ITV keeps hold of £200m as convertible share date expires
LONDON – ITV has cancelled its convertible share scheme which could have cost the network up to £200m as targets following the Carlton/Granada merger were never met.
At the time of the merger in February 2004, ITV said it would offer the shares to Carlton Communications investors if the merged company's share price stayed above 140p for 60 days before the end of 2005, alongside other requirements.
Despite Time Warner takeover rumours last year the share price never went above the target and ITV was able to cancel the shares yesterday.
The scheme was supposed to be a means of rewarding Carlton shareholders if the merged company performed better than Granada anticipated.
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