Director Shareholding

RNS Number : 6462R

LSL Property Services

25 August 2010

 



Director/PDMR Shareholding

25^th August 2010 -

LSL Property Services plc

25^th August 2010

Directors - Interest in Shares

2010 Joint Share Ownership Plan (the "JSOP")

In accordance with Disclosure Rule 3.1.4R, LSL Property Services plc (the "Company") announces that pursuant to the rules of the JSOP, the following Director of the Company was granted awards on 24^th August 2010, in the form of an interest in jointly owned shares (i.e. ordinary shares held in co-ownership with the LSL Property Services plc Employee Benefit Trust) and a stock appreciation right.

Name of Director	Number of LSL Property Services plc ordinary shares held in co-ownership with the Employee Benefit Trust	Number LSL Property Services plc of ordinary shares over which stock appreciation right granted
Stephen Andrew Cooke	70764	70764

In respect of the jointly owned shares, the above Director have entered into a co-ownership agreement with the trustees of the Employee Benefit Trust. Under the terms of each co-ownership agreement the participant has a right to receive a proportion of the sale proceeds in so far as the value of the shares on disposal exceeds £3.20 per share and a performance target is satisfied. The interests vest on 24^th August 2013.

In addition, the above Director was granted stock appreciation rights which entitle them to the growth in the value of a share from £2.685 up to £3.20. SARs may be settled in shares or cash at the discretion of the Company. The stock appreciation rights first become exercisable on 24^th August 2013. No amount was paid by the Director in respect of the grant of the stock appreciation right.

Vesting of the awards is conditional on the Company's earnings per share performance meeting an absolute performance target over a period of three financial years starting with the financial year in which the award is granted.

Long Term Incentive Plan (the "LTIP")

An addendum to the rules of the LTIP provides for the grant of options that meet the CSOP legislation to employees and directors of the Company (the "UK Approved Addendum").  The Company's board granted options on 24^th August 2010 under the UK Approved Addendum to the following Director.

Name of Director	Number of LSL Property Services plc ordinary shares over which LTIP Award granted on 24th August 2010
Stephen Andrew Cooke	11, 870

The options granted comprise a right to subscribe for ordinary shares for an exercise price of £ 2.52 per ordinary share.  In accordance with the terms of the UK Approved Addendum to the LTIP, no consideration was payable by the participants on the grant of the options and the exercise price per ordinary share was equal to the market value of an ordinary share on the date of grant of the option. The options first become exercisable on 24^th August 2013.

This notification is made in accordance with Disclosure and Transparency Rule 3.1.2.

Simon Embley

Chief Executive Officer

LSL Property Services plc 

 

END

 

 

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