1st Apr 2008 14:47
African Consolidated Resources Plc01 April 2008 African Consolidated Resources Plc (the "Company") Grant and Exercise of Options African Consolidated Resources plc, the Zimbabwe focused mineral explorationcompany announces that in order to continue to incentivise its management, on 31March 2008 it granted options over 8,000,000 new Ordinary Shares of 1p each ('Shares') in the Company exercisable at 18p per Share to directors and seniormanagement of the Company as follows:- H. S. Bottomley 1,000,000 Adonis Investments LLC 3,000,000 (A. N. Cranswick) M. W. Kellow 1,000,000 R. C. Tucker 2,000,000 Rosaire International Services Limited 1,000,000 (Financial Controller) At the time of the meetings of the Remuneration Committee and of the Board atwhich these options were approved the mid price quoted for the Company's shareswas 17p. The options are exercisable at any time from 1 April 2009 to 29 June2011 conditional, subject to certain exceptions, on continued service until 31March 2009. A. N. Cranswick has also informed the Company that he will forthwith subscribefor 1,000,000 new Shares at 4.5p per share following the exercise of 1,000,000options already granted to him. A further announcement will be made in duecourse upon the issue of these shares. At the time of the Company's admission to AIM in June 2006, the Companycommitted that the maximum number of Shares which would be subject to optionsgranted to directors and employees under any share schemes adopted by theCompany would not exceed 20 per cent. of the Company's issued share capital fromtime to time. Following the grant and exercise of share options referred to above, there willbe 41,465,000 Shares under option to directors and employees representing 18.68per cent of the Company's issued share capital. Enquiries: African Consolidated Resources plcAndrew Cranswick +44 7920 189010Roy Tucker +44 1622 816918 / +44 7920 189012 Ambrian Partners LimitedRichard Brown +44 20 7634 4700Richard Greenfield This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Vast Resources