13th Mar 2007 17:54
Beazley Group PLC13 March 2007 Beazley Group Plc 13th March 2007 Beazley Group plc (the "Company") Exercise of Pre IPO Options and sale of shares On 12th March 2007 the following Directors exercised Pre IPO options that hadvested and sold interests in ordinary shares. Previous Pre IPO Existing Total Current % shareholding shares Shares shares shareholding holding exercised at Sold sold 71.44p per shareA F Beazley 7,117,850 747,438 747,438 7,117,850 1.9%N H Furlonge 2,510,831 307,769 1,250,000 1,557,769 1,260,831 0.3%J G Gray 3,381,749 615,537 615,537 3,381,749 0.9%N P Maidment 2,958,251 659,504 659,504 2,958,251 0.8%J G Rowell* 4,783,608 439,670 327,116 4,896,162 1.3%C A Washbourne - 364,925 364,925 - 0.0% 20,752,289 3,134,843 1,250,000 4,272,289 19,614,843 The Directors in aggregate hold 5.4% of the issued share capital. The shares were sold at an average price of 143p per share The Pre IPO Options were awarded in November 2002 at the time of Listing ofBeazley on the Stock Exchange. These options had testing performance conditionsthat required the Total Shareholder Return to be 110% of the exercise price of71.44p (the Listing price having adjusted for the Rights Issue in November2004). This performance condition was met in January 2007 and 75% of the sharesawarded have now vested. The Directors have taken this opportunity to eithersell sufficient shares to fund the exercise price and tax liabilities or to sellall the options that have exercised. In addition, Nick Furlonge has taken thisopportunity to sell part of his holding. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Beazley