LSL Lsl Property Services Plc

 

TIDMLSL 
 
RNS Number : 6990N 
LSL Property Services 
16 June 2010 
 

+---------------------------------+---------------------------------+ 
| For Immediate Release           |                    16 June 2010 | 
+---------------------------------+---------------------------------+ 
 
                            LSL Property Services plc 
 
 
 Directors or Persons Discharging Managerial Responsibility ("PDMR") - Interest 
                                    in Shares 
 
                  2010 Joint Share Ownership Plan (the "JSOP") 
 
In accordance with Disclosure Rule 3.1.4R, LSL Property Services plc (the 
"Company") announces that pursuant to the approval of the JSOP by the members of 
the Company at the general meeting on 21 April 2010, the following PDMRs / 
Directors of the Company were granted awards on 01 June 2010, in the form of an 
interest in jointly owned shares (i.e. ordinary shares held in co-ownership with 
the LSL Property Services plc Employee Benefit Trust) and a stock appreciation 
right. 
 
 
+------------------+------------------+------------------+ 
|  Name of PDMR /  |  Number of LSL   |    Number LSL    | 
|    Director      |    Property      |    Property      | 
|                  |  Services plc    | Services plc of  | 
|                  | ordinary shares  | ordinary shares  | 
|                  |     held in      |over which stock  | 
|                  |  co-ownership    |  appreciation    | 
|                  |    with the      |  right granted   | 
|                  |Employee Benefit  |                  | 
|                  |      Trust       |                  | 
+------------------+------------------+------------------+ 
|  Simon Embley    |     167,857      |     167,857      | 
+------------------+------------------+------------------+ 
|  David Newnes    |      39,286      |      39,286      | 
+------------------+------------------+------------------+ 
|      Alison      |      39,286      |      39,286      | 
|    Traversoni    |                  |                  | 
+------------------+------------------+------------------+ 
|   Nigel Favas    |      8,036       |      8,036       | 
+------------------+------------------+------------------+ 
|   David Brown    |      5,357       |      5,357       | 
+------------------+------------------+------------------+ 
|    Jon Round     |      3,036       |      3,036       | 
+------------------+------------------+------------------+ 
 
In respect of the jointly owned shares, the above PDMRs / Directors have entered 
into a co-ownership agreement with the trustees of the Employee Benefit Trust. 
Under the terms of each co-ownership agreement the participant has a right to 
receive a proportion of the sale proceeds in so far as the value of the shares 
on disposal exceeds GBP3.20 per share and a performance target is satisfied. The 
interests vest on 01 June 2013. 
 
In addition, the above PDMRs / Directors were granted stock appreciation rights 
which entitle them to the growth in the value of a share from GBP2.80 up to 
GBP3.20.  SARs may be settled in shares or cash at the discretion of the 
Company. The stock appreciation rights first become exercisable on 01 June 2013. 
 No amount was paid by the PDMR in respect of the grant of the stock 
appreciation right. 
 
Vesting of the awards is conditional on the Company's earnings per share 
performance meeting an absolute performance target over a period of three 
financial years starting with the financial year in which the award is granted. 
 
Long Term Incentive Plan (the "LTIP") 
 
An addendum to the rules of the LTIP provides for the grant of options that meet 
the CSOP legislation to employees and directors of the Company (the "UK Approved 
Addendum").  The Company's board granted options on 11 June 2010 under the UK 
Approved Addendum to the following PDMRs / Directors. 
 
 
+--------------------+----------------------+ 
|  Name of PDMR /    |    Number of LSL     | 
|      Director      |  Property Services   | 
|                    | plc ordinary shares  | 
|                    |   over which LTIP    | 
|                    | Award granted on 11  | 
|                    |      June 2010       | 
+--------------------+----------------------+ 
|    Simon Embley    |        12,500        | 
+--------------------+----------------------+ 
|    David Newnes    |        12,500        | 
+--------------------+----------------------+ 
| Alison Traversoni  |        12,500        | 
+--------------------+----------------------+ 
|    Nigel Favas     |        12,500        | 
+--------------------+----------------------+ 
|    David Brown     |        12,500        | 
+--------------------+----------------------+ 
|     Jon Round      |        12,500        | 
+--------------------+----------------------+ 
|     Jon Cooke      |        8,333         | 
+--------------------+----------------------+ 
 
The options granted comprise a right to subscribe for ordinary shares for an 
exercise price of GBP2.40 per ordinary share.  In accordance with the terms of 
the UK Approved Addendum to the LTIP, no consideration was payable by the 
participants on the grant of the options and the exercise price per ordinary 
share was equal to the market value of an ordinary share on the date of grant of 
the option.  The options first become exercisable on 11 June 2013. 
 
This notification is made in accordance with Disclosure and Transparency Rule 
3.1.2. 
 
Dean Fielding 
Group Finance Director 
01904 715 324 
LSL Property Services plc 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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