8 May 2009 13:05
Development Securities PLC makes awards under its Performance Share Plan 2006
Development Securities PLC today made the following awards, at nil cost, to the Executive Directors of the Company under its Performance Share Plan 2006 (the "Plan"), which was approved by shareholders at the Annual General Meeting on the 11th May 2006:
Conditional Award of Shares
M H Marx 162,931
C J Barwick 97,759
M S Weiner 97,759
G Prothero 97,759
The vesting of the shares, representing ordinary shares of 50p each in the Company, is conditional on the satisfaction of a performance condition measuring Development Securities PLC's total shareholder return ("TSR") against the constituent members of the FTSE All Share Real Estate Index during the period from 1st January 2009 to 31st December 2011:
25 per cent of the award will vest if the Company TSR equals the median TSR of the comparator group;
100 per cent of the award will vest if the Company TSR equals or exceeds the 85th percentile TSR of the comparator group;
Pro rata vesting will apply in between the above points.
In addition the Remuneration Committee must be satisfied that there has been a sustained improvement in the Company's underlying financial performance over the performance period.
These are the fourth awards made under the Plan.
S A Lanes
Company Secretary
020 7828 4777
8th May 2009