Granting of Options
21.07.2008
The Board of the Company announces that on 18 July 2008 the Company:
cancelled in the capital of the Company ("Shares") which were granted to Darren Browne and cancelled options over 400,000 Shares granted to Miles Davis, both Directors of the Company. These options were issued under the Company's HM Revenue & Customs Approved Enterprise Management Incentive Scheme “EMI” on 26 September 2007 at an exercise price of 25 pence per Share;
accordingly replaced the cancelled options with an additional grant of options to acquire 800,000 and 400,000 Shares, respectively, under the Company's EMI Scheme with an exercise price of 25 pence per Share; and
granted options over 500,000 Shares to Glenn Swaby, a Director, under the Company's HM Revenue & Customs Approved EMI Scheme at an exercise price of 25 pence per Share.
Following the grant of the options Darren Browne holds options over 800,000 Shares, Miles Davis holds options over 400,000 Shares and Glenn Swaby holds options over 500,000 Shares all with an exercise price of 25 pence per Share. These represent 1.6%, 0.80% and 1% per cent of the issued share capital of the Company respectively. The options held by Darren Browne and Miles Davis are exercisable after 25 September 2009 and by Glenn Swaby after the third anniversary of the grant. No consideration was payable in respect of the grant of any of the above options.
Options granted under the EMI scheme will be subject to HM Revenue & Customs qualifying market value limits and as such, Share options may be both approved and unapproved options for the purposes of qualifying as EMI approved options.
|
|
