What's this mean in English then7 Dec 2016 22:29
Company issued options within its EMI (Enterprise Management Incentive) Share Option Scheme to Directors and senior management over a total of 8,300,000 ordinary shares of 1p each with an exercise price of 5.25p per share. Half of these options become capable of exercise in October 2017 and the other half become capable of exercise in October 2019.
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In addition the Company granted options within the Scheme over 100,000 G Ordinary shares with an exercise price of 1p per share. Either the 100,000 G Ordinary Shares, or the 10,000,000 A Ordinary Shares, referred to in the Share Capital table above, but not both, will convert as a class into such number of Ordinary Shares as shall equate to 10 per cent. of the Company's issued share capital as enlarged by such conversion on or after 31 July 2016.
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At the beginning of the period there existed a number of options that had been granted by the previous management of the Company. Following the consolidation of the Company's ordinary shares on 2 June 2014 the number of shares covered by these options was 1,098,947 of which a significant proportion, being options over 598,947 shares, were sufficiently out of the money as to cause them to be of negligible value. The options over the remaining 500,000 shares have an exercise price of 5p per share.