Business
Grant Of Options
Grant Of Options.
About this update from Telecom Plus Plc
[{"type":"text","content":"\n Telecom Plus PLC\n08 March 2006\n\n\n8 March 2006\n\n Telecom plus plc\n\n Grant of options over Directors' and Senior Employees' Existing Shares\n\n\nIn accordance with the announcements made on 16 February 2006 and 7 March 2006,\nTelecom plus plc (the 'Company') has been notified today that certain Directors,\nsenior employees and connected persons, as detailed below, have on 8 March 2006\ngranted Npower Limited (npower) an option to acquire part or all of the\nshareholdings in the Company in which they are interested amounting in aggregate\nto 382,686 ordinary shares, representing approximately 5.8 per cent. of the\nexisting issued share capital of the Company. As a result, npower now has an\noption over 13,338,727 existing ordinary shares representing 25.2 per cent. of\nthe issued share capital. The completion of the transaction is conditional on\nfurther options being granted such that npower has options to acquire an\naggregate of 19,817,711 ordinary shares, representing approximately 29 per cent\nof the existing issued share capital.\n\nName of Director or senior Number of Number of Percentage of\nemployee Existing Shares Existing Shares Existing Issued\n over which Share Capital\n Options have under option\n been granted\n granted to\n npower (%)\n\nPeter Nutting 746,750 500,000 0.7\nJohn Levin 2,254,028 2,254,028 3.3\nStephen Davis 54,730 54,730 0.1\nRichard Michell 382,686 360,412 0.5\nWayne Coupland 250,000 250,000 0.4\nClifford Wetherall 250,000 250,000 0.4\nMalcolm Wolpert 250,000 250,000 0.4\n\n Total 4,188,194 382,686 5.8\n\n\nThis option is exercisable in the six months following publication of the\nCompany's results for the year ending 31 March 2009. The price per ordinary\nshare payable by npower on exercise of the option is equal to four times EBITDA\nfor the year ending 31 March 2008 plus eight times the EBITDA for the year\nending 31 March 2009 (net of cash and debt) divided by the number of ordinary\nshares in issue at the time of exercise of the call option, or market value if\nhigher (based on the average closing price for the preceding 20 dealing days).\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":3078,"tagName":"div"}]