?
INVENSYS PLC
("the Company")
Transactions by persons discharging managerial responsibilities and their connected persons in accordance with DTR 3.1.4R(1)(a)
Invensys plc notifies that it has permitted senior executives holding subsisting awards granted over ordinary shares of 10p each in the Company ("Shares") under the 1998 Long Term Incentive Plan ("LTIP") on 1 June 2006 ("2006 LTIP Award") to waive their 2006 LTIP Awards and be considered for the grant of an equivalent award of vested restricted Shares ("Replacement Award") which attracts tax immediately but which remain subject to the original retention period as the 2006 LTIP Award. This opportunity also extends to the additional shares conditionally awarded on 29 June 2009 ("Additional Shares") which were subject to the same conditions as the 2006 LTIP Award.
On 15 March 2010, Ulf C I Henriksson, a director of the Company, waived the awards detailed in columns 1 and 2 below for no consideration, and was on 15 March 2010 granted a vested restricted share award over the number of Shares in column 2 plus a further number of Shares representing notional dividend reinvestment between June 2009 and date of waiver (the aggregate number of Shares being that stated in column 3 below). Sufficient Shares were sold on 16 March 2010 to discharge tax liabilities in respect of receipt of the vested restricted share award (as stated in column 4 below). The Company's mid-market closing Share price on 15 March 2010, the date of grant of the vested restricted share award was 334.40 pence. These Shares will be available for release at the original vesting date in June 2010, subject to continued employment.
1
2
3
4
5
Category of Award that was waived
Pre-tax number of Shares under Award that were waived
Pre-tax number of Shares under vested restricted Share Award
Shares sold to discharge tax on column 3 Shares *
Post-tax number of Shares under vested restricted Share Award after sale in column 4
2006 LTIP Award
176,303
177,924
72,637
105,287
Additional Shares
72,124
72,787
29,715
43,072
* The sale of Shares (to satisfy the tax and employee national insurance contributions falling due and to cover the incidental costs of disposal) took place on the London Stock Exchange on 16 March 2010, at a price of 336.84612 pence per Share.
In connection with payment of a proportion of bonus for the financial year to 31 March 2010, senior executives were on 15 March 2010 granted conditional share awards under the Invensys plc Deferred Share Plan as follows in respect of the above-target portion of such bonus:
Mr Ulf Henriksson was granted an award over 161,245 Shares
Mr Wayne Edmunds was granted an award over 73,740 Shares
These Shares will vest, subject to the terms of that plan, in June 2013. No consideration was paid by either Mr Henriksson or Mr Edmunds for the grant of these awards.
Following these transactions Mr Henriksson's total holding is 1,300,965 Shares (representing 0.16% of the issued share capital) and Mr Edmunds' total holding is 18,294 Shares (representing 0.002% of the issued share capital).
Name of contact and telephone number for queries: Steve Devany, Head of Corporate Communications 020 7821 3758
Name of Company Official responsible for making notification: Jessica Wildgoose
Date of notification: 17 March 2010
This information is provided by RNSThe company news service from the London Stock ExchangeENDRDSGGUWAWUPUGMM