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 Boston Marathon runner's search for mystery man she kissed ends with letter from his wife
- 3 Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
- 4 How to gain confidence and maximise your sexual potential
- 5 Chinese theme park sets up 'death simulator' where volunteers can experience being cremated
Saudi Arabia's King Salman sacks senior aide for 'slapping' a journalist behind him live on TV
Boston Marathon runner's search for mystery man she kissed ends with letter from his wife
Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
Italian police 'reveal' what Jesus looked like as a young boy
Florida couple forced to register as sex offenders for having sex on public beach
In defence of liberal democracy
General Election 2015: Post-election 'shambles' looms as 70 per cent of voters say SNP 'should not be able to veto UK government policies'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£40-50k + Benefits.: Guru Careers: A Project Manager / Business Analyst is nee...
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...