Future Network PLC
18 October 2001
18 October 2001
THE FUTURE NETWORK plc
Notification of Appointment of Director and Notification of Director's
Interest in Shares
The Future Network plc (the 'Company' or 'Future') announces that John Bowman
was appointed a director of the Company at a board meeting held on 15 October
2001 and his appointment took effect from the close of business on 15 October
2001. The Company had announced on 29 August 2001 that John Bowman was to
assume the role of Group Finance Director with effect from 16 November 2001.
On joining the Board, John Bowman notified the Company that he is beneficially
interested in 195,652 ordinary shares in the capital of The Future Network
plc, which shares are registered in his name. As announced by the Company on 9
October 2001, the 195,652 ordinary shares were issued to John Bowman in
satisfaction of a non-recurring bonus entitlement of £75,000. The number of
shares issued was calculated by dividing the amount of this bonus, after
deduction of tax and national insurance, by the closing middle market price of
a Future Share on 1 October 2001, being 23 pence.
In the prospectus dated 28 September 2001 in connection with the 6 for 5
rights issue announced by the Company it was stated that Colin Morrison, a
director of the Company, did not hold any ordinary shares in Future and
therefore was not entitled to participate in the rights issue. It was also
stated that pursuant to a conditional pre-placing agreement, Colin Morrison
had agreed to subscribe for 175,000 new ordinary shares in connection with the
rights issue.
The Company received notification on 17 October 2001 that Colin Morrison is
beneficially interested in 850 ordinary shares in the capital of Future, which
shares are registered in his name. Of the 850 shares, 350 shares were acquired
by Colin Morrison on 7 October 1999 at a price of £6.51 per share and 500
shares were acquired on 7 September 2000 at a price of £7.33 per share.
In addition to subscribing for the 175,000 new ordinary shares referred to
above, Colin Morrison has undertaken to take up his rights in full under the
rights issue in respect of his holding of 850 ordinary shares. Accordingly,
following the rights issue Colin Morrison will be interested in 176,870
ordinary shares in the Company, representing 0.06 per cent of the Company's
issued share capital.
For more information:
James Longfield
Hogarth Partnership Tel 020 7357 9477
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