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5 December 1999
Under the Plan, the shares will be used to provide deferred bonuses to a number of executive directors and senior managers of the Company. The deferred bonus plan, which was introduced in 1997, promotes superior personal performance by linking the award of shares to specified bonus thresholds and also provides a long term incentive which will depend on the growth in the Company's share price over the three to five years after an award is made, but before shares are distributed to participants.
Following the above transaction, 1,722,213 shares are held by the Trust. Mr AH Cherry, Mr GS Cherry, Mr MF Pearce, MR RS Cherry and Miss T Gupta are each deemed to have acquired an interest in all these shares for the purposes of the Companies Act 1985 by virtue of being potential beneficiaries of the Trust.
For further information contact:
Robin Hoyles Company Secretary, Countryside Properties PLC 01277 260000
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Information correct as at 05/12/1999