26th Nov 2019 17:48
(Alliance News) - The chief executive and chief financial officer of Future PLC, among other members of management and former employees, intend to sell up to 3.1 million shares, Numis Corp said on Tuesday.
Numis explained that nil-cost options over 3.1 million shares in Future, which were granted to the senior management team under the company's performance share plan in 2016 and 2017 and vested on Saturday, have been exercised.
Following the exercise, "certain members" of the senior management team intend to dispose of shares in Future.
Chief Executive Zillah Byng-Thorne and Chief Financial Officer Penny Ladkin-Brand plan to sell up to approximately 1.0 million shares and 550,000 shares respectively, "in part to satisfy certain tax obligations and other costs associated with the vesting of the options".
The other sellers, comprising 17 individuals employed or previously employed by Future, intend to sell up to approximately 1.5 million shares in aggregate.
The shares represent, in total, around 3.2% of Future's issued share capital.
The shares will be offered via an accelerated bookbuild, with the final number of shares to be placed and the price to be agreed at the close of the bookbuild process.
Shares in the magazine publisher closed up 6.2% at 1,572.08 pence in London on Tuesday.
By Lucy Heming; [email protected]
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