21 Mar 2011 16:54
CINEWORLD GROUP PLC (the "Company")
On 20 March 2011, a total of 225,000 ordinary shares in the Company ("Shares") vested in favour of Directors of the Company under the terms of the Cineworld Group 2007 Performance Share Plan (the "Plan"). The middle market quotation of a Share on the dealing day before the vesting date was £2.02. Details are provided below:
Name of Director | Number of Shares that vested on 20 March 2011 |
Stephen Wiener (CEO) | 142,308 |
Richard Jones (CFO) | 82,692 |
This vesting related to the three year plan cycle ending in December 2010 and was subject to the satisfaction of EPS performance conditions.
Following the vesting and in accordance with the rules of the Plan, the award held by Richard Jones over 82,692 Shares was settled by the issue of 27,061 Shares and the balance by payment of a cash sum part of which was used to meet statutory deductions. Stephen Wiener's award was settled by the issue of 142,308 Shares following payment by him to the Company of an amount to cover statutory deductions. In both cases, Shares were issued directly to the award holders at the direction of the trustee of the Company's Employee Benefit Trust.
Following the above notifications, the total holding of Shares of the relevant Directors are as follows:
Name of Director | Total holding following this notification |
Stephen Wiener (CEO) | 1,736,108 |
Richard Jones (CFO) | 275,000 |
The Company was informed of the above transactions relating to the Awards on 21 March 2011, such notification having been given by such Directors in accordance with the requirements of paragraph DTR 3.1.2R of the Disclosure and Transparency Rules of the Financial Services Authority. The above notifications are intended to satisfy the Company's obligations under DTR 3.1.4.R of the Disclosure and Transparency Rules of the Financial Services Authority.
Richard Ray
Company Secretary
Tel: 020 8987 5000END