Tiscali 2009 Annual Report Download - page 135
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Tiscali Group: Annual Report 2009
134
The beneficiaries of the options are obliged not to sell, for a period of at least five years as from the exercise
date, a quantity of shares whose total value is no lower than the difference between the normal value of the
shares as of the exercise date and the amount paid by the beneficiaries, in compliance with applicable tax
legislation.
For further information, with particular reference to the effects - on the rights assigned - of the possible
termination of the employment contract of the beneficiaries or a change in the management of the Company,
please refer to the disclosure document drawn up in accordance with Article 84 bis of Regulation No. 11971
approved by Consob under resolution dated 14 May 1999, available on the Company’s website (www.tiscali.it).
As at 31 December 2010, the fair value of the options was appraised at the date of allocation using the
following assumptions:
Dividend-price ratio (%) -
Expected volatility (%) 30
Risk-free interest rate (%) 4.5
Annual duration 4
Weighted average price per share (euro) 2.228
The table below shows the movement of options in 2009 and 2008:
31 December 2009 31 December 2008
(EUR 000)
In circulation at 1 January 687,314 692,314
Assigned - 43,000
Renounced 435,314 48,000
In circulation at 31 December 252,000 687,314
Exercisable at 31 December - -
Disputes, contingent liabilities and commitments
During the normal course of its business, the Tiscali Group is involved in a number of legal and arbitration
proceedings, as well as being subject to tax assessments.
A summary of the main proceedings to which the Group is a party, is presented below.
Disputes
Vereniging van Effectenbezitters/ Stichting Van der Goen WOL Claims dispute
In July 2001, the Dutch association Vereniging van Effectenbezitters and the Stichting VEB-Actie WOL
foundation, which represent a group of around 10,000 former minority shareholders of World Online
International NV, summonsed World Online International NV (currently 99.5% owned by Tiscali, hereinafter
WoL) and the financial institutions tasked with the stock market listing of the Dutch subsidiary, disputing,
in particular, the incomplete and incorrect nature, as per Dutch law, of certain information contained in the
WoL listing prospectus and of certain public statements made by WoL and its Chairman immediately prior
to and after the listing.