22nd Jul 2008 15:58
22 July 2008
CORAC GROUP PLC
Dealings by Directors and persons discharging managerial responsibilities ("PDMR's")
Corac Group plc ("Corac" or the "Company") the intellectual property and licensing company specialising in compressor technology, announces the following changes to the interests of Directors in the Company's ordinary shares of 10p each ("Ordinary Shares"):
(a) On 21 July 2008 Corac's Employee Benefit Trust ("EBT") granted 300,000 share options to Philip Newell,
Corac's Finance Director who joined the Company on 26 March 2008. Of these 173,900 are in the Enterprise
Management Incentives scheme and 126,100 in the unapproved scheme. They are exercisable, subject to the
achievement of performance conditions, at 69.0 pence per share between 21 July 2009 and 21 July 2018.
(b) On 22 July 2008 Professor Gerry Musgrave sold 350,000 Ordinary Shares to the EBT at a price of 73.0
pence per Ordinary Share, representing 0.40% of the Company's issued share capital. The purpose of this
sale is to fund his personal tax liability arising from his previous exercise of share options in the Company.
Following the above transactions, Philip Newell holds options over 300,000 Ordinary Shares and Professor Gerry Musgrave has an interest in 1,320,530 Ordinary Shares (representing 1.53% of the issued share capital of the Company) and holds options over 2,193,334 Ordinary Shares.
Corac regards the granting of share options as an important element of its staff incentivisation and retention policy. The above purchase by the EBT from Professor Gerry Musgrave, together with additional open market purchases of 330,000 Ordinary Shares since May 2008, will allow it to meet existing and future grants of share options to employees. Following the above transactions, the EBT now holds 1,506,347 Ordinary Shares representing 1.74% of the issued share capital of the Company.
For further information please contact:
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Corac Group plc |
Tel: 01895 813463 |
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Professor Gerry Musgrave, Executive Chairman |
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Philip Newell, Finance Director |
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|
Cenkos Securities plc |
Tel: 020 7397 8900 |
|
Camilla Hume |
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Buchanan Communications Ltd |
Tel: 020 7466 5000 |
|
Richard Darby/Ben Romney |
Related Shares:
TPG.L