30th May 2008 11:51
30 May 2008
Commoditrade Inc.
("Commoditrade" or "the Company")
Exercise of Options
Director and other share dealings
Commoditrade announces the exercise of options over 12,500,000 ordinary shares of 0.1 pence each ("Shares") by Graham Butt , Chief Executive, who has agreed to place 10,000,000 of the new Shares at 12.5 pence each with new and existing shareholders as follows:
|
Name |
Shares acquired |
Total holding following purchase |
Percentage of enlarged share capital % |
|
Andy Dobie, Executive Director |
1,250,000 |
1,250,000 |
0.36 |
|
Michael Hirschfield |
250,000 |
250,000 |
0.07 |
|
Graham Porter, Non-executive Director (1) |
2,500,000 |
49,750,000 |
14.24 |
|
Andrew Regan |
6,000,000 |
6,000,000 |
1.72 |
Note 1: 47,250,000 of the Shares held by Graham Porter are held through Ambeson Limited, which also holds Shares on behalf of other unconnected parties
On 27 April 2007 Graham Butt was granted options over 12,500,000 Shares in the Company. The intention of the Remuneration Committee on granting these options was that the options would become exercisable on the fulfillment of one or more conditions, one of which has been satisfied. On serving notice on the Company of his intention to exercise his options, it was noticed that Mr Butt's option agreement was unclear in certain regards. Accordingly, the Remuneration Committee agreed to cancel the original option and substitute it with a replacement option clarifying the exercise conditions. In all other regards (including the number of Shares under option and exercise price) the new option reflects that of the original option. Following this re-grant on 29 May 2008,, Mr Butt exercised his options at par and the new Shares have been issued today and will be admitted to trading on 5 June 2008. Following the issue of new shares and subsequent placing Graham Butt owns 2,500,000 shares in the Company representing 0.72 per cent of the enlarged issued share capital.
As stated above, Graham Butt has agreed to place a proportion of these shares with Andrew Regan, Graham Porter and Mike Hirschfield, all of whom are directors, and interested in the share capital, of, Corvus Capital Inc which holds 76,000,000 Shares in the Company representing 22.57 per cent of its current issued share capital. Mike Hirschfield is a director of Kitwell Consultants Limited, Company Secretary to Commoditrade.
Following the issue of the new shares the Company now has 349,268,114 Ordinary Shares in issue which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company.
ends
www.commoditrade.net
Enquiries:
James Harris/Angela Peace
Strand Partners Limited tel: +44(0)20 7409 3494
John Bick
Hansard Group tel: +44(0) 7917 649362
Related Shares:
FOR.L