4th Aug 2011 15:00
4th August 2011
Lonrho Plc
("Lonrho" or the "Company")
Grant of Options
The Board of Lonrho announces today the grant by the Company on 4th August 2011 of options over, in aggregate, 39,000,000 ordinary shares of 1p each in the share capital of the Company to Directors, senior consultant and senior management. The grants to Directors are as follows:
Name | No. of share options to be granted | Terms of option awards | ||
One Third | One Third | One Third | ||
David Lenigas Executive Chairman | 10,000,000 | Exercisable from: 4th August 2012 to 3rd August 2016Exercise Price:Mid market price at close on 3rd August 2011 +10%
| Exercisable from: 4th August 2013 to 3rd August 2016Exercise Price:22p | Exercisable from: 4th August 2014 to 3rd August 2016Exercise Price:25p |
Geoffrey WhiteDirector and CEO | 10,000,000 | Exercisable from: 4th August 2012 to 3rd August 2016Exercise Price:Mid market price at close on 3rd August 2011 +10%
| Exercisable from: 4th August 2013 to 3rd August 2016Exercise Price:22p | Exercisable from: 4th August 2014 to 3rd August 2016Exercise Price:25p |
David Armstrong Director | 6,000,000 | Exercisable from: 4th August 2012 to 3rd August 2016Exercise Price:Mid market price at close on 3rd August 2011 +10%
| Exercisable from: 4th August 2013 to 3rd August 2016Exercise Price:22p | Exercisable from: 4th August 2014 to 3rd August 2016Exercise Price:25p |
The grant of options was carefully considered by the Remuneration Committee and was made under the Company's Unapproved Share Option Plan.
The grant of options represent, in aggregate, 3.00% of the Company's existing issued share capital. The terms and conditions of options remain the same as previously announced options.
The mid market price on 3rd August 2011 was 16.75p resulting in an option price (with an uplift of 10%) of 18.4p for senior management and also for the first third of options granted to Executive Directors and a senior consultant.
The Board considers that the award of these options is in line with the Company's policy of providing incentives to the senior management of the Group to achieve its continued growth as a substantial business investing across Africa.
LONRHO ENQUIRIES
James MacFarlane
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Related Shares:
Lonrho