Directors' Share Purchases
April 02 2003 - 9:15AM
UK Regulatory
RNS Number:5497J
Tenon Group PLC
02 April 2003
Tenon Group PLC
("Tenon" or "the Group")
Directors' Share Purchases,
Award of Director's Share Options and
New Employee Share Option Scheme
Directors' Share Purchases
In Tenon's announcement of 27 March 2003 concerning the disposal of certain
parts of the Company's corporate finance activities (the "Corporate Finance
Disposals"), reference was made to the fact that part of the consideration
payable to Tenon under the Corporate Finance Disposals would be funded by the
sale of Tenon shares, held by the purchasers of the corporate finance
activities, to employees of the Tenon Group at the closing mid-market price of
Tenon shares on 26 March 2003. The transactions comprising the Corporate
Finance Disposals completed on 1 April 2003 and three directors of Tenon
purchased shares on the same terms as other Tenon employees as part of this
arrangement. The number of shares comprised within each relevant director's
purchase is set out below.
Director Number of Share Price Total Shares
Shares Acquired now Held
Neil Johnson 438,195 10.25p 523,195
Andy Raynor 438,195 10.25p 1,753,481
Bill Davidson 350,556 10.25p 1,082,895
Total 1,226,946 3,359,571
Award of Directors' Share Options
Following the resignation of Eric Stobart as a director and Chairman of Tenon on
7 February 2003, the Group announced on 11 February 2003 that Neil Johnson had
accepted the position of Chairman. In recognition of the importance of the
contribution that he will be required to make to the building of an effective
and profitable business, Mr Johnson was granted, on 26 March 2003, options over
2,500,000 Tenon ordinary shares, exercisable in normal circumstances not before
three years of the date of grant and not after ten years, at an exercise price
of 10p per share under the New Employee Share Option Scheme referred to below.
In addition on that date and under the same scheme Bill Davidson, who was
appointed to the Board on 24 March 2003, was granted options over 250,000
ordinary shares.
New Employee Share Option Scheme
The board of Tenon is conscious of the need to strongly motivate key employees
of the Group in the drive to increase profitability and shareholder value. In
order to provide realistic share-based incentives for these employees, the board
voted on 3 March 2003 to introduce new employee share option schemes (the "New
Option Schemes") under which options may be granted over ordinary shares in the
Company up to a limit of fifteen per cent. of the existing ordinary shares in
issue at that date, representing a maximum of 23,278,378 options. Part of the
capacity available under the New Option Schemes will be utilised to replace
options that have been granted under the existing Tenon option schemes to
continuing employees and which will be cancelled. Certain options that are
granted under the New Option Scheme to employees who were vendor partners of
legacy practices acquired by Tenon will have conditions attached relating to the
retention by them of the Tenon shares received as part of the consideration for
their practices.
2 April 2003
This information is provided by RNS
The company news service from the London Stock Exchange
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