Last checked at 25 Jul 2013 17:35
The Company announces that on 24 July 2013 it received notification that, on 24 July 2013, Chris Grigg, Lucinda Bell, Charles Maudsley and Tim Roberts, Directors of the Company, and Simon Carter, Jean-Marc Vandevivere and Nigel Webb, Persons Discharging Managerial Responsibilities ("PDMRs"), purchased shares in the Company at a price of 609.66p per share, each using one third of their net Annual Incentive Award for financial year 2012/13. These shares will be held subject to the rules of the Company's Matching Share Plan ("MSP") to facilitate the conditional award of MSP Matching Shares shortly. Details of the shares purchased are shown in the below table:
| MSP Shares Purchased |
Directors | |
Chris Grigg | 31,296 |
Lucinda Bell | 13,474 |
Charles Maudsley | 14,633 |
Tim Roberts | 14,633 |
PDMRs | |
Simon Carter | 5,505 |
Jean-Marc Vandevivere | 5,998 |
Nigel Webb | 6,882 |
The Company announces that on 24 July 2013 it received notification from the Trustees of The British Land Share Ownership Plan (the "Trust") that, on 24 July 2013, the Long-Term Incentive Plan ("LTIP") Awards granted to Chris Grigg, Lucinda Bell, Charles Maudsley and Tim Roberts, Directors of the Company, and to Anthony Braine, Simon Carter, Jean-Marc Vandevivere and Nigel Webb, PDMRs, on 11 June 2010, vested at a rate of 60%, dictated by the degree to which the LTIP performance condition had been achieved. The remaining Awards lapsed, as detailed in the table below:
| Vesting LTIP Awards | Lapsing LTIP Awards | ||
Shares at nil consideration | Options at 447p per share | Shares at nil consideration | Options at 447p per share | |
Directors | ||||
Chris Grigg | - | 1,073,825 | - | 715,884 |
Lucinda Bell | 16,987 | 67,952 | 11,326 | 45,303 |
Charles Maudsley | 114,093 | - | 76,063 | - |
Tim Roberts | 57,046 | 228,187 | 38,032 | 152,126 |
PDMRs | ||||
Anthony Braine | 21,643 | 86,577 | 14,430 | 57,718 |
Simon Carter | 4,026 | 16,107 | 2,685 | 10,738 |
Jean-Marc Vandevivere | - | 181,207 | - | 120,806 |
Nigel Webb | - | 40,268 | - | 295,302 |
Following the vesting, Lucinda Bell sold 8,012 shares and Charles Maudsley sold 53,775 shares, both at a price of 607.85p per share, to offset their respective tax liabilities. Tim Roberts sold 43,620 shares and both Anthony Braine and Simon Carter sold all their newly vested shares, all at a price of 607.85p per share. Anthony Braine exercised all his newly vested options and sold the resultant shares at a price of 611.6325p per share.
The Company also announces that on 24 July 2013 it received notification from the Trustees of the Trust that, on 24 July 2013, parts of the Fund Managers Performance Plan ("FMPP") Awards granted to Nigel Webb, a PDMR, on 28 May 2010 and 21 June 2011 vested, as detailed in the table below:
| Date of Grant | FMPP Shares Vesting at Nil Consideration |
Nigel Webb (PDMR) | 28 May 2010 | 32,183 |
21 June 2011 | 26,121 |
Following the vesting, Nigel Webb sold all his newly vested FMPP shares at a price of 607.85p per share.
The Company also announces that, on 24 July 2013, it received notification of the following dealings in the Company's shares. On 24 July 2013 Tim Roberts, a Director of the Company, exercised 426,873 options at 387p per share and sold the resultant shares at a price of 609.62p per share. On 24 July 2013 Nigel Webb, a PDMR, exercised 27,646 options at 549.35p per share and sold the resultant shares at a price of 611.6325p per share. All of these options had vested under previous LTIP Awards.