21st May 2015 07:00
21 May 2015
CORAC GROUP PLC
("Corac" or the "Company")
Replacement of share options
Corac (AIM: CRA), the specialist engineering group focused on the aerospace & defence and energy & process industry sectors, announces that as part of a review of executive incentives conducted by the Company's remuneration committee in consultation with its major shareholders, certain options held by Phil Cartmell and Mark Crawford were cancelled on 20 May 2015 and new options over the same number of shares were granted to them also on 20 May 2015 (the "Replacement options").
The Replacement options are exercisable at a price of 10p, subject to the performance criteria that the closing mid-market price of the Company's shares is no less than 15p per share on each of 20 consecutive dealing days at some point during the three years after grant. The options will vest over three years in three equal tranches and will be exercisable between 20 May 2016 and 20 May 2025.
Cancelled Options
| Number of options | Exercise price | Lapse date |
Phil Cartmell | 2,000,000 | 42p | 30 September 2019 |
| 300,000 | 21.75p | 30 April 2020 |
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Mark Crawford | 300,000 | 39p | 21 October 2019 |
| 200,000 | 34.75p | 14 December 2019 |
| 300,000 | 21.75p | 30 April 2020 |
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Replacement options
| Number of options | Exercise price | Lapse date |
Phil Cartmell | 2,000,000 | 10p | 20 May 2025 |
| 300,000 | 10p | 20 May 2025 |
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Mark Crawford | 300,000 | 10p | 20 May 2025 |
| 200,000 | 10p | 20 May 2025 |
| 300,000 | 10p | 20 May 2025 |
For further information please contact: |
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Corac Group Plc |
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Phil Cartmell, Chief Executive Officer | 01753 285 800 |
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Mark Crawford, Chief Financial Officer |
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www.corac.co.uk |
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Cenkos |
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Ivonne Cantú / Elizabeth Bowman | 020 7397 8980 |
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www.cenkos.com |
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Vigo Communications | 020 7016 9570 |
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Jeremy Garcia / Fiona Henson |
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www.vigocomms.com |
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NOTES TO EDITORS
About Corac Group plc
Corac Group is a specialist engineering group focused on the aerospace & defence and energy & process industry sectors. The Group designs and builds valuable solutions for critical applications in compression systems, renewable energy, atmosphere management and fabricated equipment; and provides support services through the equipment's lifetime. Corac Group shares have been trading on AIM since July 2001.
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TPG.L