Business
Notice of EGM
Notice of EGM.
About this update from Mercantile Ports & Logistics Limited
[{"type":"text","content":"\n Montpellier Group PLC\n26 February 2004\n\n\nMontpellier Group Plc ('Montpellier' or the 'Company') announces that it has\nissued a circular to shareholders convening an extraordinary general meeting of\nthe Company to be held at 39 Cornhill, London EC3V 3NU on 11 March 2004 at 11.15\na.m. to seek approval of the introduction of a new Savings Related Option Scheme\n('the SAYE Scheme') and a new Montpellier 2004 Executive Share Option Scheme \n('the Option Scheme').\n\nThe SAYE Scheme will replace the Company's old savings related scheme which has\nnow expired and which was established, like the SAYE Scheme, for the benefit of\nsubstantially all of the eligible employees.\n\nThe SAYE Scheme is intended to qualify for approval by the Board of the Inland\nRevenue under Schedule 3 of the Income Tax (Earnings and Pensions) Act 2003 and\nwill be submitted for such approval following its adoption by the Company. The\ndraft rules of the SAYE Scheme have been submitted to the Inland Revenue for\noutline approval and although they have been substantially agreed with the\nInland Revenue they may require further amendments, accordingly the Directors\nwill be authorised to amend the rules when necessary or expedient.\n\nThe SAYE Scheme provides for non-transferable options to be granted to eligible\nemployees of the Company and its UK subsidiaries, by the Company or by the\ntrustees of any employee benefit trust. Option holders will fund the exercise\nof their options with the proceeds of a related Save As You Earn (SAYE) savings\ncontract. Benefits under the SAYE Scheme will not be pensionable.\n\nThe Option Scheme will replace the Lovell 1995 Executive Share Option Scheme\nwhich will be terminated. The Option Scheme consists of two parts, an Inland\nRevenue approved share option scheme ('the approved part') and an unapproved\npart. The substance of the rules is in the approved part of the Option Scheme.\nThe unapproved part of the Option Scheme permits options to be granted under the\napproved part with necessary amendments which are not required for the\nunapproved options.\n\nWhere the Remuneration Committee of the Board considers it appropriate to grant\noptions under the Option Scheme, options over Shares up to the value (on the\ndate of grant) of £30,000 (taking account of any other approved options that may\nbe held by the releva...