REG - Wilmington Group Plc - Correction: Share Awards <Origin Href="QuoteRef">WIL.L</Origin>

WilmingtonAnnouncement

29/10/2014 15:01

For best results when printing this announcement, please click on the link
below:

http://pdf.reuters.com/Regnews/regnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20141027:nRST8075Ua


RNS Number : 3609V
Wilmington Group Plc
27 October 2014 
 
Correction - Share Awards (RNS Number: 8075U), released on 20 October 2014 
 
Wilmington Group plc would like to clarify that the Share Awards announcement
released on 20 October 2014 incorrectly stated that the issued share capital
would be 86,886,467 ordinary shares of 5 pence each following the issue of
783,330 ordinary shares of 5 pence each. Included in the 783,330 was 379,006
ordinary shares of 5p each from existing treasury shares. The correct
resultant issued share capital is 86,507,461 ordinary shares of 5p each of
which 46,584 are treasury shares. The issued share capital with voting rights
is therefore 86,460,877. 
 
All other details remain unchanged except the calculated percentage for
Charles Brady's shares held as a percentage of ordinary shares of 5p each with
voting rights, which is changed from 3.68% to 3.69%. The full release and
amended text is shown below: 
 
20 October 2014 
 
Wilmington Group plc 
 
Share Awards 
 
As previously announced, in October 2011, Wilmington Group plc (the "Company")
granted a number of share awards under its Performance Share Plan ("PSP"). 
The vesting of these awards was conditional upon the achievement of certain
performance criteria. As a result of the Company's performance over the three
years to 30 June 2014, 701,637 ordinary shares of 5 pence each vested on 19
October 2014 in favour of a total of 57 employees of the company (including
Directors) ("Vested Shares"). 
 
On 19 October, a further 81,693 ordinary shares of 5 pence each were allocated
under the PSP scheme rules to reflect the value of the dividend that would
have been paid had the vested shares been issued in October 2011 ("Dividend
Shares"). 
 
379,006 of the required 783,330 Vested Shares and Dividend Shares have been
satisfied from existing treasury shares.  In accordance with Section 551 of
the Companies Act 2006 and under the authority of its shareholders, the
directors have issued a further 404,324 ordinary voting shares to satisfy the
Company's obligations under the PSP. Application has been made to the UK
Listing Authority and the London Stock Exchange for 404,324 ordinary shares of
5 pence each to be admitted to the Official List and to trading on the Main
Market.  It is expected that trading will commence on 24 October 2014. These
shares will rank pari passu with the existing issued shares of the Company. 
 
Following the issue of further ordinary shares of 5 pence each and the re
issue of treasury shares the Company now has issued voting share capital of
86,460,877 ordinary shares of 5 pence each. Not included in this figure are
46,584 of treasury shares. 
 
The Directors and employees have to pay tax at their marginal income tax rates
on the value of the shares awarded to them. Under Shareholding guidelines for
Executives, which the Company has adopted, Executives are expected to retain
50% of vested shares (net of taxes) until such time as their personal
shareholding reaches the equivalent of 100% of the pre-tax base salary.  Neil
Smith, an executive director, having exceeded the guidance, has sold all his
2011 Vested Shares (66,954) and 2011 Dividend (7,796) Shares. The sales
occurred on 20 October 2014 in London at an average of 215 pence per share. 
 
Linda Wake, Deputy Group Finance Director has elected to sell 19,977 ordinary
shares of 5 pence each to settle her resulting tax liability and keep the
remaining ordinary shares beneficially. She received 42,505 ordinary shares of
5 pence each of which she will retain 22,527. The sale occurred on 20 October
2014 in London at an average of 215 pence per share. 
 
As a result of this, in accordance with DTR 3.1.2, 
 
-      Charles Brady has acquired a further 117,390 ordinary shares in the
Company under the 2011 PSP bringing his resultant holding of ordinary shares
of 5 pence each to 3,193,819 which is 3.69% of the issued share capital with
voting rights. 
 
-      Linda Wake has acquired 22,527 ordinary shares of 5 pence each in the
Company bringing her resultant holding of ordinary shares of 5 pence each to
39,856 which is 0.05% of the issued share capital with voting rights. 
 
-      Neil Smith retains his existing 401,338 shares which is 0.46% of the
issued share capital with voting rights. 
 
Anthony Foye 
 
Chief Financial Officer 
 
For further information please contact: 
 
 Wilmington Group plc                                   020 7422 6800  
                                                                       
 Pedro Ros, Chief ExecutiveTony Foye, Finance Director                 
                                                                       
 FTI Consulting                                         020 3727 1000  
                                                                       
 Charles Palmer / Emma Appleton                                        
 
 
This information is provided by RNS
The company news service from the London Stock Exchange