Telecom Plus PLC
23 March 2006
23 March 2006
Telecom plus plc (the 'Company')
Result of EGM
and
Grant of options over Director's Existing Shares
At the Extraordinary General Meeting of the Company, which took place earlier
today, the resolution put to Shareholders in order to effect the proposed
arrangements with Npower Limited ('npower') announced on 16 February 2006 and
contained in the circular to shareholders dated 7 March 2006 was duly passed.
Consequently Telecom plus plc has been notified today that Charles Wigoder and
persons connected with him, have on 23 March 2006 granted npower an option to
acquire part of his shareholding in the Company in which he is interested
amounting in aggregate to 2,982,500 ordinary shares, representing approximately
4.4 per cent. of the existing issued share capital of the Company. As a result,
npower now has an option over 19,857,711 existing ordinary shares representing
29 per cent. of the issued share capital.
This option is exercisable in the six months following publication of the
Company's results for the year ending 31 March 2009. The price per ordinary
share payable by npower on exercise of the option is equal to four times EBITDA
for the year ending 31 March 2008 plus eight times the EBITDA for the year
ending 31 March 2009 (net of cash and debt) divided by the number of ordinary
shares in issue at the time of exercise of the call option, or market value if
higher (based on the average closing price for the preceding 20 dealing days).
This information is provided by RNS
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