23rd Jun 2015 07:00
Circle Holdings plc
("Circle" or the "Company")
Grant of Options to Executive Directors
23 June 2015
The Company today confirms that it has granted 7,795,612 options to acquire ordinary shares of £0.02 each in the capital of the Company ("Ordinary Shares") to the following Executive Directors under the Management Incentive Plan (MIP):
Name | Number of Options exercisable at £0.02 | Number of Options exercisable at £0.50 |
Steve Melton | 2,500,000 | 1,315,241* |
Massoud Fouladi | 1,000,000 | 1,344,090 |
Paolo Pieri | 1,150,000 | 486,281 |
* In accordance with the terms of the MIP, Mr Melton elected to receive 60,459 options under the MIP's CSOP sub-plan.
The Company also granted a further 4,512,099 options to other individuals under the MIP, bringing the aggregate number of options issued under the MIP to 12,307,711. When exercised, these options will be satisfied by shares currently held by the Circle Partnership Benefit Trust and therefore these option grants are non-dilutive.
In accordance with the terms of the MIP, the granted options will vest based on a required holding period and certain share price triggers. The earliest exercise date is 1 December 2016 (except for the CSOP options, which cannot be exercised until June 2018 at the earliest). The share price triggers are as follows:
Average Company share price as at relevant test date | Aggregate vesting percentage of Options |
Less than £0.60 |
Nil |
£0.60 | 25% |
Between £0.60 and £0.90 | Pro rata between 25% and 100% |
£0.90 or more | 100% |
Directors' interests
Following the grant of options under the MIP, the Executive Directors shall have the following holdings in the Company:
Name | Number of Convertible Shares | Number of Ordinary Shares | Number of Options |
Total Shares and Options |
Steve Melton | 395,888 | - | 3,815,241 | 4,211,129 |
Massoud Fouladi | 2,362,466 | - | 2,344,090 | 4,706,556 |
Paolo Pieri | - | - | 3,836,281* | 3,836,281* |
*Mr Pieri's holdings include previously granted options to acquire 2,200,000 Ordinary Shares at nominal value. These options were granted outside the MIP.
For further information, please contact:
Circle Holdings plc
Michael Kirkwood, Chairman +44(0) 20 7034 5258
Steve Melton, Chief Executive Officer
Gordon Hector, Head of Communications
Numis Securities Limited
Michael Meade, Nominated Adviser +44(0) 20 7260 1000
Alex Ham, Corporate Broking
Related Shares:
Rize Circular