Director Shareholding
National Grid Transco PLC
22 October 2002
NATIONAL GRID TRANSCO PLC
Following completion of the merger ('the Merger') between National Grid Group
plc and Lattice Group plc ('Lattice') to form National Grid Transco plc ('the
Company') on 21 October 2002, the interests in the Company's shares of those
directors of the Company who were previously directors of Lattice are as
follows:
Beneficial interests as notified to the Company as at close of business on 21
October 2002
Executive Directors
Steve Lucas 23,471
John Wybrew 62,025
Non-executive Directors
Sir John Parker 4,729
Kenneth Harvey 1,861
Stephen Pettit 1,875
George Rose 5,025
The above figures include any shares held by a spouse, and in the case of the
two Executive Directors listed, also include shares held in trust pursuant to
the Lattice Group All Employee Share Ownership Plan and the BG Group Employee
Profit Sharing Scheme.
Lattice Group Sharesave Scheme
Pursuant to the Merger proposals, John Wybrew elected to release his existing
sharesave option over Lattice shares in exchange for a new sharesave option over
National Grid Transco shares. Consequently, on 21 October 2002, he was granted a
new sharesave option over National Grid Transco shares as set out below:
Date of Grant Original contract start Earliest normal Exercise price Number of shares under
date exercise date option
21 October 2002 1 March 2001 1 March 2004 £3.145 3,078
Lattice Group Long Term Incentive Scheme ('LTIS')
Pursuant to the Merger proposals, Steve Lucas and John Wybrew agreed to
roll-over their existing LTIS awards over Lattice shares for LTIS awards over
National Grid Transco shares. Consequently, on 21 October 2002, the 2000 and
2001 LTIS awards held by each of Steve Lucas and John Wybrew continued over the
following numbers of National Grid Transco shares:-
Steve Lucas
2000 Award 79,902 shares
2001 Award 96,589 shares
John Wybrew
2000 Award 95,597 shares
2001 Award 112,687 shares
Under the proposals relating to the roll-over of the 1999 LTIS awards held by
each of John Wybrew and Steve Lucas, each director has a right to be granted a
nominal-cost (£1) option over the National Grid Transco shares which would
otherwise be subject to their 1999 LTIS awards. Those options will be granted by
the trustee of the Lattice Group Employees Share Trust by 27 October 2002 over
the following numbers of National Grid Transco shares:-
Steve Lucas 31,237 shares
John Wybrew 114, 380 shares
Further, Steve Lucas and John Wybrew, together with other employees of the
former Lattice Group, also have a potential interest in 3,263,248 National Grid
Transco shares currently held by the trustee of the Lattice Group All Employee
Share Ownership Plan, in 4,017,238 National Grid Transco shares held by Mourant
& Co. Trustees Limited as trustee of the Lattice Group Long Term Incentive
Scheme and in 18,403 National Grid Transco shares held by the trustee of the
Lattice Group Employee Share Ownership Trust.
The interests of those directors who have continued as directors of the Company
on Merger (James Ross, Roger Urwin, Edward Astle, Steven Holliday, Rick Sergel,
John Grant, Bonnie Hill and Paul Joskow) in the Company's shares and ADRs remain
unchanged.
This information is provided by RNS
The company news service from the London Stock Exchange
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