12th Sep 2006 08:18
Bespak PLC12 September 2006 Dear Shareholder, Information supplemental to the Bespak plc 2006 Annual Report and Accounts. You will recently have received our 2006 Annual Report and Accounts. Theinformation contained in this letter was not included in the RemunerationReport. This information adds to and should be treated as part of that Reportand is effective as at 11th July 2006, the date of that Report. It does not dealwith any events after that date. We have added below a copy of a report from the Company's auditors in respect ofthis supplemental information. By order of the BoardJennifer M OwenCompany SecretaryFor and on behalf of Bespak plc7 September 2006 Directors' Benefits Mark Throdahl receives a pension allowance which is paid by way of additionalsalary (2005: £81,000). The Company pays contributions to a defined contributionplan in respect of Mr Hopcroft (2005: £32,000). The Company provides accommodation in the UK for Mr Throdahl in accordance withthe terms of his service contract. This represents a taxable benefit and so isincluded in the figure for other benefits. Mr Throdahl contributes a proportionof the annual rental costs. Mr Robinson's services are provided via a service company to which the Companypays fees. Compensation for past directors The Company provides a pension to the widow of an ex-director of £26,000 perannum in accordance with the terms of the former director's servicearrangements. This is an unfunded pension paid out of annual profits. Directors' share options Name Option Type Options as at Granted Lapsed Options as at Exercise Date from Expiry date 30 April 2005 during during 29 April 2006 price which the year the year exercisable M C Throdahl 1996 ESOS 144,859 - - 144,859 £5.835 July 2004 July 2011 1996 CSOS 5,141 - - 5,141 £5.835 July 2004 July 2011 2002 ESOS 70,000 - - 70,000 £4.43 Sept 2005 Sept 2012 2002 ESOS 35,000 - - 35,000 £4.43 Sept 2007 Sept 2012 2002 ESOS 70,000 - - 70,000 £4.125 Sept 2006 Sept 2013 2002 ESOS 35,000 - - 35,000 £4.125 Sept 2008 Sept 2013 2002 ESOS 68,000 - - 68,000 £5.09 July 2007 July 2014 2002 ESOS 34,000 - - 34,000 £5.09 July 2009 July 2014 2005 LTIP - 24,000 - 24,000 - Feb 2009* Feb 2009* performance shares 2005 LTIP - 72,000 SARs - 72,000 £6.14 Feb 2009 Feb 2019 M P Hopcroft 2002 ESOS 33,000 - - 33,000 £2.975 Dec 2005 Dec 2012 2002 ESOS 17,000 - - 17,000 £2.975 Dec 2007 Dec 2012 2002 ESOS 48,000 - - 48,000 £4.125 Sept 2006 Sept 2013 2002 ESOS 24,000 - - 24,000 £4.125 Sept 2008 Sept 2013 SAYE 2,900 - - 2,900 £3.18 Dec 2006 June 2007 2002 ESOS 39,000 - - 39,000 £5.09 July 2007 July 2014 2002 ESOS 19,500 - - 19,500 £5.09 July 2009 July 2014 2005 LTIP - 27,000 - 27,000 - Feb 2009* Feb 2009* performance shares ------- ------- ------ ------- 645,400 123,000 - 768,400 * Performance shares will be transferred automatically to the Director in February 2009, if certain performance criteria have been met. The Director does not choose to exercise the right. • The closing price of the shares at 29 April 2006 was 575.5 pence (30 April 2005: 517.5 pence). The lowest and highest middle market prices during the year were 480 pence and 662 pence respectively. • SAYE = Save As You Earn employee share option scheme. These options are not subject to performance conditions as this is an all-employee share scheme governed by specific tax legislation. • 1996 ESOS & CSOS = 1996 Executive and Company Share Option Scheme as described in the section on Executive Directors' Remuneration. • 2002 ESOS = 2002 Executive Share Option Scheme as described in the section on Executive Directors' Remuneration. • 2005 LTIP & Bespak 2005 Long-Term Incentive Plan as described in the section on Executive Directors' Remuneration. At 29 April 2006, the Company's share ownership trust held no ordinary shares inthe Company (30 April 2005: 3,741) for the purposes of satisfying obligationsunder share option plans for the benefit of the Group's employees. The Remuneration Report was approved by the Board and signed on its behalf by:George MeredithChairman of the Remuneration Committee11 July 2006 Independent auditors' report to the members of Bespak plc We have considered whether the information given in the revised RemunerationReport is consistent with the financial statements for the year ended 29 April2006. The revised Remuneration Report comprises the above supplementaryinformation and the original Remuneration Report which was approved by thedirectors on 11 July 2006. The revised Remuneration Report replaces the originalRemuneration Report as from 7 September 2006 (the date on which thesupplementary information is approved and signed). As explained in the above supplementary information the Remuneration Report hasbeen revised as at 11 July 2006, the date on which the directors approved theoriginal financial statements and not as at 7 September 2006, the date on whichthe revised Remuneration Report was approved. Accordingly the revisedRemuneration Report does not deal with events between those dates. As at 11 July 2006 in our opinion the information given in the revised report isconsistent with the annual financial statements for the year ended 29 April2006. PricewaterhouseCoopers LLPChartered Accountants and Registered Auditors, Cambridge7 September 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CSRT.L