BusinessCorporate FinanceTargets met after Marconi restructuring

Targets met after Marconi restructuring

Marconi's finance director, its chairman and chief executive have exercised options, and sold shares totalling £4.29m after performance targets, agreed following the company's restructuring in 2003, were met.

Link: New Marconi CFO joins from Diageo

FD Pavi Binning sold 80,000 options and shares, at a price of 583 pence per share, totalling £470,000. Chairman John Devaney and CEO Mike Parton sold 96,000 shares worth £560,000 and 560,000 shares worth £3.26m respectively.

The directors have also retained a significant proportion of the options available to them in order to build a long-term stake in the company.

In line with the policy outlined in August, Devaney, Parton and Binning will retain 20% of each of the five tranches of options due to them under the scheme.

The executive directors were granted performance related options in the newly listed telecommunications company after Marconi completed its restructuring in May 2003.

The incentive plan, part of the restructuring package, was approved by the creditors, who became 99.5% shareholders in the newly listed company. The options have five performance and time vesting targets against them, of which the first four performance targets have been met.

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