30th Jun 2009 07:00
30 June 2009
Grant of Options
On 29 June 2009 options ("Options") were granted to Dr Graham Thornton and Paul Summers, directors of the Company, over an aggregate of 4,000,000 common shares of no par value in the Company ("Common Shares"). All Options were granted with an exercise price of 1.48p per Common Share (the closing mid-market price on 26 June 2009). No amounts were paid for the grants themselves. The exercise period for all Options is 10 years from the date of grant. All options vest on 29 June 2012.
Dr Graham Thornton was granted 1,000,000 Options. Following this announcement Dr Thornton holds 1,252,000 Common Shares and 4,000,000 Options over Common Shares in the capital of the Company. The Options, taken with Dr Thornton's existing Common Shares, will, if exercised, represent 1.63 per cent. of the then enlarged issued share capital of the Company.
Paul Summers was granted 3,000,000 Options. Following this announcement Mr Summers holds no Common Shares and 4,600,000 Options over Common Shares in the capital of the Company. The Options will, if exercised, represent 1.42 per cent. of the then enlarged issued share capital of the Company.
For further information, please contact:
Turbo Power Systems
Richard Bayliss, Finance Director Tel: +44 (0) 208 564 4460
Kreab Gavin Anderson (PR) Tel: +44 (0)20 7554 1400
Ken Cronin
Michael Turner
KBC Peel Hunt Ltd (Nomad and Broker) Tel: +44 (0)20 7418 8900
Daniel Harris
Nicholas Marren
Related Shares:
TPS.L