Wed, 21 Apr 2004
The TOWER Limited Board has resolved to offer up to 12.1 million options to approximately 40 TOWER senior executives.
The exercise price of each option will be NZ$1.53 (calculated as the average weighted TOWER share price on the NZX in New Zealand dollars for the five trading days 30 March to 5 April 2004).
The options will vest on 1 April 2007 and may be exercised up until the expiry of the exercise period on 31 March 2010.
The options may only be exercised if the hurdle of a 10% per annum compounding increase in the TOWER share price less any distributions paid is achieved.
Full details will be provided when the options are issued.
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