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Dollars or euros for Virgin Media’s acting CFO…

Since April 21, there’s been lots of speculation that Virgin Media Television, a division of Virgin Media (VMED), was going to be bought out by a consortium that includes the BBC. And the stock has climbed on the speculation, even though nothing more seems to have happened.

Then came this 8K filed yesterday which extends the acting CFO’s contract another six months. In addition to upping Charles Gallagher’s salary, the agreement gives Gallagher vesting of 62,500 options he got when his original contract was signed last December.

That contract, which appears to be included in SEC filings for the first time, also had this interesting clause:

All payments and allowances to the Executive shall be in UK sterling; provided that, in accordance with the Company Policy, the Executive may elect, prior to receiving any such payments, (i) to have a percentage of his cash bonus payment paid in U.S. dollars and (ii) to receive any severance payment to have it paid in U.S. dollars, subject in all cases to the Company Exchange Rate Policy in effect from time to time.

Given the state of the dollar, it would be hard to imagine Gallagher opting for them over the pounds.