Thorn-EMI 1995 Annual Report

32. Directors'and employees' emoluments and Directors' interetts continued
(c) Share Appreciation Rights ("SARs")
SARs do not constitute notifiable interests in shares, although they are detailed in this section of
the Note to reflect their similarity to Executive Options.
987p 1025p 93,000
1068p ll07p - 20.550
1068p ll07p - 26.550
. SARs are based on the average rnarket share price over a three-day period prior to the date ofgrant and cannot
normally be exercised in part €arlier than fbur years and in full earlier than six years, and no later than ten years, from the
date ofgrant.
* The Indexed Price (beins the Price ,t Grant indexed by UK RPI) is the price for the purpose ofcalculatins any"gain"
compared to the market share price at the drte ofexercrse ofthe SAR.
(d) General matters
The Company hedges the cost of providing shares awarded under the SEIB LIIP and other
share-based plans through the EBT (see Note 15 on Page 52). As potential beneficiaries under the
terms of the EBT, employees of the THORN EMI Group, including the Executive Directors,
have a potential interest in the shares in the EBT.
The closing mid-market price of THORN EMI plc shares as at 31 March 1995 was 1096p
and the range ofclosing mid-market prices during the year was 963p to 1156p.
On 1 April 1995 the benefrcial interests of Sir Colin Southgate increased by a further
645 shares as a result ofthe exercise ofhis option granted on 20 December 1989 under the
ShareSave Scheme from which, on 3 April 1995 and 5 April 1995, he made transfers of 272 and.
271 shares respectively into the THORN EMI Single Company Personal Equity Plan.
On 4 April 1995 the beneficial interests of Mr Metcalf increased by a further 1,291 shares
as a result of the exercise of his option granted on 20 December 1989 under the ShareSave
Scheme.
On 3 May 1995 the benefrcial interests ofSir Colin Southgate and Mr Nicoli increased by a
further 9 and 10 shares respectively as the result of the re-investment by the Plan Manager of the
1995 lnterim Dividend and the tax credit thereon received in respect of the THORN EMI
Personal Equity Plans.
No other transactions subsequent to 31 March 1995 had been notifred as at 17 May 1995.
No Director had any interest in any shares or debentures of any subsidiary of the Company.
The Company's Register of Directors' Interests contains full details ofDirectors'
shareholdings and options and is available for inspection in accordance with the provisions of
the Companies Act 1985 and the London Stock Exchange's Listing Rules.