Call Option Lapses

RNS Number : 8170C

Telecom Plus PLC

20 November 2009

 



20 November 2009

Telecom plus PLC (the "Company")

Call Option Lapses

As part of the arrangements agreed between the Company and Npower Ltd ("npower") for the supply of energy in early 2006, certain directors, senior employees and connected persons granted npower an option to acquire part or all of their shareholdings in the Company representing approx 29 per cent. of the then issued share capital in the Company. The option was exercisable for a period of six months following publication of the Company's results for the year ended 31st March 2009. Further details of the option arrangement were contained in the circular published by the Company in March 2006.

The Company announces that the period during which the option could have been exercised has ended and the option has now lapsed.

Lapse of the option does not affect the arrangements under which npower will continue to supply all the energy used by our customers under an exclusive supply agreement that is subject to two years rolling notice on either side. 

Commenting on this announcement, Charles Wigoder, Chief Executive said:

"We enjoy a strong and positive working relationship with npower from which both parties are deriving considerable commercial benefits, and anticipate this will continue for the foreseeable future."

For more information please contact:

Telecom plus PLC
Charles Wigoder, Chief Executive	020 8955 5000
Chris Houghton, Finance Director
KBC Peel Hunt
Richard Kauffer / Dan Webster	020 7418 8900
Brewin Dolphin Investment Banking
Graeme Summers / Andrew Kitchingman	0845 270 8610
Smithfield
Reg Hoare / Will Henderson	020 7360 4900

About Telecom plus PLC:

Telecom plus, which owns and operates the Utility Warehouse brand, is the UK's only fully integrated provider of a wide range of competitively priced utility services spanning both the Communications and Energy markets.

Customers benefit from the convenience of a single monthly bill, consistently good value across all their utilities and exceptional levels of customer service. The Company does not advertise, relying instead on "word of mouth" recommendation by existing satisfied customers in order to grow their market share.

Telecom plus is listed on the London Stock Exchange (Ticker: TEP LN). For further information please visit: www.telecomplus.co.uk.

 

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