27th Mar 2006 12:02
Lookers PLC27 March 2006 27 March 2006 LOOKERS PLC DIRECTORS' INTERESTS IN SHARES ALLOTMENT OF SHARES AND GRANT OF OPTIONS PURSUANT TO THE LOOKERS KEY EXECUTIVE INCENTIVE PERFORMANCE PLAN AND THE LOOKERS MATCHING SHARE PLAN RULE 2.10 Lookers plc ("Lookers" or "the Company") announces that on 24 March 2006 a totalof 90,230 ordinary shares of 25p each in the capital of the Company wereallotted to senior executives of the Company pursuant to the rules of theLookers Key Executive Incentive Performance Plan, at a price of 707.7 pence pershare (being the average closing price of the Company's shares on the OfficialList for the ten dealing days preceding the date of allotment). At the sametime options over a total of 180,460 ordinary shares of 25p each in the capitalof the Company were granted to those executives pursuant to the rules of theLookers Matching Share Plan. Individual notification of these transactions by directors and personsdischarging managerial responsibility is being made separately in accordancewith the Disclosure Rules and the City Code on Takeovers and Mergers. In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, Lookersconfirms that following the allotment and issue of the 90,230 new ordinaryshares referred to above, and a further 58,965 new ordinary shares following theexercise of options granted under the Lookers Company Share Option Scheme, theissued share capital of Lookers will comprise 35,876,279 ordinary shares of 25peach. Enquiries: Lookers plc David Blakeman Company Secretary Telephone: 0161 291 0043 Notes: The Lookers Key Executive Incentive Performance Plan was adopted by Lookersshareholders at the 2003 annual general meeting. It enables executive directorsand certain senior executives to earn cash bonuses dependent upon the growth inearnings per share over a three year performance period, the first of whichended on 31 December 2005. Where such bonuses are paid, participants arerequired by the rules of the Plan to invest a minimum of 20% of their net bonuspayment in Lookers shares, and may elect to invest up to a further 30% of theirnet bonus payment in Lookers shares. Each participant has elected to invest themaximum of 50% of his net bonus payment in Lookers shares. The Lookers Matching Share Plan was adopted by Lookers shareholders at the 2005annual general meeting. It provides for the grant of options to subscribe forLookers shares to those participants who have acquired Lookers shares inaccordance with the rules of the Key Executive Incentive Performance Plan,initially on the basis of two new shares for every share acquired. The exerciseprice for these options is the nominal value of 25p per share, and, subject tothe achievement of further performance conditions, the options will becomeexercisable three years after the date of grant. The proportion of optionsexercisable will vary between nil and 100% dependent on the achievement offurther growth in earnings per share over that three year period. In accordancewith the rules of the Plan, and with the approval of the remuneration committee,options were granted to certain senior executives of the Company on 24 March2006 over a total of 180,460 ordinary shares. -------------------------- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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