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31 Jul 2008 16:24
Pan Pacific Aggregates PLC ("PPA" or the "Company")
New Option Scheme
PPA announces that, following the placing that closed yesterday, the board has agreed to cancel the existing option scheme (the "Pre-IPO Option Scheme") and the options granted on 15 December 2005 thereunder. The board has today implemented a new option scheme (the "New Option Scheme") from which options over ordinary shares ("New Options") have been granted to directors of the company. Permission for the cancelling of the Pre-IPO Option Scheme and the implementation of the New Option Scheme was granted at the AGM on 25 July 2008. The details of the options cancelled and granted are as follows:
|
Pre-IPO Option Scheme Options Cancelled |
New Option Scheme Options Granted |
|
|
Donald Nicholson (Chairman) |
800,000 |
2,000,000 |
|
William Voaden (CEO) |
300,000 |
2,000,000 |
|
James Ladner (Non-Executive) |
300,000 |
500,000 |
|
Anton Schrafl (Non-Executive) |
200,000 |
500,000 |
|
Felix Gahwiler (Alternate Director) |
150,000 |
250,000 |
The options granted under the Pre-IPO Option Scheme had an exercise price of 80 pence and were exercisable at any time for up to ten years from grant, subject to an earlier lapse in accordance with the rules of the scheme.
The New Options are exercisable at any time for up to ten years from grant with an exercise price of 3 pence, being three times the price of shares issued under the placing that closed yesterday.
The board has reserved a further 6,410,000 New Options within the New Option Scheme for future grant to senior management and employees.
Enquiries
Pan Pacific Aggregates PLC
William Voaden Tel 020 70969580
Hanson Westhouse Limited
Tim Metcalfe/Harry Barraclough Tel 020 76016100
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