Close Bros Regulatory News (CBG)

5 Mar 2008 16:50

Close Brothers Group PLC05 March 2008 Close Brothers Group plc Close Brothers Group plc ("the Company") notify the following changes in theinterests in the ordinary shares ("Shares") of an executive director arising outof the operation of its Long Term Incentive Plan 2004 ("LTIP"). On 4 March 2008, options to acquire Shares at nil cost ("Award") which weregranted under the LTIP to the following executive director is set out below. Thenumber of Shares stated is the maximum available to the director onsatisfaction, in full, of the performance targets described below. Director Ordinary shares under Awards J.A.G. Howell 113,207 Vesting of this Award will be conditional on the achievement of two distinctperformance targets. Vesting of two thirds of the Shares under an Award will bebased on the Company's Earnings Per Share ("EPS") growth exceeding a range oftargets above the rate of growth of the Retail Prices Index ("RPI"). Vesting ofthe remaining one third of the Shares under an Award will be based on acondition measuring the Company's total shareholder return ("TSR") performancerelative to a comparator group of 24 other companies from the FTSE 350Speciality and Other Financial Index and FTSE 350 Banks Index. The earliest date on which the executive director could normally become entitledto call for the Shares comprised in the Award is 4 March 2011, which is thethird anniversary of the date on which this Award was granted. It is intended that the Shares required to satisfy this Award on maturity willbe transferred by the trustee of the Close Brothers Group plc Employee BenefitTrust. The Company's Remuneration Committee reserves the right to make a payment incash or in Shares to the participant on the vesting of their Award equivalent tothe amount of dividends they would have been entitled to receive during theperformance period in respect of those Shares that vest. The beneficial interests in the ordinary share capital of the company of theexecutive director involved in the LTIP Award above are: Shareholding Option holding Deferred share LTIP awards prior to prior to awards prior to prior to LTIP Award LTIP Award LTIP Award LTIP Award Director J.A.G. Howell - - - - Shareholding Option holding Deferred share LTIP awards after after award after after LTIP Award LTIP Award LTIP Award LTIP Award Director J.A.G. Howell - - - 113,207 The company's closing mid-market share price on the date of the grant of theLTIP award was 612p. This information is provided by RNS The company news service from the London Stock Exchange