15th Jan 2010 07:00
Work Group plc ("Work" or the "Group")
Issue of Options
Work announces that on 14 January 2010 it cancelled 1,720,988 share options over the Group's ordinary shares of 2p each ("Ordinary shares"), which were granted before the Group's IPO with an exercise price of 20p, and replaced them by issuing 1,720,988 new share options, which have an exercise price of 6.25p and are exercisable between 13 January 2013 and 13 January 2020. None of these options are being issued to directors of Work.
On 14 January 2010 Work cancelled a further 549,784 share options over Ordinary shares, which were granted on 1 October 2007 with a nil exercise price, and replaced with new share options with a nil exercise price, which will be exercisable between 13 January 2013 and 13 January 2020 subject to certain cumulative profit targets being achieved. Of these options the following have been issued to directors:
Simon Howard 104,142
Michael Warren 104,142
Following the aforementioned cancellations and replacements of options, Work has a total of 2,400,772 options over Ordinary Shares outstanding of which 208,284 are held by Work directors.
Enquiries:
Work Group plc
Michael Warren +44 (0)20 7492 0000
Related Shares:
INCE.L