6th Apr 2009 09:29
AMBRIAN CAPITAL PLC
(Ambrian or "the Company")
AMENDMENT OF CERTAIN EXISTING EMPLOYEE AND DIRECTOR OPTIONS
6 April 2009
The Board of Ambrian Capital plc ("the Company") has, as a result of the impact of the sharp downturn in world equity markets on the Company's share price, reviewed the effectiveness of the Company's share option plan which is used to incentivise and retain employees and directors. Having considered the current terms of the existing share options, the Board on 20 March 2009, determined that the current share options will not achieve their objective of incentivising and retaining staff.
At the Board's request, the Remuneration Committee has reviewed the situation and recommended that 8,642,500 existing options issued to current employees and directors representing 7.76% of the current issued share capital of the Company be cancelled. To replace the cancelled arrangements, a further 9,142,500 new options were granted on 6 April 2009 (representing 8.21% of the total issued share capital). The options are exercisable at 25.0 pence per share at any time, up to the seventh anniversary of the date of grant. All other terms and conditions remain unchanged.
Following the provision of new options, the following directors of the Company now have options over shares in the capital of the Company:
|
Name |
Position |
Options held |
Options cancelled |
Options granted |
Total options held |
|
W L Banks |
Chairman |
225,000 |
225,000 |
225,000 |
225,000 |
|
T B Gaffney |
Chief Executive Officer |
6,750,000 |
6,750,000 |
6,750,000 |
6,750,000 |
|
J M Coles |
Finance Director |
924,444 |
0 |
0 |
924,444 |
|
S H Lee |
Non-Executive Director |
0 |
0 |
500,000 |
500,000 |
|
C A Crick |
Non-Executive Director |
100,000 |
100,000 |
100,000 |
100,000 |
The total number of options held by the Board over shares in the capital of the Company is therefore in aggregate 8,499,444 options representing 7.18% of the current issued share capital of the Company.
Following these changes to the remuneration arrangements, the total number of options granted over shares in the capital of the company is now 9,811,944, representing 8.81% of the total issued share capital of the Company.
Enquiries:
|
Ambrian Capital PLC John Coles Finance Director |
+44 (0) 20 7634 4700 |
|
Collins Stewart Europe Limited Mark Dickenson/Ileana Antypas |
+44 (0) 20 7526 8350 |
Related Shares:
AMBR.L