Director/PDMR Shareholding
December 07 2009 - 8:27AM
UK Regulatory
TIDMWEST
RNS Number : 6973D
Western & Oriental plc
07 December 2009
7 December 2009
Western & Oriental plc
Directors' Dealings
Grant of Awards under the Long Term Incentive Plan
The Company announces that the following awards have today been granted in the
form of nil cost options to its Executive Directors under the Western & Oriental
plc 2007 Long-Term Incentive Plan.
In accordance with the rules of the LTIP, awards were granted on 4 December 2009
using a reference price of 2.875p per ordinary share, as follows:
+------------------------------------+------------------------------------+
| Executive Director | Number of ordinary shares subject |
| | to the LTIP Award |
+------------------------------------+------------------------------------+
| David Howell - Chairman | 4,395,391 |
+------------------------------------+------------------------------------+
| Ian Neale - Managing Director | 3,940,695 |
+------------------------------------+------------------------------------+
| Kerry Golds - Director of Tour | 3,031,304 |
| Operations | |
+------------------------------------+------------------------------------+
The LTIP awards will become exercisable by the participants in three years time
subject to their continued employment and the satisfaction of the following
performance conditions:-
* no awards are capable of release unless the Company's total shareholder return
exceeds the return of the AIM Index over the three year holding period; provided
that if this condition is satisfied
* 20% of the shares subject to awards will be released if the Company share price
is GBP0.06 at the end of the three year holding period with 100% of the shares
released if the share price is GBP0.12 (the Company's share price for the
purpose of these targets is the average of the closing prices of a Company share
for 30 consecutive days ending on the third anniversary of the date of grant).
The shares are released on a linear basis between the minimum and maximum
achievement levels.
Following the above option grants, the interests over the ordinary shares of the
company of the three Executive Directors are as follows:
+----------------------+--------------------+----------------+----------------+
| Executive Director |Number of ordinary | Percentage of | Total number |
| | shares held |current issued | of ordinary |
| | | share capital | shares held |
| | | | subject to |
| | | | option and |
| | | | LTIP awards |
+----------------------+--------------------+----------------+----------------+
| David Howell - | 842,083 | 0.37% | 18,005,144 |
| Chairman | | | |
+----------------------+--------------------+----------------+----------------+
| Ian Neale - Group | 406,773 | 0.18% | 9,997,867 |
| Managing Director | | | |
+----------------------+--------------------+----------------+----------------+
| Kerry Golds - Tour | 0 | 0.00% | 7,503,451 |
| Operations Director | | | |
+----------------------+--------------------+----------------+----------------+
Enquiries:
+-------------------------------------+-------------------------------------+
| Western & Oriental plc | |
+-------------------------------------+-------------------------------------+
| David Howell, Chairman | 020 7821 4078 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Collins Stewart | |
+-------------------------------------+-------------------------------------+
| Adrian Hadden | 020 7523 8353 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Temple Bar Advisory | |
+-------------------------------------+-------------------------------------+
| Tom Allison | 020 7002 1080 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
About Western & Oriental plc
Western & Oriental is a specialist luxury travel group with a number of
established high quality brands. The company was admitted to trading on AIM
under the ticker symbol WEST in March 2006. The Group acts as a tour operator,
travel agent and conference and incentive organisers, offering a premium service
for tailor-made and specialist packaged holiday programmes to destinations
worldwide.
For more information on Western & Oriental and its individual luxury travel
brand websites, go to www.westernorientalplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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