Annual Report
September 12 2006 - 3:18AM
UK Regulatory
RNS Number:8107I
Bespak PLC
12 September 2006
Dear Shareholder,
Information supplemental to the Bespak plc 2006 Annual Report and Accounts.
You will recently have received our 2006 Annual Report and Accounts. The
information contained in this letter was not included in the Remuneration
Report. This information adds to and should be treated as part of that Report
and is effective as at 11th July 2006, the date of that Report. It does not deal
with any events after that date.
We have added below a copy of a report from the Company's auditors in respect of
this supplemental information.
By order of the Board
Jennifer M Owen
Company Secretary
For and on behalf of Bespak plc
7 September 2006
Directors' Benefits
Mark Throdahl receives a pension allowance which is paid by way of additional
salary (2005: #81,000). The Company pays contributions to a defined contribution
plan in respect of Mr Hopcroft (2005: #32,000).
The Company provides accommodation in the UK for Mr Throdahl in accordance with
the terms of his service contract. This represents a taxable benefit and so is
included in the figure for other benefits. Mr Throdahl contributes a proportion
of the annual rental costs.
Mr Robinson's services are provided via a service company to which the Company
pays fees.
Compensation for past directors
The Company provides a pension to the widow of an ex-director of #26,000 per
annum in accordance with the terms of the former director's service
arrangements. This is an unfunded pension paid out of annual profits.
Directors' share options
Name Option Type Options as at Granted Lapsed Options as at Exercise Date from Expiry date
30 April 2005 during during 29 April 2006 price which
the year the year exercisable
M C
Throdahl 1996 ESOS 144,859 - - 144,859 #5.835 July 2004 July 2011
1996 CSOS 5,141 - - 5,141 #5.835 July 2004 July 2011
2002 ESOS 70,000 - - 70,000 #4.43 Sept 2005 Sept 2012
2002 ESOS 35,000 - - 35,000 #4.43 Sept 2007 Sept 2012
2002 ESOS 70,000 - - 70,000 #4.125 Sept 2006 Sept 2013
2002 ESOS 35,000 - - 35,000 #4.125 Sept 2008 Sept 2013
2002 ESOS 68,000 - - 68,000 #5.09 July 2007 July 2014
2002 ESOS 34,000 - - 34,000 #5.09 July 2009 July 2014
2005 LTIP - 24,000 - 24,000 - Feb 2009* Feb 2009*
performance
shares
2005 LTIP - 72,000 SARs - 72,000 #6.14 Feb 2009 Feb 2019
M P
Hopcroft 2002 ESOS 33,000 - - 33,000 #2.975 Dec 2005 Dec 2012
2002 ESOS 17,000 - - 17,000 #2.975 Dec 2007 Dec 2012
2002 ESOS 48,000 - - 48,000 #4.125 Sept 2006 Sept 2013
2002 ESOS 24,000 - - 24,000 #4.125 Sept 2008 Sept 2013
SAYE 2,900 - - 2,900 #3.18 Dec 2006 June 2007
2002 ESOS 39,000 - - 39,000 #5.09 July 2007 July 2014
2002 ESOS 19,500 - - 19,500 #5.09 July 2009 July 2014
2005 LTIP - 27,000 - 27,000 - Feb 2009* Feb 2009*
performance
shares
------- ------- ------ -------
645,400 123,000 - 768,400
* Performance shares will be transferred automatically to the Director in
February 2009, if certain performance criteria have been met. The Director
does not choose to exercise the right.
* The closing price of the shares at 29 April 2006 was 575.5 pence (30 April
2005: 517.5 pence). The lowest and highest middle market prices during the
year were 480 pence and 662 pence respectively.
* SAYE = Save As You Earn employee share option scheme. These options are not
subject to performance conditions as this is an all-employee share scheme
governed by specific tax legislation.
* 1996 ESOS & CSOS = 1996 Executive and Company Share Option Scheme as described
in the section on Executive Directors' Remuneration.
* 2002 ESOS = 2002 Executive Share Option Scheme as described in the section on
Executive Directors' Remuneration.
* 2005 LTIP & Bespak 2005 Long-Term Incentive Plan as described in the section
on Executive Directors' Remuneration.
At 29 April 2006, the Company's share ownership trust held no ordinary shares in
the Company (30 April 2005: 3,741) for the purposes of satisfying obligations
under share option plans for the benefit of the Group's employees.
The Remuneration Report was approved by the Board and signed on its behalf by:
George Meredith
Chairman of the Remuneration Committee
11 July 2006
Independent auditors' report to the members of Bespak plc
We have considered whether the information given in the revised Remuneration
Report is consistent with the financial statements for the year ended 29 April
2006. The revised Remuneration Report comprises the above supplementary
information and the original Remuneration Report which was approved by the
directors on 11 July 2006. The revised Remuneration Report replaces the original
Remuneration Report as from 7 September 2006 (the date on which the
supplementary information is approved and signed).
As explained in the above supplementary information the Remuneration Report has
been revised as at 11 July 2006, the date on which the directors approved the
original financial statements and not as at 7 September 2006, the date on which
the revised Remuneration Report was approved. Accordingly the revised
Remuneration Report does not deal with events between those dates.
As at 11 July 2006 in our opinion the information given in the revised report is
consistent with the annual financial statements for the year ended 29 April
2006.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors, Cambridge
7 September 2006
This information is provided by RNS
The company news service from the London Stock Exchange
END
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