14th Jul 2008 07:00
14 July 2008
Turbo Power Systems Inc
("Turbo Power Systems" or "TPS" or "Company")
Grant of Options
On 9 July 2008 options ("Options") were granted to directors of the Company over an aggregate of 4,600,000 common shares of no par value in the Company ("Common Shares"). All Options were granted with an exercise price of 3.8p per Common Share ( the closing mid-market price ) on 8 July 2008). No amounts were paid for the grants themselves. The exercise period for all Options is 10 years from the date of grant.
Dr Graham Thornton was granted 3,000,000 Options. Of these options 1,000,000 will vest on 10 July 2009, 1,000,000 will vest on 10 July 2010 and the remaining 1,000,000 will vest on 10 July 2011. The Options may only be exercised once the mid-market price of the Company's Common Shares has been not less than £0.12 per share for the seven consecutive trading days immediately prior to the date notice of exercise is given. Following this announcement Dr Thornton holds 252,000 Common Shares and 3,000,000 Options over Common Shares in the capital of the Company. The Options, taken with Dr Thornton's existing Common Shares, will, if exercised, represent 1.01 per cent. of the then enlarged issued share capital of the Company.
Paul Summers was granted 1,600,000 Options. Of these options 533,000 will vest on 10 July 2009, 533,000 will vest on 10 July 2010 and the remaining 534,000 will vest on 10 July 2011. The Options may only be exercised once the mid-market price of the Company's Common Shares has been not less than £0.12 per share for the seven consecutive trading days immediately prior to the date notice of exercise is given. Following this announcement Mr Summers holds no Common Shares and 1,600,000 Options over Common Shares in the capital of the Company. The Options will, if exercised, represent 0.50 per cent. of the then enlarged issued share capital of the Company.
For further information please contact:
Turbo Power Systems Tel: +44 (0)20 8564 4460
Paul Summers, Chief Executive
Richard Bayliss, Finance Director
Gavin Anderson & Company (PR) Tel: +44 (0) 207 554 1400
Ken Cronin
Michael Turner
KBC Peel Hunt Tel: +44 (0) 207 418 8900
Oliver Scott
Nicholas Marren
Company Website: www.turbopowersystems.com
Related Shares:
TPS.L