WYG Plc Surrender of Share Options, Option Vesting & TVR (4282F)

TIDMWYG

RNS Number : 4282F

WYG Plc

12 November 2015

WYG plc

("WYG" or "the Group")

Surrender of Share Options, Option Vesting & Total Voting Rights

WYG is pleased to announce that, following the approval by shareholders of the new management incentive schemes on 24 September 2015, 12,210,385 million options previously awarded under the Group's Transformation Incentive Plan (TIP) have now been formally surrendered, equivalent to 17.9% of the current issued share capital of 68,384,528 shares.

A summary of the Group's share schemes and the number of options over WYG's ordinary shares of 0.1 pence each (Ordinary Shares) outstanding under them is set out below.

On 24 September 2015, shareholders approved three new share incentive plans: a Deferred Annual Bonus Shares Plan (DABS Plan), a Performance Shares Plan (PSP) and a Restricted Shares Plan (RSP). The grant of awards under the new plans was conditional on the surrender of a substantial proportion of the options outstanding under the TIP.

The Company has granted options over 1,407,934 Ordinary Shares under the PSP which has stretching earnings per share ("EPS") and total shareholder return ("TSR") performance targets measured over a three year period and will be assessed in June 2018.

The Company has also granted options over 1,234,000 Ordinary Shares under the RSP. These options will only vest if the recipient remains in the Group's employment (and has not given or received notice terminating their employment) on the third anniversary of the date of grant, being 24 September 2018.

There have been no awards under the DABS Plan.

The Remuneration Committee has today confirmed that the 125p share price performance target under the TIP was achieved at the close of business on 10 November 2015, following 25 consecutive trading days during which the volume weighted average price of an Ordinary Share (Performance Target) was 125p or greater. Accordingly, 1,312,581 outstanding awards under the TIP have now vested and will be released to awardholders on 11 November 2016.

Following the surrender of awards under the TIP and the vesting of awards at the 125p share price Performance Target referred to above, there are 4,264,407 options over Ordinary Shares outstanding under the TIP, of which 3,116,826 have vested and remain unexercised and 1,147,581 remain unvested. 205,000 awards will vest if the 130p Performance Target is achieved, 655,000 awards will vest if the 135p Performance Target is achieved and 287,581 awards will vest if the 150p Performance Target is achieved before 12 July 2016.

The Chairman's Matching Share Award, under which Mike McTighe has an option to purchase 500,000 Ordinary Shares at 0.1p per share, has vested but remains unexercised.

WYG's issued share capital and total number of voting rights as at the date of this announcement is 68,384,528 Ordinary Shares. There are no shares held in treasury.

Accordingly, this figure of 68,384,528 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

ENDS

WYG plc Tel: 0113 278 7111

Paul Hamer, Chief Executive Officer

Sean Cummins, Group Finance Director

MHP Communications Tel: 020 3128 8100

John Olsen / Katie Hunt / Ollie Hoare

N+1 Singer Tel: 020 7496 3000

Sandy Fraser / Nick Owen

WH Ireland Limited Tel: 020 7220 1666

Adrian Hadden / Liam Gribben

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