5th Aug 2014 09:09
LONDON (Alliance News) - Telecom Plus PLC Tuesday said Finance Director Chris Houghton, who is leaving the integrated utilities company, exercised options over a total of 91,200 shares Monday under the company share plan.
- 41,200 were at an exercise price of 340 pence per share.
- 50,000 were at an exercise price of 278p per share.
In accordance with the rules of the share plan, the company elected to satisfy these options by transferring 71,521 shares to Houghton, representing the value of the gain made on these options at the current market price for shares. Houghton then sold the shares at 1,400p each in a deal worth GBP1 million gross.
The company also said Houghton exercised options over a further 8,800 shares at an exercise price of 340p per share. Houghton has retained shares resulting from this transaction which represent his only holding in the company.
Shares in the telecommunications company were trading at 1,385.00p down 1.1% Tuesday morning.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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