Options doubled for Tower executives
Tower Australia is offering 17 senior executives a total of 6.1 million share options, each for one Tower ordinary share.
Tower’s total options on issue will increase two fold to slightly more than 15 million, representing 4.2 per cent of its total securities, if all of the new options are exercised.
Directors have between April 5, 2009, and April 4, 2012, to exercise their new options, after which any unexercised options will lapse.
The exercise price of each option will be calculated in New Zealand dollars as the average weighted Tower share price on the New Zealand stock exchange (NSX) for the five trading days to April 4 this year.
Options may only be exercised if a 10 per cent per annum compounding increase in the Tower share price, less any distributions paid, is achieved.
The offer comes a day after Tower announced that former James Hardie Industries chief executive Keith Barton had been appointed as a replacement chairman for Olaf O’Duill who retires on June 30 this year.
Currently a board member of Tower, as well as a director of Coles Myer, Amcor and Air Liquid Australia, Barton will commence duties as new Tower chair on July 1 this year.
He was chief executive of James Hardie from 1993 to 1999, and is also a former chair of Goodman Fielder, non-executive director of Colonial and Keycorp, and executive director of CSR.
He is also currently on the board of not-for-profit company Vision Australia, which provides services to the blind and vision impaired.
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