16 November 2007
NOVAE GROUP PLC
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
On 13 November 2007, MK Fosh received 681,326 Novae Group plc
Ordinary shares of 10 pence each in respect of an award made under
the terms of the 1999 Long Term Incentive Plan ("LTIP") on 11
November 2002. The award was released by the Trustee of the LTIP,
Ogier Employee Benefit Trustee Limited ("the Trustee"), following the
completion of the performance period.
On release, the award is subject to income tax at the recipient's
marginal rate and National Insurance contributions ("NIC") at 1% on
the value of the shares. Accordingly, MK Fosh's beneficial interest
in the Ordinary Share capital of Novae Group plc increased by 410,983
shares (0.056% of such Ordinary Share capital); being 681,326 less
279,343 shares (41% of the award) sold to meet these liabilities. The
shares were sold at 34.375 pence on 14 November 2007.
Following the vesting of the award and sale for tax and NIC, MK Fosh
held the following total beneficial interest in the Ordinary Share
capital of Novae Group plc: 3,012,438 shares; being 0.411% of such
Ordinary Share capital.
On 16 November 2007 the Trustee notified the Company that there was a
net reduction of 401,983 shares held in the trust following the
vesting of the LTIP award detailed above and transfer to MK Fosh and
that, following this transaction, the Trustee holds a total of
14,044,413 shares, representing 1.918% of the Company's issued
Ordinary share capital. The Executive Directors of the Company,
together with other employees, are potential beneficiaries under the
trust and are therefore treated as having an interest in such shares.
020 7903 7300
Group Legal Counsel and Company Secretary
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