Wed, 10 Aug 2005
The TOWER Limited Board has resolved to offer up to 4,871,500 options to 11 TOWER senior executives. Each option is for one TOWER ordinary share.
The exercise price of each option will be calculated as the average weighted TOWER share price on NZX in New Zealand dollars for the five trading days to 9 August 2005.
The exercise period for 3,096,500 options will commence on 9 August 2008 and expire on 9 August 2011 when any remaining unexercised options will lapse. The exercise period for the remaining 1,775,000 options will commence on 9 August 2009 and expire on 9 August 2012.
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.
The total number of TOWER ordinary shares currently on issue is 358,468,109.
The total number of TOWER options currently on issue is 6,867,757 (excluding this proposed new issue).
If the offers of the proposed new options are all accepted by the senior executives, the number of options on issue will increase to 11,739,257. The 11,739,257 options would represent 3.2% of total TOWER securities on issue.
Full details will be provided when the options are issued.
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