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ARs to get free share options in Network Data float

Mortgage group Network Data is planning to float on the London Stock Exchange between September 2004 and May 2005.

It says the flotation will enable it to raise capital to develop its mortgage network for smaller intermediaries.

All its appointed representatives will be able to share in its market capitalisation. They will earn free share options for every mortgage they place through the network. Shares are only available to full members who must be ARs at the date of flotation.

The existing 760 members will have their share options backdated to January 1, 2003 for business placed this year.

Lucy Hutchins is leading the flotation process. She has worked at Goldman Sachs and spent six years at Guinness Mahon on IPO work.

Managing director Richard Griffiths says: “A couple of years ago, 20 per cent of the company&#39s shares were given free of charge to employees under the Government&#39s all employee share ownership plan. The flotation will enable them to realise the value of their shares tax-free whenever they wish to do so. We are pleased to extend the share ownership to our ARs and the earlier they sign up the more share options they can convert after the date of flotation.”

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