John McCarthy, former chairman of the McCarthy & Stone retirement home developer, could mount a 'substantial' damages claim against the company. The Times
The Court of Appeal ruled that the group’s remuneration committee had been wrong to restrict his ability to exercise share options.
In January 2005, after McCarthy had left the company, the committee decided he could exercise options over 75% of the shares allocated under the 2000 share option plan.
McCarthy brought High Court proceedings, claiming that performance conditions had been satisfied and he should be able to access all the shares, not just 75%. Yesterday, the Court of Appeal agreed that 'the only permissible determination is 100%'.