Alan Stewart, Group Finance Director of WHSmith, today purchased 82,194 shares in the Company at a price of 365.0p under the rules of the Management Investment Plan (MIP), which was approved by shareholders on 23 September 2004. This represents his entire shareholding in WHSmith.
Since the introduction of the MIP last year, 90% of the senior managers invited to participate in the plan have elected to invest in shares under the plan. Their aggregate investment represents a take-up rate of 91% of the total amount that could have been invested by these participants in the MIP.
Notes to Editors:
The MIP was approved at an EGM on 23 September 2004 and 96% of votes cast were in favour of the plan. Immediately following shareholder approval those invited to participate in the MIP were required to confirm their commitment within 3 weeks.
The MIP is a three-year plan that provides the executive directors and selected members of senior management with the opportunity to demonstrate their commitment to, and belief in, the plans for the WH Smith Group by investing their own money to buy ordinary shares.
Under the terms of the MIP, executive directors (Group Chief Executive and Group Finance Director) were invited to invest 100 per cent of gross salary, and other members of senior management were invited to invest up to a maximum of 75 per cent of gross salary.
Participants will be granted a matching award over ordinary shares, which will be exercisable provided that certain demanding corporate performance conditions are met, their investment is retained over a period of three years and they continue to be employed by the Company.