CRAWLEY, UNITED KINGDOM, August 15, 2003 (PRIMEZONE) -- Spirent plc (LSE:SPT) (NYSE:SPM) -- Documents for the Spirent Stock Option Plan Option Exchange Program
At an Extraordinary General Meeting held on 9 July 2003, Spirent plc (Spirent) shareholders approved the Option Exchange Program and the renewal of the Spirent Stock Option Plan (SSOP). Accordingly, Spirent is today commencing the Option Exchange Offer for eligible employee holders of stock options under the SSOP. Under the terms of the Option Exchange Offer, eligible employees will be able to exchange their "underwater" options (i.e. options having an exercise price of GBP1.40 per share or greater) for replacement options as provided under the Option Exchange Program. The Offer, which is commencing today, 15 August 2003, will expire at 5:00 p.m. US Eastern time on 15 September 2003, unless extended.
The Option Exchange Program documentation (collectively referred to as the "OEP Package") consists of the Tender Offer Statement filed with the U.S. Securities and Exchange Commission on Schedule TO and all exhibits thereto, including the Option Exchange Offer document (and all schedules thereto) and the Option Election Agreement and Promise to Grant Stock Options.
A copy of the OEP Package has been submitted to the UK Listing Authority, and will be available for inspection from 15 August 2003 at the UK Listing Authority's Document Viewing Facility, which is situated at:
Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Tel: +44 (0) 20 7066 1000
Copies of the above documents are also being filed with the U.S. Securities and Exchange Commission and are available for inspection at http://www.sec.gov.
Yours faithfully
Warren Nash
This information is provided by RNS The company news service from the London Stock Exchange