REG - WPP PLC - Exercise of options and sales to cover tax <Origin Href="QuoteRef">WPP.L</Origin>

WPPAnnouncement

01/12/2017 12:25

RNS Number : 1599Y
WPP PLC
01 December 2017
FINAL RELEASE
1 December 2017
WPP plc ("WPP") 
Director's Interests
Exercise of options and sales to cover tax
WPP was today notified that Sir Martin Sorrell (CEO of WPP) has exercised his rights to receive 10,204,217 shares subject to various share awards.
These awards relate to deferred awards granted under:
 WPP's 2004 Leadership Equity Acquisition Plan ("LEAP"); and
 WPP's Capital Investment Plan (covering 1995-1999 performance period and since deferred into awards referred to as Deferred Stock Units ("DSU")).
The awards have been disclosed in WPP's Annual Reports and announcements made previously as forming part of Sir Martin Sorrell's beneficial holding. They were granted as options to acquire ordinary shares in WPP plc. The right to exercise the awards was deferred until no later than 30 November 2017 following share owner approval in 2010.
The following table summarises the plans exercised, dates and volume of the transactions.
Award
Deferral date
Date of Transaction
Number of ordinary shares [1]
Total exercise price payable
Total volume of shares sold
UK DSU
October 2008
28 November 2017
1,771,472
38.98
797,163
UK DSU
December 2008
28 November 2017
987,742
21.74
444,484
UK 2004 LEAP
March 2008
28 November 2017
2,428,984
nil
1,093,043
UK 2005 LEAP
March 2010
30 November 2017
410,895
nil
184,903
UK 2006 LEAP
March 2011
30 November 2017
498,130
nil
224,159
UK 2007 LEAP
March 2012
30 November 2017
249,021
nil
112,060
UK 2009 LEAP
March 2014
30 November 2017
1,087,898
nil
489,555
US DSU
October 2008
30 November 2017
877,736
19.32
452,649
US 2004 LEAP
March 2008
30 November 2017
1,380,308
nil
711,825
US 2005 LEAP
March 2010
30 November 2017
297,545
nil
153,444
US 2007 LEAP
March 2012
30 November 2017
214,486
nil
110,611
Total
10,204,217
80.04
4,773,896
The above exercises were satisfied by the transfer of 2,759,214 shares on 28 November 2017, from the WPP Capital Investment Plan Trust, a trust resident in Jersey in connection with the grant of awards under the WPP Capital Investment Plan and established on 30 October 2001, and 7,445,003 shares from treasury on 29 November 2017 and 30 November 2017.
From 28 to 30 November 2017 Sir Martin Sorrell sold shares purely to cover immediate tax liabilities of 62.5 million as a result of the option exercises. Consequently, on 28 and 29 November 2017 Sir Martin Sorrell sold 2,334,690 (in batches at an average price of 13.0325 per share) and on 30 November 2017 sold 2,439,206 (in batches at an average price of 13.159 per share) of these shares.
At today's date Sir Martin Sorrell and his family interests are interested in or have rights in 17,940,018 shares. Sir Martin Sorrell's family interests and rights represent 1.416% of the issued share capital of WPP. Additionally, The JMCMRJ Sorrell Foundation holds 4,575,936 WPP shares, representing 0.3612% of WPP's issued share capital.
Contact:
Buchanan
+44 (0) 20 7466 5000
Richard Oldworth
+44 (0) 7710 130 634
Henry Harrison-Topham / Chris Lane
wpp@buchanan.uk.com

[1] These include any shares acquired pursuant to dividend equivalent rights whereby the number of shares acquired in connection with the award was increased to represent the value of dividends paid between the dates of grant and dates of exercise.

This information is provided by RNS
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