23rd Dec 2011 07:00
Xaar plc
Issue of Options
23 December 2011
Xaar plc (the "Company")
Notification of Dealings in the Company's shares by Persons Discharging Managerial Responsibility ("PDMRs") and connected persons.
The Company has previously granted awards over the Company's ordinary shares ("Shares") under the Xaar plc 2007 Long Term Incentive Plan (the "LTIP"), which was approved by shareholders in 2007. The LTIP permits the grant of awards in the form of "Allocations" or "Options". Shares subject to an Allocation are transferred to a participant for nil cost as soon as reasonably practicable following the vesting of the Allocation. Following the vesting of an Option, a participant can, ordinarily, choose when to exercise the Option up to the tenth anniversary of the Award Date; Options can be granted with a nil exercise price. Awards granted under the LTIP have previously been granted in the form of Allocations.
With effect from 22 December 2011 Allocations held by continuing employees were converted into Options with a nil exercise price. The other terms of the awards (including the Performance Condition and the number of shares subject to the awards) were not amended. This included the conversion of the following Allocations held by PDMRs.
PDMR | Award Date of Allocation | Number of shares subject to Allocation |
Ian Dinwoodie | 1 April 2009 | 330,357 |
22 November 2010 | 89,573 | |
11 April 2011 | 88,889 | |
Phil Eaves | 1 April 2009 | 258,928 |
22 November 2010 | 70,616 | |
11 April 2011 | 73,149 | |
Ramon Borrell | 1 April 2009 | 205,357 |
22 November 2010 | 56,872 | |
11 April 2011 | 60,844 | |
3 May 2011 | 40,000 | |
Ted Wiggans | 11 April 2011 | 43,556 |
Alex Bevis | 11 April 2011 | 43,556 |
Following conversion to Options, the awards noted above may ordinarily be exercised after three years from award date. The awards expire at ten years from award date.
The above notification is intended to satisfy the Company's obligations under Disclosure and Transparency Rule 3.1.4.
Enquiries
Xaar plc
Alex Bevis - Finance Director +44 (0) 1223 423 663
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Xaar