4 Mar 2010 12:08
UBC Media Group plc
('UBC Media' or the 'Company')
Grant of Options
UBC Media Group plc ('the Company') announces that, having taken advice and operating within the ABI guidelines, approval has been given to grant 7,750,000 new options under the UBC Media Group plc Enterprise Management Incentive Scheme as new options to reflect changed market conditions and keep Directors and employees incentivised in their effort to fulfill the Company's development strategy.
Share options granted vest after two and three years dependent on the achievement of performance conditions relating to the Company's profitability in the three years ending 31 March 2013. Vestingof the directors' options is, under the rules of the New Scheme, linked to the achievement of performance conditions relating to the Company's Earnings Per Share in the years ending 31 March 2011 to 31 March 2013. The percentage of the directors' option awards that will vest will be based on a sliding scale which reflects the extent to which the performance targets are achieved.
A total of 8,440,000 share options are held in the Company following the cancellation of certain existing options and grant being 4.32% of the issued share capital of the Company as at today's date.
Of the 7,750,000 share options granted above, the Board approved the following in respect of Directors;
Simon Cole
- the issue of 2,000,000 new share options under the UBC Media Group plc Enterprise Management Incentive Scheme at an exercise price of zero pence per share.
John Falcon
- the issue of 2,000,000 new share options under the UBC Media Group plc Enterprise Management Incentive Scheme at an exercise price of zero pence per share.
Following the issue of the new share options, the number of share options held by Directors detailed above is as follows:
| Director | Total options held prior to grant | Options cancelled | Total options held following grant |
|
|
|
|
|
| Simon Cole | 0 | 0 | 2,000,000 |
| John Falcon | 0 | 0 | 2,000,000 |
Approval was given to cancel 1,510,000 current share options issued under various share option schemes that are presently underwater. The cancellation of underwater options was at the discretion of the option-holder concerned and not all underwater options were cancelled.