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. .
Peaches Geldof cause of death: 'Heroin addict' socialite had taken fatal dose of drug, inquest concludes
Vladimir Putin employs a full-time food taster to ensure his meals aren't poisoned
Students offered grants if they tweet pro-Israeli propaganda
Israel-Gaza conflict: Israel may have committed war crimes, says UN human rights chief
Peaches Geldof inquest: Tragic final moments of socialite's life reveal she lied to husband about failed heroin tests
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...