LONDON, Aug. 31, 2004 (PRIMEZONE) -- 31 August 2004
COLT TELECOM GROUP PLC
JEAN-YVES CHARLIER PURCHASES 500,000 COLT SHARES
COLT Telecom Group plc (COLT), a leading pan-European provider of business communications solutions and services confirmed today that Jean-Yves Charlier has joined the Company as President, Chief Executive Officer and Director of COLT. This appointment was originally announced on 21 July 2004.
As a mark of his confidence in the future success of COLT, Jean-Yves Charlier has purchased a beneficial holding of 500,000 COLT ordinary shares, which represents 0.03% of the issued share capital of the Company. In recognition of this investment, and subject to the approval of the Compensation Committee, Jean-Yves Charlier has been awarded a 1 for 2 matching share grant of 250,000 shares. Subject to performance conditions being met, the grant will become unconditional after three years. In addition, he has been granted an option over 800,000 COLT ordinary shares at an option price of GBP0.38 per share. Subject to performance conditions being met, 50% of the option is exercisable after three years, 25% of the option is exercisable after four years and the remaining 25% of the option is exercisable after five years.
There are no matters in connection with this appointment to be disclosed under paragraph 6.F.2 (b) to (g) of the Listing Rules of the UK Listing Authority.
This information is provided by RNS
The company news service from the London Stock Exchange