Notes to the accounts
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36 Directors’ interests
(a) In shares and bonds in Liberty International Group Companies
The number of ordinary shares of the company in which the Directors were beneficially interested were:
| 2007 | 2006 | |
|---|---|---|
| J.G. Abel | 112,117 | 112,117 |
| R.W.T. Buchanan | 37,088 | 37,088 |
| D.P.H. Burgess | 19,250 | 19,250 |
| R.M. Cable | 22,432 | 18,417 |
| K.E. Chaldecott | 44,237 | 44,237 |
| R.G. Finch | 19,712 | 15,712 |
| D.A. Fischel | 362,289 | 337,290 |
| G.J. Gordon | 1,530,000 | 1,530,000 |
| I.D. Hawksworth | – | – |
| I.J. Henderson | 10,000 | 10,000 |
| L. James | 10,700 | 10,700 |
| M. Rapp | 7,929 | 7,929 |
| R.O. Rowley | 1,000 | 1,000 |
| N. Sachdev | – | – |
| A.C. Smith | 147,716 | 165,970 |
Mr G.J. Gordon purchased 25,000 ordinary shares of the company on 13 February 2008. As at 26 February 2008, there had been no other changes in the interests of each Director since 31 December 2007.
Liberty International PLC ordinary shares of 50p each
Conditional awards of shares have been made under the company’s annual bonus scheme.
The awards comprise “restricted” shares and “additional” shares, the latter equal to 50 per cent of the restricted and Share Incentive Plan shares (see below) combined. These shares will be released two and four years respectively after the date of the award provided the individual Director has remained in service.
Awards to Executive Directors under the scheme to date have been as follows:
| Award date | Market price at award (pence) |
Vesting date |
Market price at vesting (pence) |
At 31 December 2006 |
Lapsed | Vested | Awarded+ | At 31 December 2007 |
|
|---|---|---|---|---|---|---|---|---|---|
| R.M. Cable | 06/03/2007 | 1205 | 01/03/2011 | – | – | – | 2,863 | 2,863 | |
| 01/03/2006 | 1099 | 01/03/2010 | 2,593 | – | – | – | 2,593 | ||
| 16/03/2005 | 978 | 01/03/2009 | 1,323 | – | – | – | 1,323 | ||
| 01/03/2004 | 728 | 01/03/2008 | 1,648 | – | – | – | 1,648 | ||
| 01/03/2003 | 565 | 01/03/2007 | 1204 | 1,925 | – | 1,925 | – | – | |
| 06/03/2007 | 1205 | 01/03/2009 | – | – | – | 5,477 | 5,477 | ||
| 01/03/2006 | 1099 | 01/03/2008 | 5,187 | – | – | – | 5,187 | ||
| 16/03/2005 | 978 | 01/03/2007 | 1204 | 2,339 | – | 2,339 | – | – | |
| K.E. Chaldecott | 06/03/2007 | 1205 | 01/03/2011 | – | – | – | 3,112 | 3,112 | |
| 01/03/2006 | 1099 | 01/03/2010 | 2,866 | – | – | – | 2,866 | ||
| 16/03/2005 | 978 | 01/03/2009 | 1,380 | – | – | – | 1,380 | ||
| 01/03/2004 | 728 | 01/03/2008 | 1,700 | – | – | – | 1,700 | ||
| 01/03/2003 | 565 | 01/03/2007 | 1204 | 1,925 | – | 1,925 | – | – | |
| 06/03/2007 | 1205 | 01/03/2009 | – | – | – | 5,975 | 5,975 | ||
| 01/03/2006 | 1099 | 01/03/2008 | 5,732 | – | – | – | 5,732 | ||
| 16/03/2005 | 978 | 01/03/2007 | 1204 | 2,454 | – | 2,454 | – | – | |
| D.A. Fischel | 06/03/2007 | 1205 | 01/03/2011 | – | – | – | 9,952 | 9,952 | |
| 01/03/2006 | 1099 | 01/03/2010 | 9,218 | – | – | – | 9,218 | ||
| 16/03/2005 | 978 | 01/03/2009 | 2,001 | – | – | – | 2,001 | ||
| 01/03/2004 | 728 | 01/03/2008 | 3,915 | – | – | – | 3,915 | ||
| 01/03/2003 | 565 | 01/03/2007 | 1204 | 4,779 | – | 4,779 | – | – | |
| 06/03/2007 | 1205 | 01/03/2009 | – | – | – | 19,656 | 19,656 | ||
| 01/03/2006 | 1099 | 01/03/2008 | 18,437 | – | – | – | 18,437 | ||
| 16/03/2005 | 978 | 01/03/2007 | 1204 | 3,695 | – | 3,695 | – | – | |
| – | |||||||||
| A.C. Smith | 06/03/2007 | 1205 | 01/03/2011 | – | – | – | 3,112 | 3,112 | |
| 01/03/2006 | 1099 | 01/03/2010 | 4,232 | – | – | – | 4,232 | ||
| 16/03/2005 | 978 | 01/03/2009 | 1,132 | – | – | – | 1,132 | ||
| 01/03/2004 | 728 | 01/03/2008 | 2,215 | – | – | – | 2,215 | ||
| 01/03/2003 | 565 | 01/03/2007 | 1204 | 2,549 | – | 2,549 | – | – | |
| 06/03/2007 | 1205 | 01/03/2009 | – | – | – | 5,975 | 5,975 | ||
| 01/03/2006 | 1099 | 01/03/2008 | 8,463 | – | – | – | 8,463 | ||
| 16/03/2005 | 978 | 01/03/2007 | 1204 | 1,958 | – | 1,958 | – | – | |
+Bonus shares in respect of the year ended 31 December 2006 awarded in February 2007. Details of bonus shares awarded in respect of the year ended 31 December 2007 are given in the Directors’ remuneration report.
Awards are also made under the company’s Share Incentive Plan (SIP). The SIP shares can be released three years after the date of the award provided the individual Director has remained in employment but the shares must be held in trust for a further two years in order to qualify for tax advantages. The dividend payable in respect of the shares held in trust is used to purchase additional shares, known as Dividend Shares, which are also held in trust.
| At 31 December 2006 |
Vested | Lapsed | Awarded+ | Partnership, matching and dividend shares |
At 31 December 2007 |
|
|---|---|---|---|---|---|---|
| R.M. Cable | 3,443 | – | – | 248 | 259 | 3,950 |
| K.E. Chaldecott | 3,443 | – | – | 248 | 259 | 3,950 |
| D.A. Fischel | 3,443 | – | – | 248 | 259 | 3,950 |
| I. D. Hawksworth | – | – | – | 248 | 6 | 254 |
| A.C. Smith | 3,443 | – | – | 248 | 259 | 3,950 |
+SIP shares in respect of the year ended 31 December 2006 awarded in February 2007. Details of SIP shares awarded in respect of the year ended 31 December 2007 are given in the Directors’ remuneration report.
(b) In share options in the company
The following Directors had options to subscribe for shares in the company:
| Director | Year granted |
Option price pence |
Held at 31 December 2006 |
Granted in year |
Exercised in year |
Held at 31 December 2007 |
Exercisable between |
|---|---|---|---|---|---|---|---|
|
The Liberty International PLC Incentive Share Option Scheme 1999 |
|||||||
| R.M. Cable | 2004 | 698 | 25,000 | – | 25,000 | – | 19/02/07–19/02/14 |
| K.E. Chaldecott | 2004 | 698 | 25,000 | – | – | 25,000 | 19/02/07–19/02/14 |
| D.A. Fischel | 1999 | 475 | 21,000 | – | 21,000 | – | 11/08/02–11/08/09 |
| 2002 | 545 | 69,496 | – | 69,496 | – | 20/02/05–20/02/12 | |
| 2003 | 565 | 50,000 | – | 50,000 | – | 21/02/06–21/02/13 | |
| A.C. Smith | 2003 | 565 | 40,000 | – | 40,000 | – | 21/02/06–21/02/13 |
|
The Liberty International PLC Incentive Share Option Scheme 1999 |
|||||||
| D.A. Fischel | 2002 | 545 | 5,504 | – | 5,504 | – | 20/02/05–20/02/12 |
Mr D.A. Fischel exercised options on 4 September 2007, at a market price of 1172p per share, at which time the difference between the exercise price and market price was in aggregate £920,375. Mr A.C. Smith exercised options on 28 September 2007, at a market price of 1153p per share, at which time the difference between the exercise price and market price was in aggregate £235,200. Mr R.M. Cable exercised options on 11 December 2007, at a market price of 1142p per share, at which time the difference between the exercise price and market price was in aggregate £111,000.
The aggregate gains made by Directors on the exercise of options is £1.3 million (2006 – £2.0 million).
The market price of Liberty International ordinary shares at 31 December 2007 was 1077p and during the year the price varied between 1010p and 1397p.
(c) Mr G.J. Gordon purchased 25,000 ordinary shares of the company on 13 February 2008. No other Director had any dealings in the shares of any group company between 31 December 2007 and 12 February 2008, being a date less than one month prior to the date of the notice convening the Annual General Meeting.
Other than as disclosed in these accounts, no Director of the company had a material interest in any contract (other than service contracts), transaction or arrangement with any group company during the year ended 31 December 2007.