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14 Jan 2011 17:00
ADVFN PLC
('ADVFN' or 'the Company')
Re-dating of options
Certain ADVFN directors hold in total 21,351,995 options in the Company which are currently exercisable at below market price, and are due to expire on various dates between 27 January 2011 and 21 October 2014. It has been agreed that in order to regularise the position, and avoid any immediate shareholder dilution, the relevant directors will waive the current rights they have to exercise these options and will amend the terms of the options such that they now all do not become exercisable until 31 December 2013 (subject to normal caveats regarding becoming exercisable prior to that on certain eventualities, for example death of the director or takeover of the Company) and will expire on 31 December 2022. The exercise prices remain the same.
There are four tranches of options which are affected. Details are as follows:
Originally issued 27/1/04 at 4.75p per share expiring 27/1/11 | Originally issued 27/1/05 at 4.6p per share expiring 27/1/12 | Originally issued 6/9/06 at 3.3p per share expiring 6/9/13 | Originally issued 21/10/09 at 3.056p per share expiring 21/10/14 | Totals | |
Ray Negus | 1,000,000 | 2,233,333 | 1,500,000 | n/a | 4,733,333 |
Robert Emmet | 1,000,000 | 1,000,000 | 1,500,000 | 45,000 | 3,545,000 |
Michael Hodges | 1,000,000 | 1,000,000 | 1,500,000 | 786,831 | 4,286,831 |
Jon Mullins | 1,000,000 | 1,000,000 | 1,500,000 | n/a | 3,500,000 |
Clem Chambers | 1,500,000 | 1,500,000 | 1,500,000 | 786,831 | 5,286,831 |
TOTAL |
21,351,995 |
In respect of the amendment to the options held by each of the above directors in each case the board, excluding the relevant director, having consulted with Grant Thornton in its capacity as the Company's Nominated Adviser, considers that the re-dating of these options is fair and reasonable insofar as the Company's shareholders are concerned.
Contacts:
Michael Hodges | mikeh@advfn.com | |
Fiona Kindness, Grant Thornton Corporate Finance (Nominated Adviser) | 020 7728 3414 | |
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