Director/PDMR Shareholding

RNS Number : 8673W

Workspace Group PLC

17 June 2008

 



WORKSPACE GROUP PLC

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PDMRs

Workspace Group PLC ('the Company') announces that on 13 June 2008, awards over the Company's ordinary shares of 10 pence each ('Shares') were granted to the following Executive Directors and Persons Discharging Managerial Responsibility ('PDMRs') of the Company. Awards were granted under the Company's Long-Term Equity Incentive Plan (the 'Plan') that was approved by the Company's shareholders on 23 April 2008.

1.    Performance Share Awards

Performance Share Awards were granted for nil consideration to the following Executive Directors and PDMRs:

Director/PDMR	Number of Shares subject to the Performance Share Award
Harry Platt, Chief Executive	402,372
Graham Clemett, Finance Director	264,355
Patrick Marples, Property Director	261,861
Angus Boag, Development Director	259,367
Chris Pieroni, Operations Director	259,367
TOTAL	1,447,322

The Performance Share Awards were granted for nil consideration and were based on a share price of 164.4 pence per Share, being the average of the middle market closing price of such Shares over the three dealing days immediately preceding the grant date.

The Performance Share Awards were granted as part of a wider grant of awards to senior management and will vest on the third anniversary of the grant date. The vesting of Performance Shares Awards is conditional on continued employment, the satisfaction of performance conditions, as detailed in the Company's circular to shareholders dated 28 March 2008 ('the Circular') and subject to the rules of the Plan.

2.    Invested Shares Awards and Matching Share Awards

The following individuals were invited to invest up to 50% of their net annual salary (excluding bonuses and benefits in kind) ('the Invested Amount') to acquire shares in the Company ('the Invested Shares'). An additional award over free Shares was then granted to these individuals ('the Matching Share Award'). The number of Shares comprised in a Matching Share Award is calculated as the number of shares as may be purchased in the market on the date of grant of the Matching Share Award using a sum calculated by reference to the Invested Amount. The sum is calculated by grossing up the Invested Amount (to take account of tax and national insurance borne by the participant) and then multiplying this grossed-up sum by two.

Invested Shares were purchased, by the Company's Employee Share Ownership Trust, on behalf of the Executive Directors and PDMRs on 13 June 2008, using the Invested Amount provided by them, and Matching Share Awards were granted to them on 13 June 2008 for nil consideration, as follows:

Director/PDMR	Invested Share Award Number of Shares subject to the Award	Matching Share Award Number of Shares subject to the Award
Harry Platt, Chief Executive	57,502	194,923
Graham Clemett, Finance Director	37,778	128,063
Patrick Marples, Property Director	37,422	126,856
Angus Boag, Development Director	37,066	125,648
Chris Pieroni, Operations Director	18,769	63,624
TOTAL	188,537	639,114

The Matching Share Awards will vest on the third anniversary of the grant date. The vesting of Matching Share Awards is conditional on continued employment, the satisfaction of performance conditions as detailed in the Circular, the retention of the Shares in the Invested Share Award and are subject to the rules of the Plan.

3.    Employee Share Ownership Trust

The Company has been advised that the Trustees of the Company's Employee Share Ownership Trust ('ESOT') purchased 902,831 Shares on 13 June 2008 at a price of 168 pence per Share.

205,663 shares have been purchased on behalf of participants to satisfy the Invested Share Awards made on 13 June 2008. The remaining 697,168 shares will be held by the Trustees and will be used at a later time to satisfy the vesting of Matching Share Awards.  

  The Executive Directors of the Company are interested in part of the Shares held in the ESOT and, following this notification, the total number of shares held in the ESOT amounts to 4,252,422 Shares, which amounts to 2.44% of the issued share capital of the Company. Of these 358,409 Shares are held by the ESOT as bare trustee on behalf of participants of the Plan and of the Company's Co-Investment Plan.

This notification relates to disclosures made in accordance with Disclosure and Transparency Rule 3.1.4R.

Amanda Whalley

Company Secretary

17 June 2008

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