Business Context and Reporting Period
This Form 6-K is a joint report filed by Reed Elsevier PLC and Reed Elsevier NV on February 22, 2005. The filing discloses corporate governance updates regarding director compensation rather than financial performance results.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on the grant of share options to directors.
Material Changes
On February 17, 2005, share options were granted to six directors under the Reed Elsevier Group plc Share Option Scheme. The grants were issued in both Reed Elsevier PLC and Reed Elsevier NV shares with the following exercise prices:
- Reed Elsevier PLC: 533.5p per share
- Reed Elsevier NV: €11.31 per share
The options are exercisable between 2008 and 2015.
Guidance, Outlook, and Conditions
Exercise of the granted options is subject to a post-grant performance condition. Directors must achieve 6% per annum compound growth in adjusted earnings per share (EPS) at constant currencies during the three years following the grant. The filing explicitly states there is no re-testing of the three-year EPS performance period.
Investor Verification Checklist
- Verify the total number of options granted to each director listed in the table.
- Confirm the specific vesting schedule and exercise window (2008-2015).
- Review the definition of "adjusted EPS" used for the 6% compound growth performance condition.
- Check subsequent filings to determine if the performance conditions were met for the 2005 grant cohort.