The workers committee had wanted to extend the final due date for exercising options by two years because of its current low value.
The Ministry of Finance has rejected a request by the workers committee of Bank Leumi (TASE:LUMI) to extend the due date of the bank's share options. The final date for exercising the options is February 14. The rejection was conveyed to Bank Leumi workers committee chairman Louis Roth. The request by the workers committee was made with the knowledge of Bank Leumi CEO Galia Maor, although negotiations took place directly between the workers committee and M.I. Assets., who own Leumi's shares on behalf of the government.
"The circumstances do not warrant an extension of the period in which the options distributed to employees can be extended," wrote Yoram Ariav, Director General of the Ministry of Finance who also serves as chairman of M.I. Holdings.
Roth submitted his request at the end of December on behalf of about half of the Leumi employees who have yet to exercise their share options because the current low value of the share does not make it economically worthwhile to exercise those options.
Published by Globes [online], Israel business news - www.globes-online.com - on January 11, 2009
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