23rd Mar 2006 14:14
Telecom Plus PLC23 March 2006 23 March 2006 Telecom plus plc (the "Company") Result of EGM and Grant of options over Director's Existing Shares At the Extraordinary General Meeting of the Company, which took place earliertoday, the resolution put to Shareholders in order to effect the proposedarrangements with Npower Limited ("npower") announced on 16 February 2006 andcontained in the circular to shareholders dated 7 March 2006 was duly passed. Consequently Telecom plus plc has been notified today that Charles Wigoder andpersons connected with him, have on 23 March 2006 granted npower an option toacquire part of his shareholding in the Company in which he is interestedamounting in aggregate to 2,982,500 ordinary shares, representing approximately4.4 per cent. of the existing issued share capital of the Company. As a result,npower now has an option over 19,857,711 existing ordinary shares representing29 per cent. of the issued share capital. This option is exercisable in the six months following publication of theCompany's results for the year ending 31 March 2009. The price per ordinaryshare payable by npower on exercise of the option is equal to four times EBITDAfor the year ending 31 March 2008 plus eight times the EBITDA for the yearending 31 March 2009 (net of cash and debt) divided by the number of ordinaryshares in issue at the time of exercise of the call option, or market value ifhigher (based on the average closing price for the preceding 20 dealing days). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Telecom Plus