Director/PDMR Shareholding
Bellway PLC
15 November 2005
BELLWAY PLC - DIRECTOR'S SHAREHOLDINGS
15TH NOVEMBER 2005
The company was yesterday informed that under the terms of the Bellway plc
Employee Share Trust (1992) (a trust used to reward directors and employees)
deferred bonus rights were allocated on 14th November 2005 in respect of 56,812
Bellway plc 12.5p ordinary shares to the following executive directors as
follows:
J K Watson - 23,987
P J Stoker - 17,675
A M Leitch - 15,150
56,812
The shares are to be held in the Bellway plc Employee Share Trust (1992) until
at least 14th November 2008, at which point they can be transferred into each
individual executive director's name for a consideration of £1 per director for
a period up to 2012. In addition, each director will be entitled to dividends
which accrue in the three year period which will be settled by way of a scrip
issue of further shares.
In addition, the company was yesterday also informed that under the terms of the
Bellway plc Employee Share Trust (1992) and the Bellway plc (2004) Performance
Share Plan (arrangements used to reward directors and employees) the following
directors were yesterday conditionally awarded ordinary 12.5p shares in the
company as follows:
J K Watson - 42,083
P J Stoker - 30,510
A M Leitch - 28,406
100,999
The above Awards will vest only if performance targets, are achieved over a
stated time period (the 'Performance Period'). The shares, which are existing
shares, are to be held in the Bellway plc Employee Share Trust (1992) until at
least 14th November 2008.
The performance targets applying to this grant of awards will be based on a
comparison, over a three year period, of the Total Shareholder Return (TSR) of
the company, with the return achieved by a group of peer companies. If the TSR
achieved by the company is sufficient to place it in the upper quartile, Awards
will vest in full. If it is sufficient to place the company in the top half, the
proportion of Awards that will vest will increase on a straight line basis by
reference to total shareholder return, from one third of Awards where the
company has a median ranking to full vesting where its ranking would place it in
the upper quartile.
The participating directors will, following the end of the relevant performance
period, be notified as to the extent to which performance targets have been
achieved and their Awards have vested. Provided that they remain directors or
employees of the company, they will then have up to six months following the
third anniversary of the date the Awards were made in which to secure the
release of the ordinary shares.
The performance period, which is to be used for assessing TSR, commenced on 1st
August 2005 and ends on 31st July 2008.
Following the above transactions, the total number of shares held in the trust
is 456,124 (0.40%) (456,124; 0.40%). Of these, the executive directors hold a
beneficial interest in 269,596 (0.24%) (212,784;0.19%).
Under the terms of the Bellway plc (2004) Performance Share Plan arrangement,
certain Bellway plc directors have a potential further beneficial interest in up
to 403,517 (0.0.36%) (302,518; 0.27%) shares held in the Trust.
In addition, each Bellway executive director has a potential further beneficial
interest in up to nil (0.0%) (nil; 0.0%).
The other interests of the directors remain unchanged.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
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