Group USA Inc) through JMS. From 1 April 2005, Sir Martinwill provide all of his services to WPP directly. At the same time as the change in the provision of Sir Martin's services to WPP,JMS has sold 792,797 WPP shares to the JMS Retirement Benefit Scheme ("JMS RBS")(in which Sir Martin is interested) at a price of 617.5p per share andcontributed a further 666,213 WPP shares to the JMS RBS. In addition, JMS has sold 4,115,961 WPP shares, of which 1,116,958 shares wereacquired and retained by the WPP Group plc UK ESOP (the "ESOP") to be used tosatisfy share awards to employees of the group. A further 2,999,003 shares wereacquired by Sir Martin personally. The purchase from JMS and the sale to SirMartin were carried out as a series of simultaneous transactions effectedthrough the ESOP and all effected at a price of 617.5p per share. Following these transactions, at today's date Sir Martin Sorrell and his familyinterests are interested in or have rights in 15,639,437 shares representing1.237% of the issued share capital of WPP (excluding 4,129,664 shares which isthe maximum number of matching shares under the 2004 LEAP award, the performanceperiod for which expires on 31 December 2007). Mr Paul Richardson has sold 234,824 WPP shares at a price of 614p per share on23 March 2005. WPP has also been notified of the vesting of a total of 10,816shares pursuant to Mr. Richardson's 2000-2002 and 2001-2003 PSP awards. MrRichardson sold 4,816 of these shares to fund income tax and employee nationalinsurance charges on the award. Mr Richardson's beneficial holding is 226,176shares representing 0.018% of the issued share capital of WPP. Ms Beth Axelrod has also notified WPP of the vesting of 4,859 shares from the2001-2003 PSP, all of which have been sold. Ms Axelrod's beneficial holding is75,720 shares representing 0.006% of the issued share capital of WPP. For further information, please contact:Feona McEwan, WPP 44-20 7408 2204www.wpp.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
WPP