26th Nov 2007 11:20
Symphony Environmental Tech. PLC26 November 2007 26 November 2007 SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC EXECUTIVE AND STAFF SHARE OPTIONS DISTRIBUTORS' SHARE OPTION REWARD SCHEME Symphony Environmental Technologies Plc ("Symphony" or "the Company"), thedegradable plastics and waste-to-energy Group, is pleased to announce that ithas granted the following options in recognition of the efforts made since Aprilthis year and as an incentive for future performance. Up to 2,270,000 options will be granted to all the staff of the Company and itssubsidiaries under the Company's EMI scheme. The options are exercisable at asubscription price of 2.75 pence per share at any time after the secondanniversary and before the tenth anniversary of the option grant date. A total of 10,000,000 options will be granted to the Directors of the Company ata subscription price of 2.75 pence per share, exercisable between the first andtenth anniversary of the option grant date. These options are exercisable onlyif the share price of the Company's shares has risen to a level which is atleast three times greater than the share price at the close of business on 23November 2007. The share options granted to the Directors are as follows: Nirj Deva 1,500,000 Michael Laurier 2,500,000 Michael Stephen 2,000,000 Ian Bristow 3,000,000 Michael Stephens 1,000,000 All existing share options granted to executives and staffs are to be cancelledwith the exception of 1,200,000 share options granted to Michael Stephen on 28April 2007. The 12,270,000 new executive and staff share options represent 14%per cent of the Company's current issued share capital. DISTRIBUTORS' SHARE OPTION REWARD SCHEME The Company is launching a new share option reward program for its keydistributors in recognition of their valuable contribution during 2007 and forattaining certain sales levels going forward. The Company is intending to grantoptions in proportion to revenue generated by each distributor in 2007 and it isexpected that up to 250,000 options will be granted before the end of the year.The subscription price will be 5 pence per share. The options may be exercisedafter one year from date of grant, and within 3 years from date of grant, andprovided the grantee remains a distributor of d2w. For 2008 and subsequent years the number of shares and the option price will befixed at the end of the year. For further information, please contact: Symphony Michael Laurier, CEO Tel: 020 8207 5900 Ian Bristow, FD HB Corporate Rod Venables Tel: 020 7510 8600 Further information on the Symphony Environmental Technologies Group ofcompanies: SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC is a world leader in oxo-biodegradableplastic technology. The technology is recognised by the d2w(R) droplet logo onthousands of tonnes of oxo-biodegradable plastic products. Symphony develops andsupplies environmentally-responsible d2w(R) pro-degradant additives as well asd2w(R) oxo-biodegradable plastic film, and rigid packaging products. Symphony has a diverse and growing customer base in the UK and has successfullyestablished itself as an international business after signing distributionagreements for Argentina, Australia, Brazil, Canada & USA, the Caribbean, Chile,Colombia, France, India, Israel, Mexico, New Zealand, Peru, Portugal, SouthAfrica, Saudi Arabia, Turkey, Uruguay, Qatar and other countries. Its d2w(R)products can already be found in more than 50 countries. Symphony is also developing innovative waste-to-energy technology and isexploring opportunities where there is a demand to convert plastics, tyres andother waste streams into valuable products by cost effective processes. Further information on the Symphony Group can be found at www.symphonyplastics.com and www.degradable.net This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Symphony Env.