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25.01.2010 Service Point Solutions, S.A (ticker: SPS.MC) plans to ask its shareholders to approve the cancellation of the shares not issued under the 2003 Stock Option Plan at the next AGM. A total of 893,097 stock options expired unexercised on 31 December 2009, equivalent to 0.7% of the total outstanding (including those issued in the wake of the recent 1-for-5 bonus share issue). Accordingly, if this resolution is approved at the annual general meeting, earnings per share will increase by a similar percentage. As notified in a significant event filing dated 13 August 2007, the shares under this plan were subscribed to by a financial entity. Service Point has acquired all the unexercised shares from this financial entity and will hold them as treasury shares until their cancellation is ratified at the annual general meeting. At present, the company owns 1.2% of total shares. According to Juan Jose Nieto, Chairman of Service Point, "As we did in 2009 when we cancelled 2.7% of our shares in connection with the 2005 Stock Option Plan, in 2010 we plan to forge ahead with our shareholder remuneration policy. Amortisation of these additional shares, equivalent to 0.7% of the total outstanding, spells a 3.4% increase in earnings per share during the last 2 years as a result of share cancellations". Following this share cancellation, all of the company's matured senior executive stock option plans will have been closed out. Trading of the shares issued in conjunction with the recent bonus share issue completed last December (the first of the three such issues ratified at the June 2009 AGM) is currently pending and is expected to begin in the coming weeks.
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