8th Dec 2005 12:56
Raven Mount plc08 December 2005 RAVEN MOUNT PLC ("the Company") SHARE OPTION PLANS The Company announces the adoption of an unapproved share option plan ("Unapproved Plan") and an approved company share option plan ("CSOP"), whichprovide for the issue of options over ordinary shares in the Company ("OptionShares"). The CSOP is subject to Inland Revenue approval. Option Shares under the Unapproved Plan are exercisable in 3 equal parts. Foreach part, exercise will be on or after the third, fourth and fifthanniversaries of the Date of Grant at the earliest and the Performance Conditionshall first be tested for each one third part on these anniversaries.Unexercised options may be reviewed against the Performance Condition insubsequent periods broadly every 6 months, but always from the Date of Grant.Options lapse if not exercised within 7 years and 3 months from the Date ofGrant. The Performance Condition states that the share price increase mustexceed the RPI plus 3 per cent. p.a. and exceed the increase in the FTSE SmallCap Index for the relevant period. The number of Option Shares issued under the Unapproved Plan is overapproximately 6.7 million ordinary shares in the Company at an exercise price of80.0p, being the average share price for the month of November 2005. The following awards over Option Shares have been made to Directors under theUnapproved Plan: Anton Bilton 1,550,000 Glyn Hirsch 1,550,000 Bim Sandhu 1,550,000 Under the CSOP, employees and full-time directors of the companies in the RavenGroup may be offered Option Shares subject to a maximum value at any one timeper employee of £30,000 (being the Inland Revenue limit for CSOP's). OptionShares cannot usually be exercised until 3 years after grant and are subject toa Performance Condition that the share price increase must exceed the RPI plus 3per cent. p.a. This is first measured on the third anniversary, thereafter halfyearly based on the prior December or June. The total value of Option Shares under the CSOP is not expected to exceed £1.3million and is subject to an exercise price calculated as the average shareprice for 5 days prior to the issue of the Option Shares, in accordance withRevenue guidelines. It is anticipated that £30,000 of Option Shares under theCSOP will be offered to each of the above Directors, in addition to theUnapproved Plan. The total number of ordinary shares over which Option Shares may be granted on a10 year rolling basis is limited to 10 per cent. of the total number of issuedordinary shares of the Company. Enquiries: Raven Mount PLC Mark Kirkland 01784 464351 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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