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Last checked at 
31 Jul 2008 16:24
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Pan PacificΒ Aggregates PLCΒ ("PPA"Β or theΒ "Company")
New Option Scheme
PPAΒ announcesΒ that,Β followingΒ theΒ placingΒ thatΒ closedΒ yesterday, the board has agreed to cancelΒ the existing optionΒ schemeΒ (the "Pre-IPO Option Scheme") and the options grantedΒ on 15 December 2005Β thereunder. The board hasΒ today implemented a new option scheme (the "New Option Scheme")Β from which optionsΒ over ordinary sharesΒ ("New Options")Β have been grantedΒ 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 SchemeΒ OptionsΒ 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.
TheΒ New OptionsΒ are exercisable at any timeΒ for up to ten years from grantΒ withΒ an exercise price of 3Β pence,Β being three times the price ofΒ sharesΒ issued under theΒ placingΒ that closed yesterday.
The board has reservedΒ a furtherΒ 6,410,000Β New OptionsΒ within theΒ NewΒ Option SchemeΒ forΒ futureΒ grant toΒ senior management and employees.
Enquiries
Pan Pacific Aggregates PLC
William VoadenΒ Tel 020 70969580
Hanson Westhouse Limited
Tim Metcalfe/Harry BarracloughΒ Tel 020 76016100
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