20th Jan 2005 16:02
Millfield Group PLC20 January 2005 Millfield Group Plc The Board of Millfield Group plc on 18th January 2005 issued options to acquire,in total, 7,316,176 Ordinary Shares under the Company's Share Option plan. TheBoard has decided to award options at this time given that the integration ofthe Inter-Alliance and Millfield businesses has made substantial progress and itnow wants to provide incentive arrangements to the Group's Directors and keymanagers going forward. Of the options awarded, options over 2,998,000 Ordinary Shares are subject to amore stringent performance condition ("super options"), they being exerciseableonly if the market price of Millfield's Ordinary Shares has reached 118p. Theseoptions were awarded to members of the Group Executive Board and to certainSenior Managers. Of the remainder of the options awarded, 50% are exerciseableif the market price of Millfield's Ordinary Shares is 60p and 50% areexerciseable if the market price is 80p. Options over 2,530,000 Ordinary Shares have been awarded to Main BoardDirectors, as follows: Paul Tebbutt, 1,000,000 (of which 750,000 super options);Harry Roome, 525,000 (of which 350,000 super options); Bryan Beeston, 516,000(of which 350,000 super options) and Michael Duncan, 480,000 (of which 320,000super options). The Options may be exercised with effect from 31 March 2008 and expire on the10th anniversary of their award. In addition, Millfield today also announces that it intends to extend its "Adviserco" arrangements to advisers that have joined the Group with theacquisition of Inter-Alliance. These arrangements enable the Group to provideservices direct to advisers' clients, giving these clients the option of dealingdirect through Millfield's Business Centre in Hull thereby providing the clientswith a choice of services, with fees and commissions being shared between theadviser and Millfield. Millfield intends to issue up to a further 2.5 millionOrdinary Shares in 2008 to fund the extension of these arrangements and theacquisition of the servicing rights for certain clients of selected advisers. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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