4th Jun 2007 09:57
Xchanging PLC04 June 2007 4 June 2007 Gift of ordinary shares of 5p each ("Shares") in Xchanging plc (the "Company")by Xchanging Chief Executive Officer, David Andrews, to Xchanging employees Xchanging Founder and CEO, David Andrews, indicated at the time of the recentIPO of Xchanging that he intended to make personal gifts of Shares in theCompany, shortly after the IPO, to all employees of the group. These gifts arein recognition of the contribution made by each employee to the ongoing successof Xchanging. The terms of the gifts have now been finalised and on 6 June 2007 each eligibleemployee will receive 200 Shares, except where the eligible employee is situatedin a country where regulations make a gift of shares either illegal orimpracticable, in which case David Andrews will make a cash gift equivalent tothe value (after dealing costs) of 200 Shares on the day of transfer. TheseShares will not be subject to any restrictions on transfer except thoserestrictions on disposal agreed at the time of the IPO. Employee eligibility isdetermined through length of service. The total number of Shares to be disposedof by David Andrews to make gifts of either Shares or cash, together with suchnumber of Shares to be sold to cover the associated costs of applicable tax,will be 724,200 Shares. The precise numbers of shares to be transferred/sold areas follows: • 566,600 Shares to be transferred to employees • 85,200 Shares to be sold in order to transfer the equivalent value in cash to employees • 72,400 shares to be sold in order to pay applicable tax David Andrews said: "Since setting up Xchanging in 1999, we have built up afast-growing international pure-play BPO company. I am pleased that employeescan share in the success in this way." - ENDS - For further information, please contact: David Trenchard Stephen MalthouseTulchan Communications Group LtdTel: +44 (0) 20 7353 4200Email: [email protected] About Xchanging Xchanging is a leading international, pure play business process outsourcingcompany providing industry specific processing to the banking and insuranceindustries and procurement, finance and accounting and human resources servicesto customers across industries. www.xchanging.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
XCH.L