Director/PDMR Shareholding

RNS Number : 2253H

British Land Co PLC

24 May 2011

 



Director / PDMR Shareholding

Matching Share Plan ("MSP") - Vesting

The Company announces that on 23 May 2011 Matching Shares awarded to Lucinda Bell, Graham Roberts and Tim Roberts, Directors of the Company and to Tony Braine and Nigel Webb, Persons Discharging Managerial Responsibilities ('PDMRs'), vested on full satisfaction of the MSP's Total Shareholder Return Performance Test as detailed in the table below. At the same time Matching Shares awarded to these Directors and PDMRs, lapsed entirely, as detailed in the table below, as the MSP Earnings Per Share Performance Test was not met.

Under the terms of the MSP, Bonus Shares that had been purchased on 20 May 2008, using the individuals' retained bonuses, and held according to the terms of the MSP, were also released.   

	Bonus Shares released	Matching Shares Vesting subject to TSR Test	Matching Shares Lapsing subject to EPS Test
DIRECTOR
Lucinda Bell	3,014	4,762	4,762
Graham Roberts	7,236	11,431	11,431
Tim Roberts	10,554	16,672	16,672
PDMR
Tony Braine	1,896	3,000	3,000
Nigel Webb	4,822	7,620	7,620

Of the above shares that were released or vested, Lucinda Bell sold 2,485, Graham Roberts sold 11,431, Tim Roberts sold 27,226, Tony Braine sold 4,896 and Nigel Webb sold 12,442, all at a price of 576.14p per share. The remaining shares have all been retained by the individuals. 

Matching Share Plan ("MSP") - Purchase and Award

The Company also announces that on 24 May 2011 Chris Grigg, Lucinda Bell, Charles Maudsley, Tim Roberts and Steve Smith, Directors of the Company, and Nigel Webb and Ben Grose, Persons Discharging Managerial Responsibilities ('PDMRs'), purchased ordinary 25p shares in the Company, at a price of 573p per share, to be held subject to the rules of the Company's MSP, as shown in the table below. 

Following this purchase, in accordance with the Rules of the MSP, the above Directors and PDMRs were conditionally awarded a right to receive a number of ordinary 25p shares in the Company at nil consideration, as shown in the table below.

These awards will conditionally vest on the third anniversary of grant, subject, inter alia, to achievement of the performance conditions and continued employment.

Director	Shares purchased	Conditional Award
C Grigg	33,507	133,222
L Bell	6,783	26,968
C Maudsley	14,240	56,618
T Roberts	14,240	56,618
S Smith	14,240	56,618
PDMR
B Grose	4,886	19,428
N Webb	6,980	27,754

 

END

 

 

RDSDZLFLFEFLBBF