Exercise of options and sales to cover tax

RNS Number : 1599Y
WPP PLC
01 December 2017
 

FINAL RELEASE

1 December 2017

 

 

WPP plc ("WPP")

 

Director's Interests

 

Exercise of options and sales to cover tax

 

 

WPP was today notified that Sir Martin Sorrell (CEO of WPP) has exercised his rights to receive 10,204,217 shares subject to various share awards.

 

These awards relate to deferred awards granted under:

 

·     WPP's 2004 Leadership Equity Acquisition Plan ("LEAP"); and 

·     WPP's Capital Investment Plan (covering 1995-1999 performance period and since deferred into awards referred to as Deferred Stock Units ("DSU")).

 

The awards have been disclosed in WPP's Annual Reports and announcements made previously as forming part of Sir Martin Sorrell's beneficial holding. They were granted as options to acquire ordinary shares in WPP plc. The right to exercise the awards was deferred until no later than 30 November 2017 following share owner approval in 2010.

 

The following table summarises the plans exercised, dates and volume of the transactions.

 

Award

Deferral date

Date of Transaction

Number of ordinary shares [1]

Total exercise price payable

Total volume of shares sold

UK DSU

October 2008

28 November 2017

1,771,472

£38.98

797,163

UK DSU

December 2008

28 November 2017

987,742

£21.74

444,484

UK 2004 LEAP

March 2008

28 November 2017

2,428,984

nil

1,093,043

UK 2005 LEAP

March 2010

30 November 2017

410,895

nil

184,903

UK 2006 LEAP

March 2011

30 November 2017

498,130

nil

224,159

UK 2007 LEAP

March 2012

30 November 2017

249,021

nil

112,060

UK 2009 LEAP

March 2014

30 November 2017

1,087,898

nil

489,555

US DSU

October 2008

30 November 2017

877,736

£19.32

452,649

US 2004 LEAP

March 2008

30 November 2017

1,380,308

nil

711,825

US 2005 LEAP

March 2010

30 November 2017

297,545

nil

153,444

US 2007 LEAP

March 2012

30 November 2017

214,486

nil

110,611

Total

 

 

10,204,217

£80.04

4,773,896

 

The above exercises were satisfied by the transfer of 2,759,214 shares on 28 November 2017, from the WPP Capital Investment Plan Trust, a trust resident in Jersey in connection with the grant of awards under the WPP Capital Investment Plan and established on 30 October 2001, and 7,445,003 shares from treasury on 29 November 2017 and 30 November 2017.

 

From 28 to 30 November 2017 Sir Martin Sorrell sold shares purely to cover immediate tax liabilities of £62.5 million as a result of the option exercises.  Consequently, on 28 and 29 November 2017 Sir Martin Sorrell sold 2,334,690 (in batches at an average price of £13.0325 per share) and on 30 November 2017 sold 2,439,206 (in batches at an average price of £13.159 per share) of these shares.

 

At today's date Sir Martin Sorrell and his family interests are interested in or have rights in 17,940,018 shares. Sir Martin Sorrell's family interests and rights represent 1.416% of the issued share capital of WPP. Additionally, The JMCMRJ Sorrell Foundation holds 4,575,936 WPP shares, representing 0.3612% of WPP's issued share capital.

 

 

Contact:

 

 

Buchanan

+44 (0) 20 7466 5000

Richard Oldworth

+44 (0) 7710 130 634

Henry Harrison-Topham / Chris Lane

wpp@buchanan.uk.com

 

 



[1] These include any shares acquired pursuant to dividend equivalent rights whereby the number of shares acquired in connection with the award was increased to represent the value of dividends paid between the dates of grant and dates of exercise.


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