8th Jun 2006 16:01
Sportech PLC08 June 2006 Sportech PLC ("Sportech" or the "Company") Surrender of Share Options and Grant of Replacement Share Options Sportech announces that it has accepted the surrender of options to acquire4,500,000 ordinary shares of 5p each in the capital of the Company held bySportech's Finance Director, Gary Speakman (the "original options") in returnfor the grant of options to acquire 3,500,000 ordinary shares of 5p each inSportech (the "new options"). The reason for the surrender and regrant of options is to align the shareoptions held by Gary Speakman with those held by other directors such that allthe directors of Sportech have the same performance conditions and similarincentives. The Remuneration Committee of Sportech believes that the options nowissued to the directors links their incentives to the interests of shareholders. The original options were exercisable at prices of between 12.25p and 14.75p pershare at various dates up to 26 April 2014. The new options were granted on 8June 2006 and are exercisable between 8 June 2009 and 7 June 2016. The newoptions are exercisable at 12.5p per share and are split into three tranches: to1,500,000 shares when the Sportech share price reaches a closing price of 17.5p;up to a further 1,000,000 shares when the Sportech share price closes at 22.5p;and up to a further 1,000,000 shares when the Sportech share price closes at27.5p. - ends - Enquiries: Sportech PLCIan Penrose, Chief Executive Officer 0151 288 3561 Bell Pottinger Corporate & FinancialDavid Rydell / Zoe Sanders 020 7861 3887 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SPO.L