17/11/06
I am responding to your question at Wednesday’s AGM, concerning share options as detailed on page 55 of the 2006 annual report and page 59 of the 2005 document.
As you correctly point out the number of options outstanding for the 1996 Company Share Option plan have increased for the 177p 2002 invitation from 24,498 to 63,905, and for the 113p 2002 invitation from 554,519 to 1,138,936. Obviously as the Company has not granted any options since 2002 the figures should only have reduced.
Following the demerger of DX Services in November 2004, the company adjusted the number of share options in issue in line with the methodology agreed by shareholders at the Extraordinary General Meeting.
Unfortunately it was found, after the June 2005 accounts had been finalised, that during the adjustment process a number of share options had been erroneously lapsed on our computerised administration system. This administrative error was subsequently corrected and accordingly the figures have increased.
I trust this clarifies the situation and I can confirm that a full review of the outstanding options has been undertaken since 2005 and the figure stated in the 2006 accounts is correct.
Yours sincerely
Stefan Bort
Deputy Secretary.
