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UK Employee Share Ownership Scheme

Introduction

Under the Rules of the Scheme, shares which were held in trust for three years, and were then transferred to EasyShare accounts without an income tax liability.

History - The following chart shows the scheme history

The Rights Issue in May 2001 affected the shares appropriated under this Scheme.

Participants chose to either purchase additional shares, sell their rights (to buy additional shares), or sell enough rights to finance the purchase of the remaining shares.

Any additional shares purchased form part of the holding of shares in trust and were subject to the same retention periods as the underlying shares to which they relate.

Therefore when the shares are released from trust and transferred to EasyShare accounts, the number of shares transferred may differ from the number originally appropriated.

BT's restructuring in November 2001 also affected the Scheme. Each BT share was automatically converted to one BT and one mmO2 share. When the shares were released from trust they were placed in the respective companies' EasyShare accounts.

For CGT calculations, the base cost of BT shares is calculated by multiplying the Initial market value of the shares by 77.544%, and the base cost of mmO2 shares is calculated by multiplying the Initial market value of the shares by 22.456%.

 

Year

Appropriation date

Number of shares per participant

Initial market value per share (p)

Date transferred to employees

1984

02/12/84

54-285

130.00

2 Dec 89

1986

18/08/86

32-128

197.00

5 Aug 91

1988

25/07/88

79

234.00

30 Jul 93

1989

24/07/89

56

258.00

29 Jul 94

1990

23/07/90

55

289.25

28 Jul 95

1991

29/07/91

50

390.25

3 May 96

1992

22/07/92

58

337.25

3 May 96

1993

13/09/93

48

418.25

13 Sep 96

1994

29/07/94

60

367.25

29 Jul 97

1995

31/07/95

58

396.25

31 Jul 98

1996

29/07/96

67

355.25

29 Jul 99

1997

15/09/97

134

391.25

15 Sep 00

1998

28/07/98

86

883.75

30 Jul 01

1999

02/08/99

52

1066.00

2 Aug 02

2000

17/08/00

66

807.50

17 Aug 03

2001

30/07/01

66

482.375

30 July 04