The Sunday papers had some fun with Alex Snow, the former rugby player who runs takeover target Evolution Group.
From the Sunday Telegraph:
Shareholders in Evolution Group have queried options awarded to the chief executive, Alex Snow, just days before the City broker was the subject of a takeover approach.
Details of the options are expected to be disclosed in a circular being sent out to shareholders this week and it comes after Evolution’s board recommended a £233.2m takeover offer from Investec.
Evolution Group The Sunday Telegraph understands Mr Snow was granted options on 2.5m Evolution shares on July 27, just five days before news of Investec’s initial approach was disclosed to shareholders on August 3.
Actually the detail won’t be revealed because they have evolved!
A regulatory announcement from Evolution Group on Thursday.
On 25 July 2011, the Committee agreed to enter into a commitment to make awards to Alex Snow under the Plan over 2,000,000 Ordinary Shares subject to the performance conditions set out above (including automatic vesting on change of control) once the Company was no longer in a close period. In light of the possible change of control of the Company announced on 9 September 2011, Alex Snow requested that the Committee reduce the quantum of the awards from 2,000,000 to 1,285,000 Ordinary Shares. The Committee has agreed to this request, although it has resolved to reconsider the granting of further awards in due course should a change of control not take place.
How very magnanimous.
And for the record…
Related link:
Investec/Evolution – Lex