22nd Sep 2015 16:25
Tangent Communications PLC ("Tangent" or the "Company")
Executive Directors' options surrender and extension to exercise period
Surrender:
2012 Executive Option Scheme
A total of 14,000,000 options have been surrendered by the directors; Timothy Green, Nicholas Green and Kevin Cameron, having failed to meet the performance criteria set at the time of the grant.
Extension:
2009 Executive Option and Phantom Option Scheme
The exercise period for 9,225,542 options granted in 2009 to Timothy Green, Nicholas Green and Kevin Cameron have been extended to 31st August 2018.
2005 Executive Option Scheme
The exercise period for 9,000,000 options granted in 2005 to Nicholas Green and Timothy Green have been extended to 31st August 2018.
No new options have been granted. As a result, the options currently held by the directors of the Company are as follows. All such options are fully vested:
Exercise Price | Vested Options | Expiry Date | New Expiry Date | ||||
2009 Scheme | |||||||
Kevin Cameron | 1p | 255,234 | 08/11/15 | 31/08/18 | |||
1p | 777,000 | 23/06/16 | 31/08/18 | ||||
Timothy Green | 1p | 1,728,163(1) | 31/12/15 | 31/08/18 | |||
1p | 1,018,491(1) | 08/11/15 | 31/08/18 | ||||
1p | 1,350,000(1) | 23/06/16 | 31/08/18 | ||||
Nicholas Green | 1p | 1,728,163(1) | 31/12/15 | 31/08/18 | |||
1p | 1,018,491(1) | 08/11/15 | 31/08/18 | ||||
1p | 1,350,000(1) | 23/06/16 | 31/08/18 | ||||
2005 Scheme | |||||||
Timothy Green | 1p | 1,500,000 | 26/09/15 | 31/08/18 | |||
5p | 2,500,000 | 26/09/15 | 31/08/18 | ||||
Nicholas Green | 1p | 2,500,000 | 26/09/15 | 31/08/18 | |||
5p | 2,500,000 | 26/09/15 | 31/08/18 |
(1) Denotes "phantom share options". The board of the Company has discretion to satisfy these as a
cash bonus or through the issue of ordinary shares.
For further information, please contact:
Tangent Communications plc
Jamie Beaumont - Chief Financial Officer: 020 7462 6101
Canaccord Genuity Limited - Nominated adviser and broker
Bruce Garrow / Emma Gabriel: 020 7523 8350
Related Shares:
TNG.L