JOHN LEWIS OF HUNGERFORD PLC
11 August 1999
John Lewis of Hungerford plc announces that director R D
Worthington has today exercised the balance of the option
originally granted to him in June 1994 (the 'Option') to
subscribe for a total of 8,212,186 Ordinary Shares of the
Company. Application will be made for the admission of
such shares to trading on the Alternative Investment
Market.
The Option was originally granted in respect of shares
representing 7% of the issued share capital of the
Company at the date of exercise. Following the amendment
of the Option on 16 September 1998, it was also exercised
in part as to 2,200,000 Ordinary Shares at that time.
The exercise of the balance of the Option in respect of a
total of 8,212,186 Ordinary Shares discharges in full the
Company's obligations to issue any further shares under
the Option. However, Mr Worthington retains an option
over a further 10,412,816 Ordinary Shares under a
separate option which was granted on 16 September 1998.
In accordance with the terms of the Option, the new
Ordinary Shares have been allotted to Mr Worthington at a
price of 0.163 pence per share (being the price
established under the terms of the Option in 1994). On
issue, the new Ordinary Shares will be registered in the
name of Mr Worthington although he has also today agreed
to sell 5,000,000 such shares to clients of Ellis &
Partners Limited (the nominated broker of the Company) at
a price of 1.25 pence per share.
Following the exercise of the balance of the Option and
the above-mentioned sale, Mr Worthington will retain a
beneficial interest in 3,212,186 issued Ordinary Shares
representing 2.16 per cent of the enlarged issued share
capital of the Company.
Enquiries:
J Lewis
John Lewis of Hungerford plc
Telephone: 01488-682066
R Kidson
Smith & Williamson
Telephone: 0171-637-5377
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