Future Network PLC
21 April 2004
21 April 2004
THE FUTURE NETWORK PLC
Directors' Interests in Shares and
Grant of Matched Awards under
Long Term Incentive Plan ('LTIP')
The Future Network plc (the 'Company'), the international specialist consumer
magazine group, announces that it received notification on 21 April 2004 from
the undernoted executive Directors of a change in their beneficial interests in
ordinary shares.
Greg Ingham, Chief Executive, purchased 204,142 shares in the Company on 20
April 2004 at a price of 68p per share and his wife, Jane Ingham, sold 206,607
shares in the Company at a price of 68p per share. Greg Ingham's beneficial
interest in shares of the Company is now deemed to be 4,031,980 shares.
John Bowman, Group Finance Director, purchased 100,000 shares in the Company on
20 April 2004 at a price of 68p per share. John Bowman's beneficial interest in
shares in the Company is now 600,000 shares.
In consequence, on 20 April 2004 the Company granted matched awards (pursuant to
the terms of the Long Term Incentive Plan adopted at the Company's 2003 AGM)
over 204,142 shares in respect of Greg Ingham and 100,000 shares in respect of
John Bowman, as part of a total of 442,660 shares related to this LTIP
invitation.
The rules of the LTIP provide that a matching number of ordinary shares will be
issued after three years, subject to the attainment of performance criteria over
a three-year period. These provide that the Company will match the number of
shares purchased by each participant, on the basis of growth in pre-goodwill
amortisation earnings per share. If such growth is equal to RPI plus 3% per
annum, then the matching is 50%; the matching is 100% if growth is equal to RPI
plus 7%, and pro rata on a straight-line basis between the two. If growth is
below RPI plus 3% then no matched awards vest.
Enquiries:
The Future Network plc Tel.: 01225 442244
John Bowman, Finance Director
Mark Millar, Company Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
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