Telecom Plus Regulatory News (TEP)

8 Mar 2006 14:31

Telecom Plus PLC08 March 2006 8 March 2006 Telecom plus plc Grant of options over Directors' and Senior Employees' Existing Shares In accordance with the announcements made on 16 February 2006 and 7 March 2006,Telecom plus plc (the "Company") has been notified today that certain Directors,senior employees and connected persons, as detailed below, have on 8 March 2006granted Npower Limited (npower) an option to acquire part or all of theshareholdings in the Company in which they are interested amounting in aggregateto 382,686 ordinary shares, representing approximately 5.8 per cent. of theexisting issued share capital of the Company. As a result, npower now has anoption over 13,338,727 existing ordinary shares representing 25.2 per cent. ofthe issued share capital. The completion of the transaction is conditional onfurther options being granted such that npower has options to acquire anaggregate of 19,817,711 ordinary shares, representing approximately 29 per centof the existing issued share capital. Name of Director or senior Number of Number of Percentage ofemployee Existing Shares Existing Shares Existing Issued over which Share Capital Options have under option been granted granted to npower (%) Peter Nutting 746,750 500,000 0.7John Levin 2,254,028 2,254,028 3.3Stephen Davis 54,730 54,730 0.1Richard Michell 382,686 360,412 0.5Wayne Coupland 250,000 250,000 0.4Clifford Wetherall 250,000 250,000 0.4Malcolm Wolpert 250,000 250,000 0.4 Total 4,188,194 382,686 5.8 This option is exercisable in the six months following publication of theCompany's results for the year ending 31 March 2009. The price per ordinaryshare payable by npower on exercise of the option is equal to four times EBITDAfor the year ending 31 March 2008 plus eight times the EBITDA for the yearending 31 March 2009 (net of cash and debt) divided by the number of ordinaryshares in issue at the time of exercise of the call option, or market value ifhigher (based on the average closing price for the preceding 20 dealing days). This information is provided by RNS The company news service from the London Stock Exchange