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Article: Red top blushes over share scheme blunder.(News International )(Brief Article)
- Article from:
- Employee Benefits
- Article date:
- April 11, 2005
CopyrightCOPYRIGHT 2005 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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News International was forced to cancel its sharesave scheme and compensate staff after its shares became invalid.
The media firm, which is the UK arm of News Corporation and publishes The Sun and The Times newspapers, discovered the problem after the parent company moved its shares from the Australian Stock Exchange to the New York Stock Exchange, following its reincorporation last November.
Janet Anderson, deputy director of corporate affairs at News International, said: "The scheme rules related to the shares, which were the Australian News Corp shares. Obviously we reincorporated to the United States so they became US shares. [But it's ...
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