11th Apr 2011 07:00
SciSys PLC ('SciSys' or the 'Company')
Grant of Share Options to Directors
On 8th April 2011, upon the recommendation of the Company's Remuneration Committee, the following Directors were granted share options over the Company's ordinary shares of 25 pence each ("Ordinary Shares") under the Company's HMRC approved company share option plan ("CSOP"). The Company granted these options with an exercise price of 50.50 pence per Ordinary Share, being the closing middle market price on the day preceding the date of award.
These CSOP options enable the Directors to benefit only from the future growth in the value of the Ordinary Shares above 50.50 pence. The Directors may not normally realise any such benefit for three years and the exercising of the options will be subject to meeting certain performance criteria linked to the earnings growth of the Company. Subject to the performance criteria being met these options would be capable of being exercised no earlier than on the announcement of the preliminary results of the Company for year ending 31 December 2013 (likely to be March 2014). The options expire ten years after being granted.
Director
| Number of options granted at 50.50 pence per ordinary share |
Mike Love | 20,000 |
David Jones | 20,000 |
Christopher Cheetham | 20,000 |
Stephen Brignall | 20,000 |
Following these awards the Directors total interests are as follows:
Interest in ordinary shares | Total holding as a % of issued share capital
| Total interest in CSOP | Total interest in options granted under the Enterprise Management Incentive (EMI) scheme | ||
Mike Love |
4,252,581 | 14.63 | 75,000 | 35,000 | |
Steve Brignall | 112,917 | 0.39 | 75,000 | 51,613 | |
Chris Cheetham | 72,000 | 0.25 | 75,000 | 51,613 | |
David Jones | 152,000 | 0.52 | 75,000 | 35,000 | |
Totals | 4,589,498 | 15.79 | 300,000 | 173,226 | |
Enquiries:
Peter Murden Company Secretary, SciSys PLC Tel: 01249 466466
Related Shares:
SSY.L