Retirement benefits
Executive directors participate in the Company’s Inland Revenue approved funded occupational pension scheme. The main benefits to executive directors, who contribute a percentage of their gross salaries to the scheme each year, are:

• an accrual rate of 1/30 for each year of pensionable service
• life assurance cover of four times pensionable salary
• pensions to spouse and dependent children payable on death
  

All executive directors are subject to the Inland Revenue cap on the amount of salary which may be treated as pensionable. The Company has undertaken to provide benefits to Philip Brown and George Fairweather equivalent to the entitlements which cannot be provided by the Company’s scheme. Philip Brown’s benefits are on an unfunded basis and George Fairweather ’s benefits are on a funded basis. In addition, George Fairweather was paid a related salary supplement. Consideration is currently being given to providing Geoff Gaywood with compensation for the entitlements which cannot be provided by the Company’s scheme.

The normal pension age for Geoff Gaywood is 65 and, for Philip Brown and George Fairweather, is 60.

Directors’ retirement benefits table

	Pension contributions 2001 £’000		Pension contributions 2000 £’000		Salary supplements 2001 £’000		Salary supplements 2000 £’000		Accrued benefits 31.12.01 £’000		Increases in accrued benefits 2001 £’000		Transfer value of increases in accrued benefits 2001 £’000
Executive
Geoff Gaywood 1	-		-		-		-		1		1		12
Lyndon Cole 2,3	138		153		111		123		9		2		97
George Fairweather 2	39		140		31		113		16		4		15
Philip Brown 4	-		-		-		-		76		17		219
	177		293		142		236		102		24		343

Non-executive directors are not entitled to retirement benefits.

Directors' shareholdings

	Ordinary shares beneficial holdings				Redeemable B Shares beneficial holdings
		31.12.01		31.12.00*		31.12.01		31.12.00*
Geoff Gaywood		40,000		-		31,500		-
George Fairweather		21,200		21,200		-		-
Philip Brown		20,278		278		42,000		-
Jonathan Fry (Chairman)		65,240		65,240		-		-
Michael Hartnall		6,000		6,000		-		-
Rick McNeel		9,500		9,500		-		-
Edward Wilson		31,250		1,250		67,125		-

* or at date of appointment if later

Directors' share options

							Ordinary shares under option
		Option type		31.12.00		Lapsed/ cancelled during 2001		Granted during 2001		31.12.01		Exercise price		Date from which exercisable		Expiry date
George Fairweather
		Performance Share Plan		153,024		(153,024)		-		-		1.0p		1.1.2001		2.5.2005
				150,744		-		-		150,744		1.0p		1.1.2002		14.10.2006
				189,304		-		-		189,304		1.0p		1.1.2003		11.4.2007
				-		-		262,312		262,312		1.0p		1.1.2004		31.1.2008
		Savings-Related Share Option Scheme		18,154		-		-		18,154		53.4p		1.6.2003		1.12.2003
Philip Brown
		Performance Share plan		66,078		(66,078)		-		-		1.0p		1.1.2001		2.5.2005
				66,116		-		-		66,116		1.0p		1.1.2002		14.10.2006
				88,010		-		-		88,010		1.0p		1.1.2003		11.4.2007
				-		-		151,656		151,656		1.0p		1.1.2004		31.1.2008
		Savings-Related Share Option Scheme		18,154		-		-		18,154		53.4p		1.6.2003		1.12.2003
		Executive share options		26,713		-		-		26,713		168.5p		11.5.1996		11.5.2003
				28,204		-		-		28,204		184.8p		13.9.1997		13.9.2004
				36,957		-		-		36,957		152.5p		19.9.1998		19.9.2005
				43,756		-		-		43,756		132.8p		5.11.1999		5.11.2006

Summary particulars of the Group’s share option schemes are given in the notes to the financial statements.

The market price of ordinary shares at 31 December 2001 was 39 pence and the range during 2001 was 33 pence to 111 pence.

None of the directors had a beneficial interest in any contract of significance in relation to the business of the Company or its subsidiaries at any time during the financial year.

There has been no change in the directors’ shareholdings (all of which are beneficial) and their share options between the year end and 28 February 2002.