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Xaar PLC (XAR)

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Friday 23 December, 2011

Xaar PLC

Issue of Options

RNS Number : 5410U
Xaar PLC
23 December 2011
 



Xaar plc

Issue of Options

23 December 2011

 

Xaar plc (the "Company")

 

Notification of Dealings in the Company's shares by Persons Discharging Managerial Responsibility ("PDMRs") and connected persons.

 

The Company has previously granted awards over the Company's ordinary shares ("Shares") under the Xaar plc 2007 Long Term Incentive Plan (the "LTIP"), which was approved by shareholders in 2007.  The LTIP permits the grant of awards in the form of "Allocations" or "Options".  Shares subject to an Allocation are transferred to a participant for nil cost as soon as reasonably practicable following the vesting of the Allocation.  Following the vesting of an Option, a participant can, ordinarily, choose when to exercise the Option up to the tenth anniversary of the Award Date; Options can be granted with a nil exercise price.  Awards granted under the LTIP have previously been granted in the form of Allocations. 

 

With effect from 22 December 2011 Allocations held by continuing employees were converted into Options with a nil exercise price.  The other terms of the awards (including the Performance Condition and the number of shares subject to the awards) were not amended.  This included the conversion of the following Allocations held by PDMRs. 

 

PDMR

Award Date of Allocation

Number  of  shares subject to Allocation




Ian Dinwoodie

1 April 2009

330,357


22 November 2010

89,573


11 April 2011

88,889




Phil Eaves

1 April 2009

258,928


22 November 2010

70,616


11 April 2011

73,149




Ramon Borrell

1 April 2009

205,357


22 November 2010

56,872


11 April 2011

60,844


3 May 2011

40,000




Ted Wiggans

11 April 2011

43,556




Alex Bevis

11 April 2011

43,556

 

Following conversion to Options, the awards noted above may ordinarily be exercised after three years from award date.  The awards expire at ten years from award date.

 

The above notification is intended to satisfy the Company's obligations under Disclosure and Transparency Rule 3.1.4.

 

Enquiries

 

Xaar plc

Alex Bevis - Finance Director                                                               +44 (0) 1223 423 663

 


This information is provided by RNS
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