UNITED SERVICE TECHNOLOGIES LTD 4
4 · UTi WORLDWIDE INC · Filed Dec 27, 2004
Insider Transaction Report
Form 4
UNITED SERVICE TECHNOLOGIES LTD
10% Owner
Transactions
- Purchase
Put option (right to sell)
2004-12-22+1→ 1 totalExercise: $65.00→ ordinary shares (3,806,500 underlying) - Other
Call option (obligation to sell)
2004-12-22−1→ 1 totalExercise: $78.00→ ordinary shares (3,806,500 underlying)
Footnotes (4)
- [F1]The reporting person entered into two separate "zero-cost collar" arrangements each with a different counterparty. Pursuant to the first arrangement, the reporting person wrote a call option and purchased a put option exercisable in each case for an equal number of shares. The collar and put options are divided into three tranches each of which consists for purposes of settlement of 30 components that expire sequentially over 30 consecutive trading days commencing on June 4, 2007, December 4, 2007 and June 3, 2008. With respect to each component, only one of the options can be in-the-money on the expiration date, at which time the in-the-money option for that component will be exercised (and settled for cash or shares), and the other option for that component will expire, and if neither option is in-the-money on the expiration date, both options for that component will expire.
- [F2]Each of the put and call options is exercisable for 3,806,500 shares and is divided into three tranches of 1,268,833, 1,268,833 and 1,268,834 shares, respectively. The tranches expire in components of approximately 42,295 shares as follows: (x) for Tranche 1, on June 4, 2007 and the following 29 consecutive trading days through July 16, 2007, (y) for Tranche 2, on December 4, 2007 and the following 29 consecutive trading days through January 16, 2008, and (z) for Tranche 3, on June 3, 2008 and the following 29 consecutive trading days through July 15, 2008.
- [F3]The reporting person entered into two separate "zero-cost collar" arrangements each with a different counterparty. Pursuant to the second arrangement, the reporting person wrote a call option and purchased a put option exercisable in each case for an equal number of shares. The collar and put options are divided into three tranches each of which consists for purposes of settlement of 30 components that expire sequentially over 30 consecutive trading days commencing on June 2, 2009, December 2, 2009 and June 2, 2010. With respect to each component, only one of the options can be in-the-money on the expiration date, at which time the in-the-money option for that component will be exercised (and settled for cash or shares), and the other option for that component will expire, and if neither option is in-the-money on the expiration date, both options for that component will expire.
- [F4]Each of the put and call options is exercisable for 3,806,500 shares and is divided into three tranches of 1,268,833, 1,268,833 and 1,268,834 shares, respectively. The tranches expire in components of approximately 42,295 shares as follows: (x) for Tranche 1, on June 2, 2009 and the following 29 consecutive trading days through July 14, 2009, (y) for Tranche 2, on December 2, 2009 and the following 29 consecutive trading days through January 14, 2010, and (z) for Tranche 3, on June 2, 2010 and the following 29 consecutive trading days through July 14, 2010.