By the time the Extraordinary General Meeting is held on Monday, many Wordplex Information Systems Plc shareholders won’t have a clue just what it was they were voting for or against when they sent in their proxy cards. Yesterday the company responded to the unwanted 10 for 13 share exchange offer from Apricot Computers Plc by restructuring the terms of its deep discount rights issue so that the consortium led by Close Investment Management ends up with 12.5% of the expanded equity of the company at the knock-down 50 pence share price rather than the 25% it was to get. Shareholders now have the right to subscribe for 1.45 new shares at 50 pence for every share they hold, up from 1.1 under the previous terms. The earnings per share target that the new management from Octagon Industries Ltd has to meet before their share options are triggered has been substantially increased: Wordplex will now have to show earnings per share of eightpence in 1988 to take up options at 60p a share, where under the original terms the target was only 4p; they are now 12p (8p) for 1989 to exercise at 70p a share, and 15p (12p) for 1990 to exercise at 100p a share.
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