Stmnt re Management Options
Primary Health Properties PLC
19 September 2003
Primary Health Properties PLC
Grant of options
Primary Health Properties PLC (the "Company") announces that options over
1,120,000 and 480,000 ordinary shares of 50p each in the Company ("New
Management Options") were granted to NEXUS Property Management Services Limited
(NEXUS) and J O Hambro Capital Management Limited (JOHCM) respectively, on 17
September 2003 for no consideration.
The New Management Options have been granted pursuant to the approval given by
shareholders at the Company's extraordinary general meeting held on 30 May 2003
("EGM").
The New Management Options have been granted at 171p per ordinary share of 50p
each ("Ordinary Shares") being the price equivalent to the average middle market
quotation of an Ordinary Share as derived from the Daily Official List of the
London Stock Exchange plc for the five business days immediately preceding the
date of the EGM.
The new management options are exercisable at any time following three years but
not later than ten years from the date of grant other than during a prohibited
period and only if:
(a) the relevant joint manager has remained as an adviser to the Company from
the date of the New Management Options until the relevant exercise date;
and
(b) the latest published annual audited financial statements of the Company show
the basic net asset value per share (adding back all gross dividends paid on
each share) has increased since the date of the New Management Options were
granted at a rate in excess of the equivalent of a compound annual base rate
of seven per cent.
Following this notification NEXUS will hold 1,120,000 options over Ordinary
Shares and JOHCM will hold 480,000 options over ordinary shares. Two directors
of the Company (Mr Hyman and Mr Hambro) are deemed to be interested in the New
Management Options held by NEXUS and JOHCM.
This information is provided by RNS
The company news service from the London Stock Exchange
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