16th Jun 2008 15:19
OpSec Security Group plc-
16th June 2008
Directors' shareholdings and awards under Long Term Incentive Scheme
On 10th June 2008 a total of 640,000 Shares awarded in 2005 under the LTIS Scheme vested following the satisfaction of the relevant performance conditions. Mark Turnage and Mike Angus received 200,000 and 160,000 Shares respectively.
On the same day a total of 102,101 matching Shares awarded in 2005 vested following the satisfaction of the related performance conditions. Mark Turnage and Mike Angus received 41,976 and 34,922 Shares respectively.
To enable the individuals receiving Shares to cover their tax bill The OpSec Security Group Employee Benefit Trust ("the Trust") purchased 69,000 Shares back from the recipients of the Shares on 16th June 2008 at a price of 46.5 pence per Share being the closing middle market price on 9th June 2008. Neither Mark Turnage nor Mike Angus sold any Shares back to the Trust.
As part of the acquisition of P4M Partners4Management GmbH the managing directors of that business were required to invest part of their proceeds in Shares of OpSec Security Group plc. As part of that requirement the Trust sold 178,870 Shares to the individuals concerned on 16th June 2008 at a price of 46.5 pence per Share being the closing middle market price on 9th June 2008.
Following all of these transactions Mark Turnage now holds 1,513,752 Shares and Mike Angus now holds 495,562 Shares. These holdings represent 2.84 % and 0.93% of the Company's issued share capital respectively. The Trust now holds 2,362,551 Shares, representing 4.43% of the Company's issued share capital.
The Company also announces that on 16th June 2008 it made initial awards of up to 900,000 Shares under The OpSec Security Group Long Term Incentive Plan ("the LTIP"). The awards are conditional upon growth in the Company's reported adjusted earnings per share (adjusted for the effects of goodwill, exceptional items and the IFRS charge for share based payments) being equal to or greater than the sum of the retail price index measure of inflation plus 30 per cent over the three years ending 31st March 2011. If this increase is less than the sum of the retail price index measure of inflation plus 15 per cent then no Shares will vest. If the increase is equal to the sum of the retail price index measure of inflation plus 15 per cent then half of the Shares will vest and if the increase is more than 15 per cent but less than 30 per cent then the number of Shares vesting will be between 50 per cent and 100 per cent calculated on a pro rata basis.
Directors Mark Turnage and Mike Angus have been granted initial awards of up to 160,000 and 120,000 Shares respectively.
For further information, please contact:
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OpSec Security Group plc |
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Mark Turnage, Chief Executive ([email protected]) |
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Mike Angus, Finance Director ([email protected]) |
0191 417 5434 |
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Weber Shandwick Financial |
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Nick Oborne/ Stephanie Badjonat |
020 7067 0700 |
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Oriel Securities Ltd |
020 7710 7600 |
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Andrew Edwards/Neil Langford |
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Related Shares:
OSG.L