Press Releases
02/10/2001
Restricted Share Plan (the "Plan") Vesting of One-Third of Conditional Award
This is to notify that on 2 October 2001 Mr Peter Giller, Chief Executive Officer of International Power plc, received 225,854 shares pursuant to the terms of the above Plan. This number of shares represents one third of the 677,564 Ordinary shares of the Company acquired by Royal Bank of Canada (being the Trustee of one of the Company's Employee Share Ownership Trusts) on 12 December 2000, the shares having been placed in Trust.
The 677,564 shares placed in the Trust in respect of the Restricted Share Plan represent Mr Giller's remuneration as a director of International Power plc. One third of the conditional award has now vested under the terms of the Plan. The second and third tranches of shares (each representing one third of the conditional award) will vest on the second and third anniversary of the Demerger Date. The terms of the Plan were approved by shareholders on 29 September 2000.
Upon the award having been made, Mr Giller has disposed of 158,098 shares at a price of 212.25 pence per share. These shares have been sold to meet Mr Giller's income tax liabilities and his living expenses for both last year and the forthcoming year.
67,756 shares (being the balance of the 225,854 shares released) have been retained directly by Mr Giller, whose total holding is the Company is now 107,756 shares.
Stephen Ramsay
Company Secretary
