By Geoff Senescall
The entire board of Brierley Investments has been offered soft options at the same 45c a share strike price given to chairman Sir Selwyn Cushing.
However, unlike Sir Selwyn, who has been offered 15 million options over ordinary shares, the five other board members have been given three million
apiece.
Sir Selwyn's package was revealed by Brierley only last week despite the deal having been struck late last year. No mention was made of the options offered to the other directors.
However, while Sir Selwyn has taken up his offer, the other board members are believed to have yet to decide.
Included in this group are Brierley's founder Sir Ron Brierley, Philip Burdon, Wong Kok Siew, Tan Sri Quek Leng Chan (who controls Brierley's major shareholder Camerlin Group) and Quek Poh Huat (who represents the Singapore Government's interest).
The options are believed to have been doled out with the blessing of both Camerlin and the Singapore Government and are therefore likely to be passed when shareholders are asked to vote for them at the annual meeting.
In the announcement about Sir Selwyn's package, no date was given for when the proposed issue was struck, only that the package was agreed to in late 1998 when his appointment was under discussion.
The directors' options are divided into two equal tranches - the first exercisable after July next year and the second a year later.
Missing out on the scheme is Brierley's former chairman Sir Roger Douglas who resigned from the board earlier this year and is therefore not eligible for the options. It is understood that Brierley executives have not been given the same generous package. They apparently have higher strike prices, as well as performance hurdles to clear.
Brierley shares closed yesterday at 51c.
