Print   



Axis-Shield PLC Long Term Incentive Plan - vesting and lapse of awards

 

Axis-Shield PLC (the 'Company') announces that on 19 June 2009, a total of 7,800 ordinary shares of 35 pence each ('Shares') vested in favour of Persons Discharging Managerial Responsibilities ('PDMR') under the terms of the Company's Long Term Incentive Plan ('LTIP'). This vesting, details of which are provided below, related to the 'retention awards' granted to the relevant individuals under the LTIP on 19 June 2006:

Name	Role	No. of Shares originally subject to retention awards	No. of Shares that vested on 19 June 2009
Colin King	PDMR	1,500	1,500
Atle Schjøtt	PDMR	1,100	1,100
Oddvar Vanberg	PDMR	2,600	2,600
Kjersti Grimsrud	PDMR	1,500	1,500
George Zajicek	PDMR	1,100	1,100

In accordance with the rules of the LTIP, all of the above Shares have been transferred to the relevant individuals by the trustee of the Company's Employee Benefit Trust. Following this transfer, a total of 4,386 Shares were sold at a price of £3.15 per Share on behalf of the PDMRs on 19 June 2009. Details of these sales, and the resulting effect on the PDMRs' shareholdings, are set out below: 

Name	Role	Previous shareholding	Shares received	Shares sold	New shareholding
Colin King	PDMR	-	1,500	615	885
Atle Schjøtt	PDMR	6,817	1,100	-	7,917
Oddvar Vanberg	PDMR	-	2,600	2,600	-
Kjersti Grimsrud	PDMR	2,000	1,500	720	2,780
George Zajicek	PDMR	10,155	1,100	451	10,804

It should be noted that, on 19 June 2006, the Company also granted 'performance awards' to a number of its Executive Directors and other PDMRs. The vesting of these awards was conditional on the satisfaction of certain performance criteria by the Company over a period of three consecutive financial years. However, none of these conditions were met, with the result that these performance awards, details of which are provided below, have now lapsed in full:

Name	Role	No. of Shares originally subject to performance awards	No. of Shares that vested on 19 June 2009
Ian Gilham	Executive Director	25,000	-
Ronny Hermansen	Executive Director	4,000	-
Dr Erling Sundrehagen	Executive Director	25,000	-
Atle Schjøtt	PDMR	8,000	-
Ralf Schmidt	PDMR	4,000	-
John Sperzel	PDMR	6,500	-
George Zajicek	Primary Insider	6,500	-

Following this announcement, the total number of Shares subject to options and awards now held by the Executive Directors and other PDMRs noted above is as follows: 

 

Name	Role	Total no. of Shares subject to options and awards now held
Ian Gilham	Executive Director	500,000
Ronny Hermansen	Executive Director	162,400
Dr Erling Sundrehagen	Executive Director	490,500
Colin King	PDMR	51,000
Atle Schjøtt	PDMR	75,075
Ralf Schmidt	PDMR	46,500
John Sperzel	PDMR	98,000
Oddvar Vanberg	PDMR	50,025
George Zajicek	PDMR	82,295
Kjersti Grimsrud	PDMR	68,400

The above notifications are intended to satisfy the Company's obligations under Disclosure and Transparency Rule ('DTR') 3.1.4R. 

This announcement is required to be made on the London Stock Exchange and is repeated in Norway for Oslo Stock Exchange purposes in accordance with the 'equivalent information' rule (DTR 2.4 of the UK Listing Authority Rules).

Enquiries:

Axis-Shield plc	Tel: +44 (0)203 178 7849
Ronny Hermansen, Finance Director

Notes to Editors:

About Axis-Shield

Axis-Shield is an international in vitro diagnostics company, headquartered in Dundee with R&D and manufacturing bases in Dundee and Oslo. The Group specialises in the supply of instruments and tests for the rapidly growing physician's office testing market and the development, manufacture and marketing of innovative proprietary diagnostics kits in areas of clinical need, including cardiovascular and neurological diseases, rheumatoid arthritis, and diabetes. 

For more information on Axis-Shield, please refer to www.axis-shield.com

ENDRDSUKUNRKVRNAAR