Grid delays new perks plan
Thursday 25 May 1995
Mr Jeffery's cash and paper profits from exercising share options and the potential gains from unexercised options currently amount to around pounds 1m.
He revealed the decision to delay a scheme 10 days after being fiercely criticised by Gordon Brown, the shadow chancellor, for making a profit of more than pounds 350,000 by cashing in 66,000 share options last September, a year ahead of the company's expected pounds 3.5bn flotation.
It emerged that he exercised a further 88,000 options in September for a paper profit currently running at about pounds 375,000, but has kept these shares and will receive the 40.4p a share dividend on them. He has another 75, 514 options not yet exercised which at current prices would yield a paper profit exceeding pounds 300,000 - though directors will not exercise more options until after the float.
Mr Jefferies also earned pounds 328,000 last year, down pounds 21,000 from the year before because pension contributions were dropped. He was reporting operating profit 7.6 per cent higher at pounds 678m, but disappointed the City with a dividend increase of only 8.7 per cent.
This hit shares in the regional electricity companies, which own National Grid, whose payout normally accounts for about a quarter of their own dividends. Mr Jefferies said National Grid cut costs by 7.2 per cent. Half of this was achieved by slashing staffing from 5,032 to 4,500. .
- 1 The black and blue dress: Makers considering a white and gold version
- 2 Husband and wife die holding hands within hours of each other after 67 years of marriage
- 3 What color is The Dress, white and gold or blue and black? An eyewitness gives a definitive answer
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 Fearne Cotton quits Radio 1 after ten years for 'family and new adventures'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is shot dead
Leonard Nimoy dead: Star Trek actor dies after suffering lung disease
PornHub turns masturbation into energy in bid to save the planet
Ukraine crisis: Top Chinese diplomat backs Putin, says West should 'abandon zero-sum mentality'
What color is The Dress, white and gold or blue and black? An eyewitness gives a definitive answer
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...