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Executive options
At 31 December 1998 Reuters had vested but unexercised options relating to 1,183,830 shares outstanding to 125 employees under executive option plans. These plans have been replaced by the performance based plans described above.
Vested options on shares held by directors during 1998, including SAYE options, were all in respect of Reuters Group PLC and were as follows:
| | No. of options |
| | |
| Date of grant | At 31 December 1997 | Granted during year | Exercised/
lapsed during year | At 31 December 1988 | Exercise price pence | Net value at 31 December 1998 £000 | Date from which exercisable | Expiry date |
|
| Sir Christopher Hogg |
| SAYE | Mar 1997 | 2,065 | – | – | 2,065 | 501.0 | 3 | Apr 2002 | Oct 2002 |
|
| | 2,065 | – | – | 2,065 | | 3 | |
|
| P Job |
| SAYE | Mar 1997 | 2,065 | – | – | 2,065 | 501.0 | 3 | Apr 2002 | Oct 2002 |
| Mar 1998 | – | 1,443 | – | 1,443 | 478.0 | 2 | Apr 2003 | Oct 2003 |
| Plan 2000 | Sept 1998 | – | 2,000 | – | 2,000 | 550.0 | 2 | Sept 2001 | Sept 2005 |
|
| | 2,065 | 3,443 | – | 5,508 | | 7 |
|
| J-C Marchand |
| SAYE | Sept 1996 | 1,721 | – | – | 1,721 | 601.2 | 1 | Oct 2001 | Apr 2002 |
| Mar 1997 | 1,377 | – | – | 1,377 | 501.0 | 1 | Apr 2002 | Oct 2002 |
| Plan 2000 | Sept 1998 | – | 2,000 | – | 2,000 | 550.0 | 2 | Sept 2001 | Sept 2005 |
|
| | 3,098 | 2,000 | – | 5,098 | | 4 |
|
| J M C Parcell |
| Executive | Mar 1991 | 60,000 | – | 60,000 | – | 192.2 | – | Mar 1994 | Mar 1998 |
| Aug 1992 | 40,000 | – | – | 40,000 | 253.5 | 151 | Aug 1995 | Aug 1999 |
| SAYE | Mar 1997 | 2,065 | – | – | 2,065 | 501.0 | 3 | Apr 2002 | Oct 2002 |
| Plan 2000 | Sept 1998 | – | 2,000 | – | 2,000 | 550.0 | 2 | Sept 2001 | Sept 2005 |
|
| | 102,065 | 2,000 | 60,000 | 44,065 | | 156 |
|
| R O Rowley |
| SAYE | Sept 1996 | 860 | – | 860 | – | 601.2 | – | Oct 2001 | Apr 2002 |
| Mar 1997 | 2,065 | – | – | 2,065 | 501.0 | 3 | Apr 2002 | Oct 2002 |
| Mar 1998 | – | 1,443 | – | 1,443 | 478.0 | 2 | Apr 2003 | Oct 2003 |
| Plan 2000 | Sept 1998 | – | 2,000 | – | 2,000 | 550.0 | 2 | Sept 2001 | Sept 2005 |
|
| | 2,925 | 3,443 | 860 | 5,508 | | 7 |
|
| D G Ure |
| Plan 2000 | Sept 1998 | – | 2,000 | – | 2,000 | 550.0 | 2 | Sept 2001 | Sept 2005 |
|
| | – | 2,000 | – | 2,000 | | 2 |
|
| A-F H Villeneuve |
| SAYE | Mar 1997 | 2,065 | – | – | 2,065 | 501.0 | 3 | Apr 2002 | Oct 2002 |
| Mar 1998 | – | 1,443 | – | 1,443 | 478.0 | 2 | Apr 2003 | Oct 2003 |
| Plan 2000 | Sept 1998 | – | 2,000 | – | 2,000 | 550.0 | 2 | Sept 2001 | Sept 2005 |
|
| | 2,065 | 3,443 | – | 5,508 | | 7 |
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The only gain made by directors on the exercise of share options during 1998 was £251,850 made by John Parcell, who exercised certain executive options immediately prior to their expiry date. In 1997 the aggregate gain made by directors was £163,134 and the gain made by Peter Job, the highest paid director, was £15,341. Gains on the exercise of options are calculated as at the dates of exercise even though the directors may have retained their shares. The net value at 31 December 1998 is the difference between the day’s closing mid market price of Reuters ordinary shares of 631p per share and the exercise price of the options. During 1998 the price for Reuters ordinary shares ranged between 412p and 770p.
The number of options outstanding under all option plans at 31 December 1998 related to 44,443,659 shares. The number of shares issued under share options granted over the 10 years to 31 December 1998, combined with the total options outstanding at 31 December 1998 relating to the same grants, was approximately 6.5% of issued share capital at that date. This compares with a maximum authorised level of 10%. Also at 31 December 1998 the ESOTs held 12,149,866 shares of Reuters Group PLC, approximately 0.9% of issued share capital. The authorised limit is 5%.
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