22nd Jun 2006 13:47
R.E.A.Hldgs PLC22 June 2006 R.E.A. Holdings plc ("REA") 22 June 2006 Adjustment to terms of director's share option, partial exercise of director'sshare option and director's dealing in ordinary shares of 25p each of REA("ordinary shares") On 24 May 2002, REA granted options to John Oakley, a director of REA, tosubscribe up to one million new ordinary shares at a subscription price of 45pence per new ordinary share ("the option agreement"). The options areexercisable at any time and from time to time during the period commencing 22May 2004 and ending on 21 May 2012. The option agreement contains provisions that in the event of any variation inthe issued share capital of REA the number of new ordinary shares subject to theoption and/or the exercise price shall be adjusted in such manner as thedirectors consider to be fair and reasonable. Adjustments were made pursuant tothese provisions on 15 December 2004. In view of a number of variations to the issued share capital of the companysince 15 December 2004, the directors of REA have today agreed to adjust furtherthe terms of the options as follows: Revised number of ordinary shares subject to the option 1,013,113 Revised exercise price 0.444175p REA has been notified that John Oakley has agreed in principle an arrangementwhereby he will sell 250,000 ordinary shares to an institutional investor. Theshares the subject of the arrangement comprise 65,364 ordinary shares alreadyowned by Mr Oakley and a further 184,636 ordinary shares that will arise as aresult of the partial exercise of the options granted pursuant to the optionagreement. Under the arrangement, 65,364 shares were sold by Mr Oakley to the institutionalinvestor on 16 June 2006 at 265 pence per share. The proceeds of sale willprovide Mr Oakley with funds to exercise options held pursuant to the optionagreement in respect of 185,000 ordinary shares. The institutional investor hasindicated a non binding interest in purchasing at 265 pence per share 184,636of the 185,000 shares arising from the said exercise. Prior to the above adjustment of option terms and implementation of any part ofthe arrangement, Mr Oakley owned 66,804 ordinary shares and held options underthe option agreement over a further 1,003,824 ordinary shares at an exerciseprice of 44.8 pence. On completion of the arrangement and following theadjustment of the option terms, Mr Oakley would retain 1,804 ordinary shares andoptions under the option agreement over a further 828,113 ordinary shares at anexercise price of 44.4 pence. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
R.e.a.hldgs.