ANNOUNCEMENT.....READ IT!!!!!!!!!!!!!!!
By: NWLUXS $$
Reply To: None Tuesday, 3 Oct 2000 at 2:06 AM EDT
Post # of 13239
NWL announcement....
NEW TEL LIMITED (NWL)
(Company background)
CEO Option Renumeration Package
Announced on 2000/10/03 16:00:16.
Part:A 479 words
Status: Not market sensitive (N)
Industry Sub Group: Other Telecommunications (184)
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NEW TEL LIMITED 2000-10-03 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++
As previously advised to the market on 18 January 2000 and
18 February 2000, New Tel Limited is to issue options to its Chief
Executive Officer, Mr Peter Malone, equating to approximately 20% of
the diluted issued capital of the Company. These options are to be
provided for Mr Malone's efforts in securing and delivering the China
Internet Project to New Tel and his ongoing commitment under his
employment contract, and are subject to performance criteria.
Due to changes in market conditions since the previous announcements,
the terms and conditions pursuant to the issue of the options have
been revised. The revised terms are an aggregate fixed issue of
95 million options in five tranches, as follows:
FIRST ISSUE:
47,500,000 options at an exercise price of $2.00, exercisable on or
before 30 October 2004. The right to exercise these options is
conditional on each of the following requirements being satisfied:
* The entering into of various agreements collectively known as the
China Internet Project as outlined in the Company's recent
announcements and draft China Internet Project business plan. The
Project and agreements facilitated with Xinhua Holdings Limited allow
New Tel to acquire a platform in the China Internet Industry; and
* Shareholder approval required under the Corporations Law and ASX
Listing Rules for the Company to issue the options to Mr Malone; and
* Completion of a minimum capital raising of A$125 million through
the allotment and issue of up to 62,500,000 shares at not less than
A$2.00 per share.
SECOND ISSUE:
11,875,000 options at an exercise price of $2.25, exercisable on or
before 30 October 2004. In addition to the conditions for the first
issue, the right to exercise these options is subject to the
attainment of total operating revenue of at least A$2 million per
month for a minimum of three months.
THIRD ISSUE:
11,875,000 options at an exercise price of $2.50, exercisable on or
before 30 October 2004. In addition to the conditions for the first
issue, the right to exercise these options is subject to the
attainment of total operating revenue of at least A$4 million per
month for a minimum of three months.
FOURTH ISSUE:
11,875,000 options at an exercise price of $2.75, exercisable on or
before 30 October 2004. In addition to the conditions for the first
issue, the right to exercise these options is subject to the
attainment of total operating revenue of at least A$6 million per
month for a minimum of three months.
FIFTH ISSUE:
11,875,000 options at an exercise price of $3.00, exercisable on or
before 30 October 2004. In addition to the conditions for the first
issue, the right to exercise these options is subject to the
attainment of total operating revenue of at least A$8 million per
month for a minimum of three months.
C Piercy
COMPANY SECRETARY
(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)
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NWLL Update
Last 8 13/16
Chg. 0
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Time 16:00:00
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Nasdaq delayed 15 minutes, 20 min. otherwise.
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