News Corp options

Press, 20 July 1988, Page 37

News Corp options

NZPA-AAP Sydney News Corp will offer options over 500,000 company shares to eight executive directors in the first instalment of a new incentive scheme to be approved by shareholders next month. Under the News Corp Executives’ Share Option Scheme, the eight executive directors will each be offered a sAustl option over a grant of up to 100,000 shares, News Corp said.

Shareholders will also be asked to approve moves by News Corp to lend the executives the money needed to exercise the options. The life of the options would be 57 months from the time of the offer of the grants, News Corp said.

News ' Corp finance director, Mr Peter Chegwyn, said the share option scheme principle was not new to Australia and was a common practice in the United States. Mr Chegwyn said it was a way to reward those who had contributed significantly to the growth of the company, by giving them a chance to participate in the company’s equity. The executive directors offered participation in the scheme and the corresponding number of shares are; Ken Cowley (100,000), Sir James Cruthers (50,000), John D’Arcy (25,000), Keith McDonald (25,000), William O’Neill (50,000), Richard Sarazen (100,000), Richard Searby (100,000), and Martin Singerman (50,000).