Tesco 2003 Annual Report Download - page 47

Download and view the complete annual report

Please find page 47 of the 2003 Tesco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 60

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60

TESCO PLC 45
NOTE 25 Share options continued
iv The executive share option scheme (1994) was adopted on 17 October 1994.The principal difference between this
scheme and the previous scheme is that the exercise of options will normally be conditional upon the achievement of a
specified performance target related to the annual percentage growth in earnings per share over any three-year period.
There will be no discounted options granted under this scheme.
v The unapproved executive share option scheme (1996) was adopted on 7 June 1996.This scheme was introduced following
legislative changes which limited the number of options which could be granted under the previous scheme. As with the
previous scheme, the exercise of options will normally be conditional upon the achievement of a specified performance
target related to the annual percentage growth in earnings per share over any three-year period. There will be no
discounted options granted under this scheme.
vi The international executive share option scheme was adopted on 20 May 1994.This scheme permits the grant to selected
non-UK executives of options to acquire ordinary shares on substantially the same basis as their UK counterparts. Options
are normally exercisable between three and ten years from their grant at a price of not less than the average of the middle-
market quotations for the ordinary shares for the three dealing days immediately preceding their grant and will normally be
conditional on the achievement of a specified performance target determined by the Remuneration Committee when the
options are granted. There will be no discounted options granted under this scheme.
The company has granted outstanding options in connection with the six schemes as follows:
Savings-related share option scheme (1981) Number of Shares
executives and under option Subscription
Date of grant employees 22 Feb 2003 price (pence)
31 October 1996 7 19,944 83.0
30 October 1997 1,263 2,348,730 121.7
29 October 1998 15,233 29,129,809 136.0
28 October 1999 18,677 21,942,961 151.0
26 October 2000 54,115 39,329,167 198.0
8 November 2001 57,489 43,425,170 198.0
8 November 2002 63,366 61,702,691 159.0
Irish savings-related share option scheme (2000) Number of Shares
executives and under option Subscription
Date of grant employees 22 Feb 2003 price (pence)
2 June 2000 1,744 1,766,497 163.0
26 October 2000 774 586,659 198.0
8 November 2001 711 598,231 198.0
8 November 2002 1,233 1,261,577 159.0
Tesco PLC has taken advantage of the exemptions applicable to Inland Revenue-approved SAYE share option schemes
and equivalent overseas schemes under Urgent Issues Task Force Abstract 17 (revised 2000), ‘Employee Share Schemes’.