Director Shareholding
November 20 2001 - 10:19AM
UK Regulatory
RNS Number:4130N
Future Network PLC
20 November 2001
Notification of Directors' Interests in Share Options
The Future Network plc ("the Company") today announces that, on Monday 19
November 2001, it received notification that:
John Bowman is beneficially interested in 400,000 shares in the Company pursuant
to the terms of a share option granted to him by the Company on 19 November
2001, which option has an exercise price of 47 pence per share;
Greg Ingham is beneficially interested in an additional 400,000 shares in the
Company pursuant to the terms of a share option granted to him by the Company on
19 November 2001, which option has an exercise price of 47 pence per share; in
aggregate. Greg Ingham is now beneficially interested in 621,197 shares of the
Company by virtue of share options granted to him, which figure takes into
account the adjustment made to all outstanding share options following the
rights issue;
Colin Morrison is beneficially interested in 400,000 shares in the Company
pursuant to the terms of a share option granted to him by the Company on 19
November 2001, which option has an exercise price of 47 pence per share; and
Patrick Taylor is beneficially interested in 100,000 shares in the Company
pursuant to the terms of a share option granted to him by the Company on 19
November 2001, which option has an exercise price of 47 pence per share.
The Company has also granted share options to a number of staff over a total of
3,916,000 ordinary shares of 1p each in the capital of the Company at an
exercise price of 47 pence per share.
All of the share options granted by the Company on 19 November 2001 are subject
to performance criteria, in terms of which the total shareholder return of the
Company, for a three year period from the date of grant, must be sufficient to
place it in the top quartile of UK companies whose shares are listed in the
Media and Photography sector of the London Share Service of the Financial Times
newspaper. If the Company ranks in the second quartile of this comparator group
then only one half of the options granted will vest and become exercisable. If
the Company ranks below the 50th percentile of this comparator group, then none
of the options will become exercisable.
The Company plans to issue invitations to UK staff to apply for the grant of
options in accordance with the Company's Sharesave Scheme and it is expected
that invitations to eligible employees will be distributed during the next week.
The Board has determined that the maximum number of scheme shares over which
options may be granted in response to this issue of invitations will be
3,000,000 shares. Any share options granted pursuant to the Sharesave Scheme
will not be subject to performance criteria. A further announcement concerning
the number of share options granted under the Sharesave invitation will be made
in due course.
For further information, please contact:
John Bowman / Nina Sparrow
The Future Network plc 01225 442244
Rob Day, Company Secretary 0207 533 2988
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