Source - RNS
RNS Number : 1758M
Lamprell plc
11 October 2016
 

 

 

11 October 2016

 

LAMPRELL PLC
("Lamprell" or "Company" and with its subsidiaries the "Group")

 

 

Notification of interests of Persons Discharging Managerial Responsibility (PDMRs) and connected persons

 

This announcement is made in accordance with the requirements of DTR 3.1.4R(1)(a).

 

On Appointment awards

 

The Company has made the following awards to Christopher McDonald following his appointment as Chief Executive Officer of Lamprell and a Director of the Company as from 1 October 2016.  In line with an agreement between the Company and Mr McDonald, the Company has agreed to compensate him for unvested share awards that he forfeited as a consequence of joining Lamprell.  Subject to fulfilment of applicable conditions, the incentives will vest on the dates detailed below:

 

Company Plan

Shares awarded

Grant date

Vesting date

Retention share plan

281,761

10 October 2016

01 October 2017

Retention share plan

94,452

10 October 2016

01 October 2018

Retention share plan

46,811

10 October 2016

01 October 2019

 

 

 

 

Performance share plan

55,219

10 October 2016

01 October 2017

Performance share plan

102,019

10 October 2016

01 October 2018

Performance share plan

147,331

10 October 2016

01 October 2019

Total

727,593

 

 

 

 

 

 

This replacement award has been made on a like-for-like basis, with the incentives exercisable broadly in accordance with the original vesting timeframe which applied to the forfeited awards.  This arrangement has been put in place in accordance with LR9.4.2,  which allows an individual scheme to be put in place to assist with the recruitment of an executive director, and is consistent with the Directors' Remuneration Policy.

 

 

- Ends -

 

Enquiries:

 

Lamprell plc

 

Alex Ridout, Company Secretary

+971 (0) 4 803 9308

     

 

Tulchan Communications, London

+44 (0) 207 353 4200

Martin Pengelley

 

Martin Robinson

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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