Coolabi PLC - Grant of Options
27 Jul 07
Coolabi PLC - Grant of Options
RNS Number:9613A
Coolabi PLC
27 July 2007
Coolabi plc ('the Company')
Grant of options
The Company today announces, following a recommendation from the Company's Remuneration Committee1, the grant of options to certain directors of the Company.
As a condition of the grant of options, certain directors of the Company have surrendered all of their existing options as set out below:
| Name of Director | Position | No. of Option | Date of Grant | EMI or unapproved | Option Price |
|---|---|---|---|---|---|
| Jeremy Banks | Chief Executive | 4,000,000 | 15/01/07 | EMI | 3.25 |
| Tim Ricketts | Finance Director | Nil | |||
| William Harris | Chairman | 650,000 | 20/02/04 | Unapproved |
12.25 |
The Company's Remuneration Committee has recommended that the directors begranted the following options over the Company's shares:
| Name of Director | Position | Date of Grant | No. of Options | Option Price (pence) |
|---|---|---|---|---|
| Jeremy Banks | Chief Executive | 26 July 2007 | 19,620,835 | 1.75 |
| Tim Ricketts2 | Finance Director | 26 July 2007 | 2,000,000 | 1.75 |
| William Harris2 | Chairman | 26 July 2007 | 7,357,813 | 1.75 |
The Company's Remuneration Committee believe the above surrender of options andgrant of new options aligns director interests with those of shareholders andreflects the shift in the Company since the acquisition of Purple Enterprises Limited completed on 1 May 2007. The options are subject to a number ofperformance criteria, including share price appreciation.
Following the cancellation of existing options and the issue of the new options,as set out above, the total number of shares, which could be issued to directorsif all of the performance criteria are met are 28,978,648 Ordinary Shares,representing 5.9 per cent. of the current issued share capital of the Company.
Notes:
- For the avoidance of doubt the Remuneration Committee of the Company comprises Lawrence Chrisfield, Linda James and William Harris. Mr Harris was excluded from the discussions and the decision relating to his own remuneration.
- The options granted to Tim Ricketts and William Harris will be in the name of Avonglen Limited.
27 July 2007
This information is provided by RNS
The company news service from the London Stock Exchange
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